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Brace for impact: the market could explode if China lifts its Crypto ban

Horacio — Sun, 28 May 2023 05:11:11 +0000

By Bary Rahma

China’s historical relationship with cryptocurrencies is complex, marked by recurrent bans and their impact on the crypto market.
Recent signs suggest a potential shift in China’s hardline stance on cryptos, a development attracting significant international attention.
Lifting the ban on cryptos in China could have profound implications for the crypto market, potentially driving demand and boosting prices.

Beijing has issued a white paper titled “Web3 Innovation and Development White Paper (2023)”, advocating for web3 technology as a crucial component of future internet growth. The Beijing Municipal Science & Technology Commission, which released the document, aims to position Beijing as a global innovation hub for the digital economy. As part of this plan, the Chaoyang district will invest around $14 million annually until 2025. The white paper underscores Beijing’s commitment to bolster policy support and accelerate tech advancements to propel the web3 industry.

China’s History of Banning Crypto

China has a long history of imposing restrictions on cryptos, with the first attempt taking place in 2013 when the People’s Bank of China (PBC) issued rules that prohibited financial institutions from transacting in virtual currencies like Bitcoin.

However, this did not make it illegal for Chinese citizens to buy, store, or send cryptos. It simply made accessing cryptos from exchanges more challenging.

This first ban was aimed at slowing down Bitcoin trading, as it had become so widespread that many businesses, including the country’s largest search engine Baidu, began accepting it as payment.

Investment in Blockchain Industry in China. Source: Statista

In 2017, during the crypto bull market, Chinese officials imposed increased sanctions on crypto trading, focusing particularly on Initial Coin Offerings (ICOs). ICOs, digital tokens meant to represent an ownership stake in a new crypto project, have seen a significant increase in trading.

Nonetheless, many of these ICOs became scams due to the lack of regulation. To curb the ICO craze, China banned all platforms offering ICOs. If an exchange sold ICOs, they had to return the money to investors.

Number of Cryptos Worldwide. Source: Statista

In 2021, China took the most severe measures in its history against cryptos. As Bitcoin hovers around $55,000, China’s State Council announced a formal ban on crypto mining.

Shortly after, the hash rate on Bitcoin’s network dropped 50%, with Bitcoin’s price plunging to about $30,000 in the ensuing months.

Bitcoin US Dollar Price. Source: Statista

Along with the Bitcoin mining ban, China’s regulatory bodies outlawed all crypto trading and transactions. It is also illegal for residents to send crypto and for businesses and banks to accept coins like Bitcoin and Ethereum.

Despite the ban, there are no specific policies against holding digital assets, so Chinese residents who already have crypto in a wallet are not violating any current laws.

Why China Banned Cryptos

Several factors drove China’s decision to ban cryptos. These include:

Concerns about consumer protection due to the association of cryptos with scams and money laundering.
The unclear legal status of digital currencies.
The potential for capital flight.
The devaluation of the yuan.
Environmental concerns due to Bitcoin’s high energy requirements.
A desire to control Central Bank Digital Currencies (CBDCs) and metaverse projects.

Indeed, China is actively working on an official CBDC known as the “digital yuan,” and cities like Shanghai have pledged billions to develop national metaverse projects.

The ban had significant aftereffects on the global crypto industry. China’s Bitcoin mining ban caused a significant decrease in the hash power on the Bitcoin blockchain. Many of China’s Bitcoin miners fled to nations that were more friendly to the crypto industry.

However, Bitcoin’s total hash rate continued to increase in the months following the ban, and by January 2022, it was significantly higher than before China’s Bitcoin ban.

It was also observed that mining activity in China appeared on Bitcoin’s network in September 2021, suggesting that many Chinese mining pools still operate underground.

Is China Lifting the Crypto Ban?

Despite the stringent restrictions, China’s ban on cryptos has not completely halted activity in the sector. Underground crypto markets have sprouted up as crypto enthusiasts in the country continue to find ways around the restrictions.

More recently, however, signs have suggested a possible shift in China’s stance towards cryptos.

In the latest development, there are indications that China might be easing its hardline stance on cryptos. This news is substantial given that one of the most significant shocks to the crypto market in the past couple of years came in 2021 when China issued its most significant crackdown yet on digital assets.

This crackdown was part of a wider effort to regulate the financial technology sector. It was also in line with China’s ambition to introduce its own digital currency, the digital yuan.

The global crypto community is closely watching signs of a potential shift in China’s stance towards cryptos. However, the specifics of this shift are not yet clear, and how these developments will pan out remains to be seen.

