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Bitcoin On Valentine’s Day: Will Historic Data Favor BTC Bulls?

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bitcoin on valentine's day

Bitcoin managed to reach a record high price for the year as the latest cryptocurrencies news showed before and the run up to $10,000 occurred a lot sooner than we thought. This is why many news sources hinted at the possibility of the crypto market making a new run. But what’s interesting now is the situation of Bitcoin on Valentine’s Day and whether it is able to make new gains.

Some analysts believe that Valentine’s Day is a great time for BTC to reach a new all-time high or at least 2020 high. In the past, the most dominant coin performed well on this day. And while the Bitcoin news now show that the situation for the leading coin is good, some altcoins are suffering and others are still increasing.

The NEO coin news showed that the cryptocurrency fell by $1 in a correction – and the Stellar Lumens news paint a similar picture where XLM has lost its higher grounds and is now in the $0.080 zone (which is still good – read why).

Other coins like Bitcoin SV (BSV) and Ethereum Classic (ETC) are shedding a lot of their value today but analysts warn that these drops may be only temporary. The big picture shows that altcoins have continued the multi-week surge and even outperformed Bitcoin’s cumulative returns. Bitcoin on Valentine’s Day has lost 2% and now trades at $10,148 with a market cap of $184 billion and a lowered dominance at 61.9%.

Previous analysis has shown that particular days of the week are able to offer investors a chance to make abnormal returns, waking them up. Bitcoin on Valentine’s Day is one of those scenarios – throughout 2019, Fridays were the best days to buy Bitcoin for the highest daily return compared to other days.

Therefore, today is a good chance and opportunity for many to gain most from BTC as Valentine’s Day happens to also fall on the best day of the week for Bitcoin returns since 2019. Before reaching this conclusion, it would be good to make a brief analysis of how BTC is holding.

So, Bitcoin on Valentine’s Day is with a lower price. Even though since 2015 this day has been very positive for the coin, Ethereum (ETH) and Ripple (XRP), this year we are seeing a bad start. This might change as the day progresses and we might see bigger returns.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Bitcoin Got Support (Ironically) From US President Donald Trump

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The Bitcoin news now show that the President of the United States, Donald Trump, said that he supported manipulating the US dollar in times like these. Many analysts figured that Bitcoin got support from the US president, after he held a press conference and defended the Federal Reserve printing more than $6 trillion. Various Twitter commentators including the CSO at Blockstream, Samson Mow, said that this is how BTC is supported by the Fed and the US President. As quoted, Trump apparently said:
“The beautiful thing about our country is $6.2 trillion — because it is 2.2 plus 4 — it’s $6.2 trillion, and we can handle that easily because of who we are, what we are. It’s our money; we are the ones, it’s our currency.”
Even though kind of ironic, Bitcoin got support in a specific way. While the president did not provide any further explanation of his train of thoughts, he appeared to endorse the Fed providing the astronomical sum of liquidity from the US market. In turn, the dollar supply would be heavily expanded. Right now, analysts believe that this form of meddling in the money supply forms a central tenet of Bitcoin as a financial solution. As we saw from the crypto news this week, the coronavirus epidemic got many into believing that harder times are coming - and the Fed (despite all of this) claimed that it had "infinite" money.
“How much did we pay Trump to advertise #Bitcoin?” Mow summarized.
https://twitter.com/Excellion/status/1243731863752953857 The reactions to the giant $6.2 trillion pump continue to appear as various crypto users showed their surprise. Hodlonaut is one of them - known as the organizer of last year's Lighting Torch transaction relay. As he said, an unlimited money situation gives paying taxes no logical sense. Bitcoin got support from Trump as analysts mentioned. According to Caitlin Long who is an ex-Goldman Sachs executive who pioneered the friendly Bitcoin approaches in Wyoming, this monetary intervention is what is "killing capitalism." She also warned that the Fed and its balance sheet would more than double before the coronavirus crisis abated to more than $10 trillion.
“In short-term, huge dollar demand bc short-covering, but it won't last,” part of a tweet posted on Friday read.
So, is it true that Bitcoin got support from the US president with the latest action by the Fed?
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All Eyes Are On $8,000: Bitcoin Needs To Go Higher Now

