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Rich Dad Poor Dad author Robert Kiyosaki has advised investors to buy as many bitcoins as they can afford, noting that China is in trouble and this is not the time to buy stocks and bonds. “This is the time to buy real gold, real silver, and as many bitcoin as you can afford,” he […]
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Tag: Bitcoin
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Rich Dad Poor Dad Author Robert Kiyosaki Advises Buying as Much Bitcoin as You Can Afford
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Club Satoshi Brings Together Bitcoin and Blockchain Enthusiasts in Asia | by BitMedia Buzz | Mar, 2024
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Our PR partner, yourPRstrategist, is a proud event partner of Club Satoshi and is pleased to share an exclusive code for our community. Sign up on Meetup and use promo code ‘YPRBRC101’ for free entry!
For Bitcoin fans everywhere looking for like-minded people who believe in the transformative power of blockchain technology, crypto enthusiast community Club Satoshi is dedicated to
embodying the principles of the original Satoshi Nakamoto whitepaper, the Bitcoin standard and the decentralized spirit of cryptocurrency.Club Satoshi — A Blockchain Community and Educational Initiative
Club Satoshi supports blockchain education and fosters discussions about all aspects of blockchain building solutions, new economic models, and new blockchain technologies. Club events and meetups often incorporate initiatives that promote blockchain innovation and mass adoption of blockchain industry standards.
Founded in 2016, the Satoshi Club currently boasts over 3,000 members spread out over Singapore, South Korea, Thailand and the Philippines, with more Asian countries being planned. It is free to join for anyone interested in blockchain technology. Members enjoy free access to Club Satoshi meetup events as well as community discounts for partnered events with established blockchain, Web3 and crypto conferences such as Blockshow & Blockdown, Global Blockchain Show amongst others, including invitations to Web3 networking events in various Asian cities.
As an active supporter of industry blockchain events and conferences, Club Satoshi opens up access to an active Web3 community and brings early brand awareness and promotion via community engagement and participation. Community members of the Satoshi Club are cryptocurrency and blockchain enthusiasts, developers, investors, and advocates who bring high-value networking opportunities to partnered events, often leading to new business collaborations and investment opportunities for attendees, speakers, sponsors, and exhibitors.
The next Club Satoshi event will be happening this week in Singapore titled “Bitcoin Impact: Unlocking the Future — Exploring the BRC-20 Standard” with keynote and panel formats for Bitcoiners interested in learning more about the new Bitcoin Network standards. For members who are interested in attending, please sign up via Meetup or lu.ma.
For more information about Club Satoshi, visit clubsatoshi.io
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Why Bitcoin Could Revisit $27K, Peter Brandt Says
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Bitcoin is back below $40,000 as the general sentiment in the market seems to turn pessimistic. The first crypto by market cap has been unable to climb back to the $50,000 area and has been moving in a tight range around its current levels.
Related Reading | Bitcoin Follows US Stock Dive, Experts Predict $37,500 Price Level
Negative predictions for Bitcoin and other larger cryptocurrencies are increasing. The uncertainty around the war between Ukraine and Russia, and the U.S. Federal Reserve (FED) hike in interest rates seem to be the two main catalysts for the weakness in the global market.
Legendary trader Peter Brandt seems to favor the short-term bearish thesis. Pseudonym users shared a Bitcoin price prediction with Brandt which suggest the cryptocurrency could revisit critical areas of support below $30,000.
This could BTC’s price to $28,000 or $27,000 as soon as May or June this year. This prediction matches that of BitMEX CEO Arthur Hayes. He expects BTC and ETH to crash to $30,000 and $2,000, respectively.
As seen below, in the chart presented to Brandt, Bitcoin would drop to its support zone before resuming its bullish momentum into uncharted territory. In the months after that, the first crypto by market cap could rise by about $100,000. Brandt said:
Very possible. This has been my guess for many months. We will see.
Source: @CrypoFuture via Twitter The crypto market is currently correlated with traditional finances. The price of Bitcoin has been moving in tandem with the Nasdaq 100.
When big tech stocks show weakness, so does the price of BTC. In that sense, the bearish thesis could find more support in the following chart.
Source: Peter Brandt via Twitter Shared by Brandt, it suggests a bigger drop in big tech equities which could impact the price of Bitcoin and put additional selling pressure on the crypto market.
Bitcoin Could See Short Term Relief
However, traders should take any prediction with a grain of salt especially coming from Brandt or Hayes. They can change their opinions and forecasts if the market conditions support them.