It should be noted that even if China were to ease its restrictions, it would likely continue to exercise tight control over the sector to ensure consumer protection, prevent potential financial risks, and maintain control over its own digital currency initiatives.

What Will Happen If China Lifts Ban on Cypto?

If China were to lift its ban on cryptos, it would likely significantly impact the global crypto market.

As the world’s most populous country and one of the largest economies, China’s acceptance of cryptos could stimulate global demand, boost prices, and potentially lead to wider acceptance of digital currencies. It could also pave the way for the return of crypto mining activities to the country, which was once the world’s largest Bitcoin mining hub.

Binance CEO Changpeng Zhao maintains that lifting China’s crypto ban is a “big deal.” The fact that CCTV (China Central Television) recently broadcasted a news segment about crypto has sent waves in the Chinese-speaking communities.

Still, unbanning crypto could also pose challenges. For instance, it could lead to increased volatility in the crypto market. Additionally, it could bring about regulatory challenges as authorities grapple with consumer protection, money laundering, and financial stability issues.

The potential lifting of China’s ban on cryptos is a development with significant implications for the global crypto market. But until more concrete information becomes available, the true impact of this development remains to be seen.

Link: https://beincrypto.com/what-happens-if-china-lifts-crypto-ban/?utm_source=pocket_saves

Source: https://beincrypto.com

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The next Bitcoin: could ApeMax, Ethereum, or Solana rival Bitcoin?

Horacio — Fri, 26 May 2023 00:03:27 +0000

In recent times, the cryptocurrency market has witnessed a tremendous surge, attracting buyers and investors in search of the next Bitcoin and lucrative crypto opportunities. Bitcoin, the trailblazing decentralized currency, has played a pivotal role in enabling this remarkable growth.

This article investigates the potential of ApeMax, Ethereum, and Solana, and whether these cryptocurrencies have what it takes to become the next Bitcoin. This article will explore each of these coins and their unique attributes which may help them dethrone Bitcoin from the number one spot. This article will place special emphasis on the new coin ApeMax, which offers significant earning potential through its transformative boost staking system.

Bitcoin, since its inception, has experienced an astronomical price surge, soaring from a few cents per BTC to reaching an all-time high of $68,789.63 per Bitcoin. Several early investors in Bitcoin have amassed substantial wealth from their initial investments. Consequently, it comes as no surprise that everyone from investors to experts are constantly seeking out the next Bitcoin. Everyone is on the lookout for a game-changing crypto coin with immense growth potential and the capability to bring about transformative change to the crypto market.

What is Bitcoin and what makes it so special?

Bitcoin was born in 2008 and launched by an individual or group of individuals who go by the pseudonym Satoshi Nakamoto. The world has never been the same since.

Bitcoin is widely regarded as a revolutionary and pioneering force due to several significant factors. Firstly, it introduced the groundbreaking concept of a decentralized digital currency, challenging the conventional financial system that heavily relies on centralized entities such as banks.

Bitcoin’s underlying technology, known as blockchain, is also a game changer. It brought forth a transparent, immutable, and secure ledger system for recording transactions. This innovation has unlocked numerous possibilities beyond mere currency.

Finally, Bitcoin’s finite supply and decentralized nature have positioned it as an alternative store of value and a potential safeguard against a problem that plagues traditional fiat currencies: inflation. These attributes have captured the attention of people around the world, leading to exceptionally high demand and price as evidenced by data from CoinMarketCap.

Is ApeMax the Next Bitcoin?

The presale for ApeMax is currently open, providing an exceptional opportunity to get your hands on ApeMax coins at highly affordable prices.

ApeMax is a groundbreaking Boost to Earn coin, introducing innovative tokenomics that enable users to generate earnings by staking their coins in entities ranging from creators and influencers, to charities or even Web3 projects. ApeMax stands out by offering immediate engagement in staking and growth, setting it apart from other alternatives in the market.

Similar to Bitcoin, ApeMax coin possesses deflationary properties as it has a fixed supply. Deflationary coins like ApeMax and Bitcoin can serve as attractive options as they can act as hedges against inflation if their demand increases.

The boosting-based staking model of ApeMax has the potential to create a completely new economic model where creators and their supporters can both earn through the act of boosting. This has the potential to disrupt the existing economic model reliant on traditional ad-based and subscription revenue streams.

Experts in the industry have identified ApeMax as one of the best crypto presales to keep an eye on. To secure the lowest presale price, it is advisable not to wait and to participate in the ApeMax coin presale now. Early adopters often enjoy the best return in the world of cryptocurrency when a new coin strikes gold down the line.

