Bitcoin has continued its upward momentum, reaching a new high of $24,664.4 today, a 1.41% increase since yesterday. The surge comes as a result of a combination of macroeconomic tailwinds and improving sentiment across risk assets [2], as well as increasing investor interest in the leading cryptocurrency [1].
BTC whales are also taking advantage of the current market conditions, taking spot prices up and down the order book as they exploit the upside illiquidity [3]. This is the highest price for Bitcoin since July 2022 [1].
References:
[1] Bitcoin Price | BTC Price Index and Live Chart – CoinDesk [2] Bitcoin (BTC) price surges as crypto market gains $84 … – CNBC [3] Why is Bitcoin price up today? – Cointelegraph
Bitcoin has seen a 13.1% increase in past 5 days
Bitcoin has seen a 13.1% increase in price since Federal Reserve Governor Christopher Waller warned that crypto prices could fall to zero [1]. Veteran investor Mark Mobius recently said on CNBC that the value of Bitcoin could crash to $10,000, a more than 40% plunge from current prices.
With the Federal Reserve’s tightening of monetary policy this year, the appeal of cryptocurrencies may be reduced. U.S. Federal Reserve Governor Christopher Waller has warned that crypto prices could fall to zero at some point [2], voicing concerns about banks and other financial intermediaries engaging in crypto activities, noting that they must meet Know Your Customer and Anti-Money Laundering requirements. In October, Waller said he is “not a big fan” of the Fed issuing a digital dollar, but is open to the idea if someone can convince him [3].
Read: Bitcoin price dropping $1100 to $22,394.4…Silvergate Fault?
With the rise of crypto prices, investors should be more aware of the risks associated with investing in the asset class. At the same time, they should also be aware of the various benefits that come with investing in cryptocurrencies, such as the potential to diversify a portfolio and access to global markets.
References:
[1] Bitcoin Price Increased 13.1% Since Fed Governor Said … [2] Fed Governor Warns Crypto Prices Could Fall to Zero [3] Fintech Zoom: Contact Information, Journalists, and OverviewEthereum is now 1,692.88 USD loosing -0.19% in past 24 hours
Ethereum, the second-largest cryptocurrency by market capitalization, is trading at $1,692.88 at the time of writing, a 0.19% decrease in the past 24 hours [1]. The Ethereum network has been around since 2015 and is an open-source blockchain-based platform for smart contracts and decentralized applications.
Ethereum’s native cryptocurrency, Ether, is also the second-largest by market capitalization and has a current price of $1,692.88. Ethereum is a powerful platform for creating smart contracts and decentralized applications, and is used by a variety of different companies and projects. The Ethereum network is also home to a variety of tokens and digital assets, many of which are used for a range of different purposes.
References:
[1] Terra Classic (LUNC) Community Is Flooding Twitter Again
Binance recently moved large sums of money
Binance, a global cryptocurrency exchange headquartered in Malta, recently moved large sums of money from its U.S. partner, Binance.US, to a trading firm linked to its CEO, Changpeng Zhao. Over the first three months of 2021, more than $400 million flowed from the Binance.US account at California-based Silvergate Bank to this trading firm, Merit Peak Ltd, according to records for the quarter [1].
The money transfers suggest that Binance had secret access to the bank account belonging to its purportedly independent U.S. partner and was controlling the finances of Binance.US. Company messages show the transfers to Merit Peak began in late 2020 [2].
Prime Trust LLC made $650 million in wire transfer deposits into the Binance.US account during the quarter, the bank records show [3]. Binance.US executives became concerned by the outflows and an unspecified portion of the money was sent to the Silvergate account of a Seychelles-incorporated firm called Key Vision Development Limited.
The money transfers raise questions about the independence of Binance.US, the relationship between Binance and Binance.US, and potential violations of financial regulations. Overall, the situation is still unfolding and more information is needed in order to fully understand the implications of these transactions.
References:
[1] What is Happening to Binance? Large Sums of Money were … [2] Crypto giant Binance moved $400 million from U.S. partner to … [3] Exclusive: Crypto giant Binance moved $400 million from U.S. …FAQs about Resistance Level in Bitcoin Price
Resistance level in Bitcoin price refers to a certain price point where the price of Bitcoin has difficulty breaking through. This type of price level is usually seen as a barrier to further appreciation in the value of Bitcoin and is an indication that the market sentiment towards buying or selling is shifting. If a resistance level is breached, it could signal a change in the trend of the market and a potential increase in the price of Bitcoin.
Resistance levels in Bitcoin price can be caused by a variety of factors. These include supply and demand dynamics, technical analysis, news events, and investor sentiment. When a large number of investors are buying Bitcoin, demand increases and this can push the price up to a resistance level. On the other hand, when a large number of investors are selling, this will decrease demand and push the price down to a resistance level.
Identifying resistance levels in Bitcoin price can be done using various technical analysis tools. These include support and resistance levels, Fibonacci retracements, moving averages, trend lines, and volume indicators. By analyzing the price action and taking note of the previous highs and lows, you can identify possible resistance levels in the Bitcoin price.
By knowing where the resistance levels are located, you can use them to your advantage when trading Bitcoin. You can use them to set entry and exit points in your trades, as well as setting stop losses.
