Wednesday 28 September 2022
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A short-term BTC rally or trend reversal? Find out now on ‘Market Talks’ with Crypto Jebb

The latest episode of Market Talks welcomes Nicholas Merten, the founder of DataDash, one of the largest cryptocurrency YouTube channels. Merten is an international speaker, thought leader and crypto analyst. He has utilized his 10-plus years of experience in traditional markets to understand the potential of cryptocurrencies and help his 515,000 YouTube subscribers make better investment decisions. One of the topics up for discussion with Merten isthe recent Bitcoin (BTC) price rally. Are the markets finally out of the sideways trend it’s been stuck in for months, or is this just another bull trap forming, with BTC to head back down below $20,000? With all seasoned traders and experts eyeing the BTC 200-week moving average, Merten is asked the significance of this indicator and why many consider it to be so important. They also get into where he sees BTC heading in the near future, toward $30,000 or back down to $17,000? Another topic up for discussion is whether retail investors are ..

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Ethereum Classic soars 100% in nine days outperforming ETH as ‘the Merge’ approaches

Ethereum Classic (ETC) has been outperforming its arch-rival Ethereum's native token Ether (ETH) during the current crypto market rebound with the ETC/ETH pairs at 10-month highs. Why is ETC beating ETH?ETC's price has risen to $27 on July 22, amounting to a 100% gain in nine days after bottoming out at $13.35. Comparatively, ETH's price has seen a 64% rally in U.S. dollar terms. ETC/USD versus ETH/USD daily price chart. Source: TradingViewEthereum's rebound has been among the sharpest among the top cryptocurrencies, primarily due to the euphoria surrounding its potential network upgrade in September. Dubbed "the Merge," the long-awaited technical update will switch Ethereum from proof-of-work (PoW) to proof-of-stake (PoS). Moreover, it will replace miners with stakers. As a result, the PoS switch could force existing Ethereum miners to switch to PoW chains. Unsurprisingly, Ethereum Classic is the closest to Ethereum in terms of network design and compatibility bec..

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Bitcoin wobbles on Wall Street open as Ethereum hits $1.6K in 6-week high

Bitcoin (BTC) took a step back as Wall Street trading began on July 22 after recovering most of its previous losses. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC bulls fail to sustain assault on multi-week highData from Cointelegraph Markets Pro and TradingView confirmed BTC/USD encountering fresh resistance near $24,000. The pair had spent the past 24 hours slowly clawing back lost ground after news that Tesla had sold most of its BTC holdings. With the pre-announcement high of $24,280 still in force, bulls saw something of a setback as Wall Street opened on the day, with BTC/USD losing around $400. Analyzing the current order book structure on major exchange Binance, on-chain monitoring resource Material Indicators warned that the overall bear market structure remained in control. "Extreme lows and drops usually results in a revert to the mean move, or relief rally. Basically sellers are exhausted and buyers step trying to buy the bottom, causing a relief rally," p..

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The opportunities and risks of Metaverse for small businesses

The Metaverse has been become one of the biggest buzzwords in the blockchain and crypto, as it promises to provide a more immersive, interactive and collaborative experience than what the internet has accomplished to date. This promise of a new world has huge enterprises like Meta (formally known as Facebook) investing huge sums in the budding space. When most hear the name Metaverse, their mind wanders to a few things: an avenue for global conglomerates to showcase their technology-forward bent, an esoteric product for a selected few to display nonfungible tokens (NFTs) or a new front in gaming development. However, a deep dive into Metaverse reveals a whole new world, a world full of new opportunities and risks for both consumers and businesses. Although the current Metaverse ecosystem might be populated with giant corporations, eventually, for wider adoption, small businesses will have to make a transition. Looking at historical patterns in the adoption of new technology like the ..

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Block by block: Blockchain technology is transforming the real estate market

Property is the world’s single largest store of wealth, and if the cryptocurrency and blockchain world is seeking an express route to mass adoption, it could do worse than partnering with the real estate industry. According to a September 2021 report by Savills World Research, the estimated value of all the world’s real estate stands at $326.5 trillion. By comparison, crypto-sector market capitalization was about $1 trillion in mid-July. The property market, moreover — at least its commercial real estate segment — is also characterized by costly entry barriers and asymmetrical information that favor insiders. Its fees are high, paperwork onerous, and deeds are sometimes defective, falsified or missing. Some properties can take years to move — another way of saying its market is illiquid. All in all, it isn’t surprising that many believe this market is ripe for disruption, particularly through blockchain-enabled tokenization. This notion of tokenizing real estate isn’t entirely new...