Is Ethereum the Next Bitcoin?

Ethereum has the potential to rival Bitcoin for several reasons. Ethereum introduced the concept of smart contracts, and through this groundbreaking feature has enabled the creation of decentralized applications and a world of possibilities beyond peer-to-peer transactions.

Secondly, Ethereum’s platform allows developers to build and deploy decentralized applications using its native programming language, Solidity. This programmability makes Ethereum flexible and adaptable to various use cases.

Another factor that helps Ethereum outshine Bitcoin is the EVM, a runtime environment that executes smart contracts on the Ethereum network. This enables the execution of complex computations and facilitates interoperability between decentralized applications. Bitcoin lacks such a comparable virtual machine for executing advanced smart contracts.

Finally, Ethereum has become the leading platform for token creation and hosts many tokens beyond its native cryptocurrency. Additionally, Ethereum’s blockchain has become the foundation for the growth of decentralized finance, enabling various financial services such as lending, borrowing, and decentralized exchanges.

Is Solana the Next Bitcoin?

Solana is designed to be highly scalable, capable of processing thousands of transactions per second. In contrast, Bitcoin’s network has limited scalability, leading to higher fees and slower transaction times. Solana’s scalability makes it more suitable for mainstream adoption and handling large-scale applications.

Solana’s innovative architecture and consensus algorithm also allow for faster transaction confirmations and reduced latency. This efficiency enhances user experience and enables Solana to compete with Bitcoin in terms of transaction speed and responsiveness.

Finally, Solana’s network fees are generally lower compared to Bitcoin. The lower transaction costs make Solana more attractive for everyday transactions and encourage wider adoption across various industries.

The Next Bitcoin – Conclusion

In summary, this article looks at Ethereum, ApeMax, and Solana and whether these coins have what it takes to become the next Bitcoin and why. Undoubtedly, Bitcoin has left an enduring legacy on the world and decentralized finance. Although Ethereum and Solana possess several characteristics which make them stronger than Bitcoin in certain respects, they also have something in common, namely that their prices are already quite high.

ApeMax distinguishes itself with its unique tokenomics that offer opportunities for earning. The ApeMax presale has recently kicked off, providing a limited-time chance to buy ApeMax coins at desirable and affordable prices. Whether you have prior experience with cryptocurrencies or are new to this realm, venturing into ApeMax could be a potentially rewarding adventure worth looking into.

Link: https://www.analyticsinsight.net/the-next-bitcoin-could-apemax-ethereum-or-solana-rival-bitcoin/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

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Bitcoin to explode by over 75% once it overcomes critical level, predicts Jason Pizzino – here’s the timeline

Horacio — Thu, 25 May 2023 13:37:55 +0000

Crypto analyst Jason Pizzino claims that Bitcoin (BTC) could surge by double-digit percentage points once it rises above a key resistance zone.

In an interview on the David Lin Report, Pizzino says that Bitcoin is facing major resistance at between the $28,000 to $32,000 level.

According to Pizzino, the flagship crypto asset could surge by nearly 80% from the current price when it breaches the major resistance zone.

“So $28,500 to around $32,000 is going to be a key level for Bitcoin to overcome. I suspect when it does, you will start to see less of the bears and more of the bulls.

Basically comments from people saying that this thing has to go lower and we’re going to see new cycle lows… That will become less and less once we overcome this key, you know, crossing here between $28,000 and $32,000.

There’s just nothing left for them once it overcomes this level. They will be then looking towards $48,000 as the next level. And of course the all-time highs.”

Bitcoin is trading at $26,798 at time of writing.

The crypto analyst says that going forward, Bitcoin would have a more sustainable rally if it appreciates in price by small incremental steps rather than huge sudden surges.

“The more we go up in these little stair-stepping movements, the better that is for Bitcoin because there’s more stability in price at lower levels.

So we get this nice stair-stepping move up rather than this ridiculous FOMO (fear of missing out) pump that we see in those patterns. These are unsustainable.”

Link: https://dailyhodl.com/2023/05/25/bitcoin-to-explode-by-over-75-once-it-overcomes-critical-level-predicts-jason-pizzino-heres-the-timeline/

Source: https://dailyhodl.com

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Bitcoin’s declining correlation with stocks revives its appeal for investors: K33 Research

Horacio — Wed, 24 May 2023 21:13:52 +0000

BTC’s 30-day price correlation with the tech-heavy NASDAQ index fell to 0.26, its lowest level since December 2021, according to K33 data. BTC’s correlation with the S&P 500 index also plummeted last month to levels not seen since late 2021.

