Author: Donald Munn
In recent days, the entire crypto market has suffered a general collapse. The most shocking scenario, however, is depicted by the Terra ecosystem, which seems to have failed in many ways. What has happened to the entire Terra ecosystem? Until a few days ago, Terra was seen as one of the most promising projects, the blockchain 3.0 that was holding its own against Ethereum. In addition to its own native token, LUNA, one of its main strengths was UST, the algorithmic stablecoin that powers the DeFi protocols. What could have been an advantage over the major competing blockchains turned into…
Bitcoin Analysis Bitcoin’s price bearishly engulfed the daily time frame on Monday and concluded its daily session -$1,465. The BTC/USD 1W chart below by BradMatheny illuminates the importance of the $29k level to bullish and bearish traders alike. If bullish traders can reverse course there they’ll give a bit of hope to market participants that want to see a reversal to the upside in 2022. From the bearish perspective, they’re hoping to push BTC’s price down, to next test the $26k level. BTC’s price is trading between the 0.618 fibonacci level [$27,287.53] and 0.5 [$34,459.13], at the time of writing.…
Bitcoin Analysis Bitcoin’s price traded lower when it closed on Sunday than when it began the week for the seventh straight week in a row despite a strong rally during Sunday’s daily session. BTC’s price concluded Sunday’s daily candle +$1,215. The BTC/USD 1D chart below from XRP-Jonny shows BTC’s price trading between the 0 fibonacci level [$25,225.53] and 0.236 [$35,514.88], at the time of writing. The primary target overhead for bullish BTC traders is 0.236 followed by 0.382 [$41,880.33] and 0.618 [$52,169.68]. Conversely, the targets to the downside for bearish traders are 0.382, 0.236 [$35,514.88 ], and a complete retracement…
Bitcoin Analysis As the obvious realization that the crypto sector is in the midst of a bear market sets in for the majority of market participants, the sector is left wondering how long will it last and how low will bitcoin go? The first chart we’re looking at today is the BTC/USD 1W chart below from CryptoPatel. BTC’s price couldn’t hold the $30k level on Wednesday as bulls capitulated. The last level of support below $30k was the $29,341 level which was the prior 12 month low and the price that BTC bounced at after the initial drop from the…
Ben Bernanke, former Fed Chairman, sees Bitcoin as only useful for illicit uses. Former Fed Chairman Ben Bernanke sees only negative utility in Bitcoin Who knows how many may remember Ben Bernanke, the former Federal Reserve Chairman appointed in 2005 by George W. Bush, after Alan Greenspan, confirmed by Barack Obama in 2008 and remained in office until 2014. He was voted Man of the Year by Time magazine in 2009 and had to manage the very difficult phase of the subprime mortgage crisis in 2008. He made difficult and courageous choices, managing to lead the US out of one…
Bitcoin.com Exchange released its crypto report for May 2022, showing a performance analysis of the cryptocurrency market. Bitcoin.com crypto report: market performance for May 2022 According to reports, May 2022 did not exactly have a performing start for the cryptocurrency market. The more than 50% collapse in the price of Bitcoin (BTC) from its ATH of $65,000 last November 2021, led it in the first weeks of the month to hit its lowest in 12 months, below $30,000. This bearish trend has also affected other major cryptocurrencies, such as Ethereum (ETH), which has recorded -300% from its ATH of $5,000,…
Portugal has announced that the government is considering imposing a tax on crypto income. Portugal: new taxation on crypto income? Portugal, until now considered one of the European countries most open to the cryptocurrency market, seems ready to change course, placing a tax on income resulting from the trading of digital assets. This is very big news considering that until now cryptocurrencies, considered as a form of payment and not as a form of investment, were not subject to taxation in Portugal. According to Portuguese Finance Minister Fernando Medina, the situation could soon change radically for those who invest or…
Despite Bitcoin’s decline in value, its second-layer Lightning Network recently set a new all-time record. Lightning Network and the new BTC capacity record We are talking about the capacity, i.e. the number of BTC stored on LN, which rose above 3,700 BTC for the first time. Bitcoin's Lightning Network Capacity continues to hit all-time high levels. pic.twitter.com/VOz6zn0RAL — Pomp (@APompliano) May 15, 2022 Lightning Network is the technology that is used to send and receive BTC extremely quickly and cheaply, without having to wait for the long times of Bitcoin’s blockchain and spending very little on execution costs. A year…
On Thursday, Peter Schiff once again managed to create a stir in the Bitcoin world. The American commentator and entrepreneur tweeted a completely pessimistic forecast for the cryptocurrency par excellence. According to his analysis, BTC has broken support at the bottom and is heading towards $8,000 with great momentum. It may even be heading for zero. Peter Schiff warns everyone about Bitcoin With the help of a chart, Schiff ironically wondered what could stop Bitcoin’s descent now that support at the bottom has been breached and the chart shows both double tops and head & shoulders. The tweet of disbelief…
In Russia, some independent newspapers are trying to defend their autonomy in a situation that is very difficult for them thanks to Bitcoin and crypto in general. Russia and freedom of the press, Bitcoin improves the situation Before the outbreak of the war in Ukraine, conditions were certainly not easy for press outlets not aligned with the Kremlin. With the war, the situation got even worse. It has become common knowledge that there is no free and independent press in Russia. The news reaching Russian citizens is heavily distorted as to what is really happening in Ukraine. The few newspapers…