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Crypto to reach 1 billion users in 2030: BCG Report

It’s a widespread sentiment for people outside of the crypto community to look at Bitcoin (BTC) prices and conclude that it’s too late to get into crypto. However, a report shows that the industry is still at the beginning phase of the adoption curve. In a joint report published by Boston Consulting Group, Bitget and Foresight Ventures, data shows that crypto adoption is still very low compared with traditional investment assets. According to BCG, only 0.3% of individual wealth is invested in crypto, which is incomparable with the 25% put into equities. The report concludes that the shallow investment penetration means there is still a lot of room for more substantial growth and adoption within the crypto industry. In addition, the report compares the internet’s adoption curve to reach 1 billion users with current cryptocurrency holders and Ethereum addresses with non-zero balances. The report mentions that "There is plenty of growth to come." Source: Boston Consulting Group, Bitget a..

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Bitcoin’s longest ‘extreme fear’ streak finally breaks

Bitcoin (BTC) on Tuesday finally escaped the “extreme fear” zone after a whopping 73 days, coinciding with a 19% weekly increase in Bitcoin (BTC) as bulls make their way back to the market. The Crypto Fear and Greed Index increased from “extreme fear” to merely "fearful" on July 19, reaching a score of 30 out of 100. It has gained slightly since then to the current index score of 31. The Index analyzes the current sentiment of the overall crypto market, scoring between 0 to 100. The index is based on mainly on Bitcoin market volatility, volume and dominance, social media sentiment, surveys and search trend data. On-chain metrics firm Santiment on Twitter noted that traders are “changing their tune” and are starting to look towards a long-term breakout of the cryptocurrency. According to the firm, BTC’s average funding rate on exchanges has hit its highest levels in the last two months as BTC’s price rises above $23,600 — which could indicate a level of Fear of Missing Out (FOMO) is p..

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Will Ethereum Merge hopium continue, or is it a bull trap?

Ethereum is outperforming the broader cryptocurrency market as the highly anticipated Merge approaches, but the bigger picture is still largely bearish. Ethereum (ETH) has gained a whopping 48% over the past seven days, outperforming its big brother Bitcoin, which has only managed to achieve 19% in the same period. It's also up 66% from its market cycle bottom of $918 on June 19, reaching its current price of $1549. However, the current Ethereum rally could be a bull trap with the macroeconomic clouds darkening. A bull trap is a signal indicating that a declining trend in a crypto asset has reversed and is heading upwards when it will actually continue downwards. The primary driver of recent momentum for the asset has been linked to announcements regarding its final switch to proof-of-stake, which has been slated for September 19. The Merge will reduce the network’s energy consumption by more than 99%. However, it will not necessarily reduce transaction fees significantly as thi..

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Sustainable Bitcoin mining power mix hits 59.5%: BTC Mining Council

Nearly 60% of the electricity used to power Bitcoin mining machines comes from sustainable sources, according to the latest Q2 2022 report from the Bitcoin Mining Council (BMC). In its Q2 review of the Bitcoin network released on July 19, the BMC found that the global Bitcoin mining industry's use of sustainable energy is up 6% from Q2 2021 and up 2% from Q1 2022, reaching 59.5% in the latest quarter — adding that it is “one of the most sustainable industries globally.” The council observed the increase in miners' sustainable energy mix has also coincided with an increase in mining efficiency. Q2 Bitcoin mining hashrate is up 137% year-on-year, while energy usage is only up 63%, demonstrating an efficiency increase of 46% Further details about the energy efficiency of Bitcoin mining were shared in the BMC’s YouTube briefing of its full report on July 19 with MicroStrategy CEO Michael Saylor. Compared to eight years ago, Saylor said miners’ energy efficiency has grown 5,814%..

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Japan’s crypto self-regulation ‘experiment’ not working

Japan’s self-regulation “experiment” for the crypto industry is reportedly not working as well as intended, according to local government and industry experts. Since 2018, the Japan Virtual Currency Exchange Association (JVCEA), a self-regulation entity, has been tasked with creating guidelines for the country’s crypto industry, with arguments at the time that the entity could be better placed to cope with crypto regulation than a government body. However, speaking with the Financial Times (FT) on July 18, an unnamed source “close to both industry and government” said that the current model of crypto regulation is faltering: “When Japan decided to experiment with self-regulation of the cryptocurrency industry, many people around the world said it would not work. Unfortunately, right now it looks as though they may be correct.”The organization was forged in response to the $530 million hack on the Coincheck exchange in 2018. It is recognized by Japan’s Financial Services Agency (FSA)..

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