Bitcoin, the largest cryptocurrency by market capitalization, has lured investors over the years as an asset whose price moves independently from other investment classes, most prominently from equities, making it convenient as part of a diversified portfolio.

The narrative, however, changed last year, as the digital asset market nosedived from all-time highs in tandem with stock markets. Crypto’s correlation with traditional markets rose to new highs as central banks globally jacked up interest rates at the fastest pace in decades to combat rampant inflation. The monetary hawkishness knocked down the price of rate-sensitive, risky assets such as stocks and cryptocurrencies.

(K33 Research)

“A perverse focus on growth and wide mania across the financial markets enabled the high correlations,” K33 wrote in the report. “Now conditions have calmed. Hence, BTC may again resume acting as a solid diversifier.”

BTC as portfolio diversifier

K33 found that a small allocation to BTC improves the performance of a traditional investment portfolio.

A portfolio with 3% weight in BTC, 58.5% in stocks and 38.5% in bonds has outperformed the classic 60% equities, 40% bonds investment over the years. Even when it’s measured from January 2018, near when cryptocurrency prices entered a two-year bear market, the portfolio that included BTC would have outperformed by 6.9%, according to K33.

(K33 Research)

“While the considerable price fluctuations may disincentivize investors, a time-tested strategy of active disciplined rebalancing and a minor allocation to BTC has proven to improve the overall risk profile of a traditional portfolio,” K33 wrote.

Link: https://www.coindesk.com/markets/2023/05/24/bitcoins-declining-correlation-with-stocks-revives-its-appeal-for-investors-k33-research/?utm_medium=referral&utm_source=feedly&utm_campaign=headlines

Source: https://www.coindesk.com

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U.S. Is ‘losing’ the Bitcoin movement: Cathie Wood

Horacio — Wed, 24 May 2023 12:01:31 +0000

Speaking at Fortune’s Most Powerful Next Gen conference last week, Wood described how the center of gravity of cryptocurrency is moving away from the U.S, using the example of crypto exchange Coinbase (COIN) receiving licensing to operate in Bermuda while also looking to expand its presence in Singapore.

In the crypto world, ARK Invest is best known for its regular sizeable orders of COIN stock.

“It would be nice if the U.S. were leading this movement, but we’re losing it, and we’re losing it because of our regulatory system,” Wood said.

Frustration over the regulatory picture for crypto in the U.S. is largely directed at the Securities and Exchange Commission (SEC) over its insistence that the industry does not require any bespoke framework beyond existing securities laws, not to mention ongoing disputes with Coinbase and Ripple.

Cathie Wood also referenced last year’s dramatic collapse of crypto exchange FTX, saying it “proved the concept” of bitcoin, as did this year’s banking crisis in which Silicon Valley Bank, Silvergate and Signature all went to the wall. Wood believes these crises underlined the dangers of centralization in financial systems, something to which bitcoin runs counter.

“The reason it’s adopted is, first of all, many people like the idea of a decentralized, transparent, auditable monetary system. It was born out of the 2008/2009 crisis, when people just lost all trust in financial services,” she said.

“And, very interestingly, it took another two crises within the last year to prove the concept. FTX failed because it was centralized, opaque, and not auditable.”

Link: https://www.coindesk.com/policy/2023/05/23/us-is-losing-the-bitcoin-movement-cathie-wood/?utm_medium=referral&utm_source=feedly&utm_campaign=headlines

Source: https://www.coindesk.com

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Bitcoin is perfect for rural America

Horacio — Fri, 19 May 2023 12:04:22 +0000

The value and economic opportunities that Bitcoin presents are ideal for the diverse, dynamic, rural regions of the U.S.

By HONGUMART

Rural America is not a monolithic entity, but rather a diverse and dynamic region that encompasses different landscapes, climates and cultures. Some rural areas are more prosperous and developed than others, depending on factors such as natural resources, infrastructure and industry. Some rural areas are more conservative and religious than others, depending on factors such as history, ethnicity and immigration. Some rural areas are more connected and integrated with urban areas than others, depending on factors such as distance, transportation and communication.

Growing up in rural America is not better or worse than growing up in urban or suburban areas. It is simply different. Each environment has its own advantages and disadvantages that shape one’s life experiences and outcomes. The important thing is to appreciate the diversity and richness of rural America, and if you can do that, you will recognize the potential contributions that Bitcoin can bring to this region in particular.