For my uninitiated followers on Twitter
I’m guided by following principles as chart trader
-Strong opinions, weakly held
-Flexible, not dogmatic about anything
-An opinion is not a position, a position is not an opinion
-A chart is not necessarily my opinion https://t.co/WwfqyYgx3O— Peter Brandt (@PeterLBrandt) April 22, 2022
In the short term, Bitcoin has managed to stay at its current levels despite the increase in selling pressure. Data from Material Indicators shows important support below the price.
There are over $33 million in bid orders from $39,000 to $38,000 which suggest BTC could bounce back from here in case of future downside price action. To the upside, $41,500 stands as the potential biggest resistance with around $8 million in asks orders.
BTC moving sideways on the 4-hour chart. Source: BTCUSD Tradingview Related Reading | Bitcoin Follows US Stock Dive, Experts Predict $37,500 Price Level
As NewsBTC reported, the options market is positioning for a potential crash. There has been an uptick in calls selling for May and June and an increase in demand for put options. In other words, traders are getting bearish.
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Bitcoin Continues To Slide As Macroeconomic And Geopolitical Anxiety Persist
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Bitcoin sank to an intraday low of $39,714.69 on Friday, following a late surge above Wednesday’s critical resistance level of $41,500. BTC was down as traders braced themselves for the lengthy Easter weekend.
Bitcoin – the world’s most sought-after digital asset – has fallen about $10,000 from a two-week high of $48,220, its highest level in over four months.
However, following weeks of retreats, it looks as though market analysts have identified a stable floor at $39,300, with bulls now attempting to drive prices higher once more.
Related Article | Bitcoin Price Plummets Below $40,000 As Crypto Market Tallies $440 Million In Liquidations
Bitcoin Feeling The Pressure
Concerns about macroeconomic and geopolitical concerns have lingered, keeping some investors away.
Russian President Vladimir Putin stated during a news conference on Thursday that peace talks with Ukraine have reached a stalemate.
Putin further vowed that Russia’s “military operation” will continue indefinitely.
On a technical level, Bitcoin’s 200-day moving average significantly stymied the recent bull run, resulting in a large price fall.
Bears currently control the market, and the price is rapidly declining, resulting in a break below the 50-day and 100-day moving averages.
The $37K and $34K demand zones represent the next levels of Bitcoin support. If the price holds the short-term significant support level around $37K, it may resume its climb toward the significant resistance level at $45K.
BTC total market cap at $752.41 billion on the daily chart | Source: TradingView.com
BTC Could Touch $33K
If this level is not maintained, Bitcoin’s next stop could be the $33K important demand zone.
Bitcoin has lost more than 15% in the last week, prompting one indicator to declare that the market has entered a time of “severe anxiety.”
The price decline occurs in the context of a broader downturn in global financial markets, prompted by geopolitical crises and uncertainty over the prospect of the US Federal Reserve tightening monetary policy.
Related Article | Price Of Bitcoin Retreats Under $42,000 As Enthusiasm From Miami Event Fizzles
Future Still Looks Bright
Despite the current dismal performance of Bitcoin, a prominent trader believes that the cryptocurrency’s price might potentially double in the next two years.
Peter Brandt made a prediction in response to a tweet from Tuur Demeester, a long-time Bitcoin supporter.
According to the latter, following extended periods of consolidation, Bitcoin tends to erupt “like nothing else on this earth.”
According to Brandt’s forecasts, Bitcoin may either double in value in two years or continue its streak of sideways trading for an extended length of time.
A seasoned trader previously predicted that Bitcoin’s next “rocket stage” will begin in 2024, based on how prior market cycles have unfolded.
Featured image from DataDriveInvestor, chart from TradingView.com
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On-chain Data Suggests Bitcoin Miners Were Behind The Selloff
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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
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What’s Next For Bitcoin As Prices Encounter Difficulty Reclaiming $43,000?
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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
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Bitcoin transaction fees hit decade lows, here’s why
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It’s a great time to move Bitcoin (BTC) between wallets and exchanges. Bitcoin transaction fees have hit all-time lows in BTC, according to research by Galaxy Digital.