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Similar to Bitcoin Cash, Ether, XRP and other altcoins, Bitcoin rose over the past week and all eyes are on $8,000 now as its must-reach target. For those of you who did not follow our crypto news over the past few weeks, you should know that the most dominant coin has performed surprisingly well, rallying as high as $7,100 (on Bitstamp) just days ago and surging higher from the $3,800 bottom seen during the March 12th to 13th capitulation. Even though the bull trend has been exhausted, BTC continues to trade at $6,600 as we speak. For many, the natural level coming before $8,000 is the $7,000 mark. As Bitcoin consolidates in the mid-$6,000s, the momentum will determine which way the cryptocurrency will head to next. All eyes are on a potential surge now. The cryptocurrency remains below a number of key resistance levels, as pointed out by noted Bitcoin trader filbfilb, who called BTC's price action for all of Q4 of 2019 and in January this year. A recent analysis that he gave on TradingView shows that filbfilb thinks that the Bitcoin price news are oriented on reaching the $8,000 levels. All eyes are on this level as he seat - describing it as one that has "the worst cluster of resistance seen since the bear market of 2018.” Indeed, the analyst noted that the following technical levels are currently situated at $8,000 (subject to change over the next few weeks) because of:
  • The 200-day moving average.
  • The 100-day moving average.
  • The 50-day moving average.
  • The 20-month moving average.
  • Bitcoin’s 61.8% Fibonacci Retracement of the February high to the $3,800 bottom.
  • And the yearly pivot level.
The big question remains to be asked - "does BTC have the potential to clear $8,000?" Analysts, however, are divided when it comes to the answer. According to previous reports on our site, BTC is in the fourth phase of the BARR bottom and all eyes are on an outbreak now. The surge should come past the phase one highs around $9,000 in the coming week or two, meaning that the whole capitulation could be shortly reversed. Some traders continue to say that Bitcoin is quite linked to other markets, while others think that the cryptocurrency can only benefit from the ongoing crisis with the spread of the deadly COVID-19 virus. Anyways, we haven't seen a memorable surge from BTC so far which shows that for now, the cryptocurrency is not linked to either of these actions.
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Kraken Says Wealth Transfer Will Make BTC Soar To $350k By 2045

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The millennials and Generation X-ers in the United States are right now practicing self-isolation and social distancing because of the coronavirus (COVID-19) in order to find some solace that - in addition to saving lives - can help them inherit around $70 trillion from baby boomers in the following years. One of the largest exchanges out there, Kraken says wealth transfer will make Bitcoin benefit from this and rise in the future. The in-house research and intelligence team at the exchange named Kraken Intelligence, released a report titled "Inheriting USDs & Acquiring BTCs: How ‘The Great Wealth Transfer’ Will Fuel ‘The Great Bitcoin Adoption." In it, they claim that if American Millennials were to invest at least 5% of their inherited wealth into Bitcoin (BTC), they could drive the price of the cryptocurrency up to $350,000 in 2044. This would give the generational group around $70 trillion in terms of value - out of a $971 billion investment. https://twitter.com/krakenfx/status/1242807660367482883 The report, as Kraken says, is meant to showcase the true activity of these generations. If it gained popularity, older people with an affinity for traditional assets (such as Warren Buffett) have often been unwilling to embrace cryptocurrency. As Kraken says in the report, data has been viewed from a unique perspective. The crypto news also show that the report expands on cultural profiles of Generation Xers and Millennials - and how their upbringing has affected their view on BTC and the cryptocurrency market in general. An excerpt from the report reads:
“...older generations possessed a less favorable view of bitcoin than Millennials and Gen Xers.... 81% of US adults were familiar with at least one type of cryptocurrency, bitcoin being the most popular at 75%, approximately 55% of Millennials and 41% of Generation X familiar with at least one cryptocurrency voiced their belief that cryptocurrencies will become ‘very’ or ‘somewhat’ widely accepted for legal transactions before 2030.”
The report also suggests that people in young generations who are not only more familiar with but also accepting Bitcoin and following the Bitcoin news will have more options to invest in the future. Summing things up, Kraken says that if younger people were to use just 1% of their wealth and invest in BTC, the price of the dominant coin could rise to $70,000 - if not more - by year 2044.
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BTC Hash Rate Drops Again, Almost 45% Since 2020 Peak

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The Bitcoin network and its hash rate has just taken a steep plummet and is now down by more than 45% from its 2020 peak. The BTC hash rate drops again and sank from 136.2 quintillion hashes per second (EH/s) on March 1 to 7.5 7.5.7 EH/s today, March 26, according to data from Blockchain.com. Coindance, which is another analytics site measuring the coin's blockchain - reveals a similar pattern, but maybe a less stark one. The website revealed a 2020 peak of roughly 150 EH/s on March 5, which went down to 105.6 EH/s today - measuring a 29% increase. As you probably know if you read our crypto news, the hash rate of a cryptocurrency is a parameter that gives the measure of the number of calculations that a given network can perform with each second. A higher hash rate basically means that there is greater competition among miners in validating new blocks. Now that the BTC hash rate drops again, the number of resources needed for performing a 51% attack on the network has decreased, making the network more vulnerable. After a volatile month when Bitcoin saw dramatic and short-lived losses of as high as 60% to a price of $3,600 in mid-March, the network and its difficulty yesterday decreased by close to 16%. The BTC hash rate drops again and is a major topic in the Bitcoin price news now. The difficulty, or how challenging it is to solve and validate a block on the blockchain - is set to adjust every 2016 blocks (roughly two weeks) in order to maintain a consistent 10 minute block verification time. All of this has a close connection to the hash rate of the network. Typically, when the network sees a lower level of participating mining power, the difficulty will tumble. In periods of intense network participation, it would rise and work as a counterbalancing mechanism. As the BTC hash rate drops, we can see that the relationship between price, hash rate and difficulty is still something that generates a trend that some analysts refer to as a "miners capitulation cycle." The theory is that while the BTC price remains high and mining is profitable, the hash rate and difficulty both go upwards until they reach a threshold at which miners are squeezed and liquidate more of their holdings in order to cover their expenses.
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