Bitcoin’s appeal lies in its ability to provide financial freedom, privacy and innovation to its users. Bitcoin also embodies some of the values that rural America cherishes, such as independence, self-reliance and entrepreneurship. Many rural Americans have embraced Bitcoin as a way to participate in the global economy, hedge against inflation and diversify their income sources.

Bitcoin is not a get-rich-quick scheme or a magic solution to all problems. It is a revolutionary technology that has the potential to transform the world of money and finance. But it also requires education, innovation and adoption to reach its full potential. Bitcoin will have truly made it when small-town America understands what it really is: a peer-to-peer electronic cash system that empowers people to be their own banks.

BITCOIN MINING IS IDEAL FOR RURAL AMERICA

In fact, some of the largest and most advanced bitcoin mining facilities are located in rural areas of the U.S., particularly in Texas and the Mountain West region. Bitcoin mining requires a lot of cheap and reliable electricity, which rural areas can provide thanks to their abundant natural resources, deregulated power markets and low population densities. Bitcoin mining also creates jobs, tax revenues and economic development for rural communities that may otherwise struggle to attract investment and innovation.

Bitcoin mining is not only a profitable business, but also a way to support the Bitcoin network and its ideals. By mining bitcoin, rural Americans are contributing to the security, decentralization and resilience of the cryptocurrency that best encompasses their values.

BITCOIN CAN BOOST SMALL-TOWN AMERICA

Bitcoin can benefit small-town America in many other ways as well. Here are some examples:

Bitcoin can help small businesses compete and grow by lowering their costs and increasing their customer bases. Small businesses can accept bitcoin as a payment option and attract more customers who prefer to use digital currencies. They can also save money on fees by using bitcoin instead of credit cards.
Bitcoin can help farmers and producers sell their products directly to consumers without intermediaries or middlemen. Farmers and producers can use bitcoin to create their own marketplaces and set their own prices. They can also use bitcoin to track and verify the quality and origin of their products, enhancing their reputations and trustworthiness.
Bitcoin can help local communities fund their own projects and initiatives without depending on external sources or authorities. Local communities can use bitcoin to raise money for causes they care about, such as education, healthcare or infrastructure. They can also use bitcoin to reward volunteers or contributors who participate in their efforts.
Bitcoin can help individuals achieve financial freedom and independence by giving them access to an open, global financial system. Individuals can use bitcoin to save money for their future goals, such as buying a house, starting a business or retiring early.

Of course, there are perceived challenges and risks involved in using bitcoin, such as price volatility, security, regulation and education. But these challenges can be overcome with time and effort, and that the benefits outweigh the costs.

Bitcoin is a benefit for rural America because it offers a decentralized and secure way of storing and transferring value. Unlike traditional financial institutions, bitcoin does not require physical infrastructure, intermediaries or fees. This makes it accessible and affordable for rural communities that may lack banking services or face high transaction costs. Bitcoin also empowers rural Americans to participate in the global economy and have more control over their own money.

Link: https://bitcoinmagazine.com/culture/why-bitcoin-is-perfect-for-rural-america

Source: https://bitcoinmagazine.com

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Estiman un nuevo rally del Bitcoin que elevará el precio por encima de u$s50.000: cuándo será

Horacio — Mon, 15 May 2023 15:19:32 +0000

Si bien el token en este momento está luchando por debajo de los u$s30.000, la reducción a la mitad tiene el potencial de desencadenar un avance de al menos un 78%.

El repunte de Bitcoin es solo el comienzo de un repunte que lo llevará más allá de los u$s50.000 el próximo año, cortesía de un proceso conocido como reducción a la mitad que frena el suministro de nuevos tokens, según las proyecciones de los criptoanalistas.

El activo digital más grande subió un 70% desde el 31 de diciembre en una reactivación parcial de una derrota épica en 2022. Si bien el token en este momento está luchando por debajo de los u$s30.000, la reducción a la mitad tiene el potencial de desencadenar un avance de al menos un 78%, según Bloomberg Intelligence y Matrixport.

Una reducción a la mitad, o reducción a la mitad, reduce a la mitad la cantidad de tokens que reciben los mineros de Bitcoin como recompensa por su trabajo. El evento cuatrienal se realizará alrededor de abril de 2024 y es parte del proceso de limitar el suministro de Bitcoin a 21 millones de tokens. La moneda alcanzó récords después de cada una de las últimas tres mitades.