#bitcoin fees are at all-time lows. the craziest thing? fall 2021 was the first bull run not accompanied by a major spike in fees.
how is that possible? what does it mean? here’s a thread explaining the most confounding (and awesome) chart in bitcoin. (remember june 2021) pic.twitter.com/gnWssTckX2
— Alex Thorn (@intangiblecoins) April 5, 2022
As shown on the graph below, the Bitcoin mean transaction fee has plummeted to 0.00004541 Bitcoin ($2.06) in 2022, while the median is 0.00001292 Bitcoin ($0.59) which is the lowest of any year except 2011, according to the report.
Graph to show the fees trending down since 2013. Source: Galaxy Digital According to Alex Thorn, head of firmwide research at Galaxy Digital, a combination of growing Segwit adoption, batching transactions, growth in the Lightning Network, a collapse in miners selling and the “reduced OP_Return usage” have caused the drop in fees not seen for over a decade.
Lead on-chain analyst at Glassnode, James Check, agreed with Thorn, explaining to Cointelegraph that “batching and Segwit are certainly part of the mix,” because the combination will increase the number of transactions that fit in a block, and thus increase throughput and decrease fee pressure.
He shared the following graph to show that Segwit adoption “increased significantly at the May-July lows.”
Source: Glassnode Nonetheless, Check continues, “This is not the whole story…”:
“The number one reason I believe fees are low is we had a 50% collapse in price in May which absolutely decimated retail interest.”
He suggests that “all three [fees, active addresses and transaction counts] collapsed after the May sell-off.”
Fees (orange), active addresses (blue), transaction counts (purple), and BTC price (gray). Source: Glassnode. “This, in my view was the likely commencing of a bear market and even with the price run-up, we saw a great many people financially burned, and thus out of the market.”
Eric Yakes, the author of The 7th Property: Bitcoin and the Monetary Revolution, told Cointelegraph, “We’re witnessing a structural change in the market dynamics and historical correlations maintain little value.”
Regarding the future of the network, the “$70M raised by lighting labs to build a stablecoin and asset protocol,” is a key development for the Bitcoin protocol. He added that “it’s important for transaction fees to trend lower as they are the primary limitation to scaling a network in a decentralized manner.”
Related: Bitcoin Lightning Network growth capacity plateaus at 3,400 BTC
Ultimately, while transaction fees are a boon for wallet admin and opening lightning channels, it could be a sign that retail interest has dried up. For Check, “look no further than ye olde Google trends to see just how popular the orange coin is right now,” suggesting that “there is near zero inflow of new users.”
Google trends search interest for Bitcoin has trended lower since the April/May peak. Yakes has the last word regarding the emergence of Bitcoin:
“Bitcoin needs the lightning network to continue its pace of growth and a thriving network of smart contract development to emerge.”
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Bitcoin Key Indicators Suggest Strengthening Case For Fresh Surge
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Bitcoin is slowly gaining pace above $46,500 against the US Dollar. BTC must clear $47,000 to move into a positive territory in the short term.
- Bitcoin is slowly moving higher above the $46,500 resistance zone.
- The price is trading above $46,200 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if there is a clear move above the $47,000 resistance.
Bitcoin Price Eyes Upside Break
Bitcoin price extended decline and tested the $45,150 zone. BTC formed a base above $45,150 and started a fresh increase. There was a break above the $45,500 and $45,800 levels.
The price was able to climb above the 50% Fib retracement level of the recent decline from the $47,444 swing low to $45,153 low. It is now trading above $46,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $46,700 level.
Besides, there is a major bearish trend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair. The next resistance could be near $47,000 or the 76.4% Fib retracement level of the recent decline from the $47,444 swing low to $45,153 low.
Source: BTCUSD on TradingView.com
A clear move above the $47,000 resistance could start a major increase. In the stated case, the price may perhaps rise towards the $48,000 resistance. Any more gains might send the price towards the $50,000 barrier. An intermediate resistance may possibly be near the $49,250 level.
Upsides Capped in BTC?
If bitcoin fails to clear the $47,000 resistance zone, it could start another decline. An immediate support on the downside is near the $46,200 level and the 100 hourly simple moving average.
The next major support is seen near the $45,800 level. The main support now sits near the $45,150 level. A downside break below the $45,150 support zone could start a major decline. In the stated case, the price could even decline to $44,000 in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $46,200, followed by $45,150.
Major Resistance Levels – $47,000, $48,000 and $50,000.
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Financial markets are ‘not quite ready’ for Bitcoin bonds
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MicroStrategy CEO and Bitcoin permabull, Michael Saylor believes that traditional financial markets aren’t quite ready for Bitcoin-backed bonds.