Actualmente, la próxima reducción a la mitad tiene un precio del 50% en función de los ciclos anteriores, dijo Jamie Douglas Coutts, analista de Bloomberg Intelligence. Coutts predice que Bitcoin puede escalar u$s50.000 para abril de 2024.

“Los ciclos de Bitcoin tocan fondo alrededor de 12 a 18 meses antes de la reducción a la mitad y esta estructura de ciclo se ve similar a los anteriores, aunque muchas cosas han cambiado, aunque la red es mucho más fuerte, Bitcoin nunca ha sufrido una contracción económica severa y prolongada”, afirmaron.

El rebote de Bitcoin ha fallado últimamente, moderado por las expectativas de enfriamiento de los recortes de las tasas de interés de la Reserva Federal en medio de una inflación persistente. Una represión regulatoria de EE. UU. contra las criptomonedas a raíz del colapso del intercambio FTX en noviembre de 2022 también amenaza con oscurecer las perspectivas del mercado.

“Si el colapso de FTX fue realmente el punto más bajo de este ciclo, entonces la historia sugeriría que todavía tenemos aproximadamente 350 días de ‘acumulación’ antes de presenciar la característica acción del precio de ruptura posterior a la reducción a la mitad”, dijo Jacob Joseph, analista de CCData .

Markus Thielen, jefe de investigación de Matrixport, dijo en una nota reciente que Bitcoin alcanzará alrededor de u$s65.623 en abril de 2024, más del doble del precio actual.

“Bitcoin puede volver a alcanzar un nuevo máximo histórico en el futuro, sin embargo, es poco probable que vea el mismo crecimiento que en ciclos anteriores debido al mayor tamaño del mercado y la competencia de otros activos digitales”, afirmó Joseph de CCData.

Link: https://www.ambito.com/finanzas/estiman-un-nuevo-rally-del-bitcoin-que-elevara-el-precio-encima-us50000-cuando-sera-n5705421?utm_source=pocket_saves

Source: https://www.ambito.com

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6 ways to add Bitcoin to your portfolio

Horacio — Mon, 15 May 2023 14:02:11 +0000

Bitcoin is the most valuable cryptocurrency, and it’s often the first digital coin that new investors buy. Entering the world of cryptocurrencies can be difficult, especially for newcomers that aren’t familiar with financial solutions. There are several ways to add Bitcoin to your portfolio, and we discuss them below.

Crypto Exchanges

Crypto exchanges facilitate the movement of cryptocurrencies, including the purchasing of Bitcoin with fiat currency. There are countless different exchanges out there and they all have different offerings when it comes to crypto availability, features, and security. One of the most well-known crypto exchanges is Coinbase, and it’s extremely user-friendly.

Wallet Software

Before you start buying cryptocurrency, you’re going to need a digital wallet to hold your assets. In many cases, digital wallet apps allow users to purchase Bitcoin internally. To facilitate this, wallet providers like MetaMask partner with on-ramp services like Topper by Uphold, which allow users to buy crypto using their debit/credit card. Purchasing Bitcoin in-app is often cheaper, as there’s no need to pay network fees to send crypto off-exchange.

Peer-to-Peer Apps

There are countless peer-to-peer apps out there including Venmo, Cash App, and PayPal, and many of them have begun facilitating Bitcoin purchases. Once you’ve bought Bitcoin using one of these wallets, you can send your funds to other users with the click of a button. When you’re using a centralized p2p app like PayPal, you should be aware that security isn’t as tight as transferring your assets on-chain.

Trusts and ETFs

Exchange-traded funds used to be reserved for fiat currency investments, but that has all changed over the last few years. Back in 2021, ProShares broke ground when they introduced the very first Bitcoin-focused ETF. Using this service doesn’t invest your money directly in Bitcoin; it’s involved with future contracts for Bitcoin.

If an ETF doesn’t sound right for you, you can access Bitcoin funds through Grayscale Investments. These funds are available publicly, which means you’ll find various prices across several different brokers. However, you need to be aware that investing in an ETF or trust involves fees.

Traditional Brokers

Traditional brokers are typically involved in other markets, but they’re beginning to realize the importance of supporting Bitcoin and other cryptocurrencies. However, adoption is slow and there aren’t too many traditional brokers that support Bitcoin purchasing. The very first mainstream broker to adopt Bitcoin was Robinhood, and it’s still an excellent gateway to the crypto world.

Bitcoin ATMs

Depending on where you live in the world, you will find Bitcoin ATMs that allow users to buy and sell Bitcoin. These machines work just like ordinary ATMs, but you’ll need to know your wallet number before getting started. If you choose to add Bitcoin to your portfolio this way, make sure you read the small print to avoid hidden fees. As with pay-to-use cash machines, you’ll likely be charged to cover the upkeep of the service.

Buying Bitcoin is relatively easy these days, you just need to know where to look. Whichever method you choose, make sure you remain vigilant and read the small print.

Link: https://bigdataanalyticsnews.com/add-bitcoin-to-your-portfolio/

Source: https://bigdataanalyticsnews.com

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Bye-bye Bitcoin bear

Horacio — Fri, 12 May 2023 09:25:12 +0000

No investor or financial advisor has a crystal ball that can predict the movement of an asset, including bitcoin, with total certainty. But past bitcoin halvings can provide clues on what we could potentially expect.

By Andy Edstrom

The bitcoin (BTC) bear market of 2022-2023 was a doozy. Having also held bitcoin through the bitcoin bear market of 2018-2019, I can attest that this one was just as painful despite being slightly shorter and having a less dramatic maximum drawdown.

Perhaps my increased financial exposure this time was the reason for this difficulty. Or maybe it was my shattered hopes for better-informed mainstream media coverage, as I found myself addressing the same old worries as before (prohibition, quantum computing, environmental effects).

Regardless, I’m glad to see the tail end of this bear. Although nothing is certain, barring any significant negative surprises, like the COVID-19-induced bitcoin liquidation of March 13, 2020, the bitcoin bear market of 2022-2023 is likely over. Here’s why:

The halving is nigh. The Bitcoin halving, which reduces the issuance rate of new bitcoins, happens roughly every four years. The prior two halvings both catalyzed major bitcoin bull markets. It’s not hard to see why. Holding demand constant, a downward supply shock forces an upward recalibration in price. Supply and demand always rule, and when supply is cut the price rises. The next halving is less than a year away.

More bad news can’t cause new lows. Last year had plenty of bad news in cryptoland, and that carried over into bitcoin’s price. Terra, Three Arrows Capital, Celsius Network, BlockFi, Voyager Digital, FTX and others all fell apart. But this year the bankruptcy of Genesis and worries about DCG, Grayscale and Binance didn’t take bitcoin down to new lows. The last of the sellers were already washed out. (CoinDesk, like Genesis and Grayscale, is owned by DCG.)

The cycle repeats: Someday Bitcoin will outgrow its four-year price cycles. Until then, it’s “deja vu all over again.” In the bitcoin bear market of 2014-2015, the price gravitated to around $350 until finally capitulating to $200 and staying there for months. In the bitcoin bear market of 2018-2019, the price gravitated to around $6,000 until finally capitulating to $3,200 and staying there for months. And in the bitcoin bear market of 2022-2023, the price gravitated to around $28,000 until finally capitulating to $16,000 and staying there for months. In each of these cases, the price followed a similar pattern of a peak, a multi-month series of lower price highs and a final capitulation of over 40% that lasted for several months, staying true to the past trends.

So what does the future hold? I don’t make short-term price predictions. But if bitcoin’s four-year cycle plays out again, and I expect it will, then a few things are true.

We will probably never see $16K bitcoin again. Two cycles ago, bitcoin’s price never revisited the lows after it returned to the pre-capitulation price low. One cycle ago it almost revisited the low, but it required a massive market liquidation due to the COVID-19 pandemic. The next bitcoin halving is less than a year away. Absent a major liquidation event, bitcoin’s price has likely bottomed.

Bitcoin remains regulatory teflon. Bitcoin has proven to be relatively immune to regulatory pressures. It’s been clear for years now that bitcoin is a commodity and not a security. Even the ultra-active current Securities and Exchange Commission Chair Gary Gensler, who has been the most active and aggressive chairman I’ve seen in my professional career, admits that there is only one crypto asset that is clearly a commodity (and, by implication, not a security). He obviously means bitcoin. With or without him, the SEC will likely continue to pursue actions that imply the vast majority of digital assets are securities. None of this risk sticks to bitcoin.

Financial advisors and institutions are severely under-allocated to bitcoin. I can attest from my involvement with Swan Advisor Services that financial advisors and their clients are significantly under-allocated to bitcoin. In prior cycles they had reasonable excuses for that positioning, including a lack of reasonable products and significant regulatory risks. For the broader digital asset market, these problems largely remain. But for bitcoin they are largely solved. Therefore, I expect major adoption of bitcoin by financial advisors in the coming bull market.