Saylor told Bloomberg on Tuesday, that he’d love to see the day come where Bitcoin-backed bonds are sold like mortgage-backed securities, but warned that, “the market is not quite ready for that right now. The next best idea was a term loan from a major bank.”
MacroStrategy, a subsidiary of @MicroStrategy, has closed a $205 million bitcoin-collateralized loan with Silvergate Bank to purchase #bitcoin. $MSTR $SIhttps://t.co/QYw2ZgeE3U
— Michael Saylor⚡️ (@saylor) March 29, 2022
The remarks come two days after MicroStrategy’s (MSTR) Bitcoin-specific subsidiary MacroStrategy, announced that it had taken out a $205 million Bitcoin-collateralized loan to purchase even more Bitcoin. This loan was unique, as it marked MicroStrategy’s first time borrowing against its own Bitcoin reserves — which are currently valued at approximately $6 billion — to buy more of the cryptocurrency.
Saylor’s comments also follow El Salvador’s recent
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Bitcoin Exchange Outflows Are Rising
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Bitcoin held on to the price level of $47,000 on Thursday despite the pressure of profit-taking. BTC exchange flow, an indicator that highlights the difference between the supply and demand of the world’s leading cryptocurrency on trading platforms, has seen immense volatility in the past few weeks.
Yesterday, the difference between Bitcoin exchange outflows and inflows surged substantially. According to Glassnode, a prominent on-chain analytics platform, approximately $2.1 billion worth of BTC moved away from exchanges, compared to the inflows of $1.2 billion.
Bitcoin whale movements are playing a major role in the latest surge. Whale Alert recently highlighted the movement of 2,000 Bitcoin worth more than $94 million from Coinbase to an unknown wallet. BTC balance on prominent exchanges has been plunging since the start of 2021.
Coinbase is one of the worst-hit digital exchanges in the recent trend. According to Glassnode, the BTC balance on Coinbase has declined by more than 36% since April 2020. During the second week of March 2022, crypto whale accounts moved nearly 30,000 Bitcoin away from Coinbase.
Bitcoin Balance
“Large outflows are actually part of a consistent trend in the Coinbase balance, which has been stair-stepping downwards over the last two years. As the largest exchange by BTC balance, and a preferred venue for US-based institutions, this further supports the adoption of Bitcoin as a macro asset by larger institutions,” Glassnode mentioned in a recent report.
BTC is not the only digital currency that saw a jump in exchange outflows. Ethereum, the world’s second-most valuable cryptocurrency, also witnessed a similar trend. Earlier this week, net daily ETH exchange flows reached -$1 billion. On 29 March, ETH exchange outflows touched $1.8 billion, compared to the inflows of $793 million.
However, net exchange flows related to Tether (USDT) have turned positive in the past 24 hours.
Bitcoin held on to the price level of $47,000 on Thursday despite the pressure of profit-taking. BTC exchange flow, an indicator that highlights the difference between the supply and demand of the world’s leading cryptocurrency on trading platforms, has seen immense volatility in the past few weeks.
Yesterday, the difference between Bitcoin exchange outflows and inflows surged substantially. According to Glassnode, a prominent on-chain analytics platform, approximately $2.1 billion worth of BTC moved away from exchanges, compared to the inflows of $1.2 billion.
Bitcoin whale movements are playing a major role in the latest surge. Whale Alert recently highlighted the movement of 2,000 Bitcoin worth more than $94 million from Coinbase to an unknown wallet. BTC balance on prominent exchanges has been plunging since the start of 2021.
Coinbase is one of the worst-hit digital exchanges in the recent trend. According to Glassnode, the BTC balance on Coinbase has declined by more than 36% since April 2020. During the second week of March 2022, crypto whale accounts moved nearly 30,000 Bitcoin away from Coinbase.
Bitcoin Balance
“Large outflows are actually part of a consistent trend in the Coinbase balance, which has been stair-stepping downwards over the last two years. As the largest exchange by BTC balance, and a preferred venue for US-based institutions, this further supports the adoption of Bitcoin as a macro asset by larger institutions,” Glassnode mentioned in a recent report.
BTC is not the only digital currency that saw a jump in exchange outflows. Ethereum, the world’s second-most valuable cryptocurrency, also witnessed a similar trend. Earlier this week, net daily ETH exchange flows reached -$1 billion. On 29 March, ETH exchange outflows touched $1.8 billion, compared to the inflows of $793 million.
However, net exchange flows related to Tether (USDT) have turned positive in the past 24 hours.
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