Link: https://www.coindesk.com/markets/2023/04/27/bye-bye-bitcoin-bear/?utm_medium=referral&utm_source=feedly&utm_campaign=headlines

Source: https://www.coindesk.com

The post Bye-bye Bitcoin bear appeared first on Fintech News.

Bitcoin loses over 2% after Binance halts withdrawals twice, moves $4.4 billion BTC

Horacio — Mon, 08 May 2023 22:43:12 +0000

By Ernest Hoffman

Bitcoin has started the week under pressure as Binance, the world’s largest crypto exchange, halted withdrawals of the number-one cryptocurrency twice in 12 hours after a move of 157,000 BTC sparked fears of a mass exodus from the exchange.

At 11 am EDT on Sunday, Binance announced the first of the halts for Bitcoin withdrawals on their Twitter account. “We’ve temporarily closed $BTC withdrawals as the #Bitcoin network is experiencing a congestion issue,” they wrote. “Our team is currently working on a fix until the network is stabilized and will reopen $BTC withdrawals as soon as possible. Rest assured, funds are SAFU.”

Around 90 minutes later, they announced withdrawals had resumed, and Bitcoin quickly returned to the $28,950 range it had been trading at prior to the halt.

The second pause was announced at 9:13 pm EDT, but by then, Bitcoin had been in freefall for nearly four hours after first breaking through its $28,000 support around 5:45 pm EDT. The second halt drove BTC quickly below $28,150, and it broke definitively below $28,000 around midnight EDT.

A major driver of Bitcoin’s precipitous decline was on-chain data showing the apparent withdrawal of 157,000 BTC worth $4.4 billion dollars from Binance, which contributed to a panic in the market. According to blockchain data company Coinglass, Binance saw 182,029 in BTC outflows over the last 24 hours, a staggering number considering the seven-day total was 190,324.

Binance posted a tweet at 12:30 am EDT explaining the move. “We’re aware that some data are showing a large volume of outflows from #Binance,” they wrote. “This ‘outflow’ are actually movements between Binance hot and cold wallets due to the BTC address adjustments.”

In fact, Julio Moreno, CryptoQuant’s head of research, posted a tweet addressing the nature of the move at 5:30 pm. EDT.

A lot of people commenting about the huge Bitcoin outflows from Binance today.
Two transactions of 117K and 40K Bitcoin respectively.

In reality, these are bitcoin sent to newly created change addresses that belong to Binance.

Effective outflows are most likely just 10,100… pic.twitter.com/c5z8WOshG6

— Julio Moreno (@jjcmoreno) May 7, 2023

Even though Moreno is a credible source with a wide reach, the absence of an official explanation from Binance for several hours, combined with the halts on withdrawals for customers, left the market reeling and contributed to the sharp selloff in BTC.

Binance CEO Changpeng Zhao (CZ) posted a tweet around 1:30 am EDT attempting to reassure Binance customers and the broader market by explaining the halts as a response to ballooning network fees.

4. There are some FUD about BTC withdrawal issues. Here is why. Bitcoin network fees are fluctuating, 18x in a month.

(the screenshot is a google translate version) pic.twitter.com/iYcEx22xMJ

— CZ Binance (@cz_binance) May 8, 2023

As a result of the withdrawal halts, pending Bitcoin transactions hit a record high of over 400,000 early Monday morning, which is higher than any levels seen during the bull runs of 2018 or 2021.

At 8:34 am EDT, Binance announced that the backlog had been cleared. “All pending $BTC withdrawal transactions have now been processed,” they wrote. “Once again, thank you for your patience and our team is already implementing solutions to make sure this doesn’t happen again.”

At the time of writing, Bitcoin was trading at $27,865, down 2% on the day.

Link: https://www.kitco.com/news/2023-05-08/Bitcoin-loses-over-2-after-Binance-halts-withdrawals-twice-moves-4-4-billion-BTC.html?utm_source=pocket_saves

Source: https://www.kitco.com

The post Bitcoin loses over 2% after Binance halts withdrawals twice, moves $4.4 billion BTC appeared first on Fintech News.

Bitcoin news - Fintech News. Online news ✅ by @dTechValley

Brace for impact: the market could explode if China lifts its Crypto ban

China’s historical relationship with cryptocurrencies is complex, marked by recurrent bans and their impact on the crypto market.

Recent signs suggest a potential shift in China’s hardline stance on cryptos, a development attracting significant international attention.

Lifting the ban on cryptos in China could have profound implications for the crypto market, potentially driving demand and boosting prices.

China’s History of Banning Crypto

China has a long history of imposing restrictions on cryptos, with the first attempt taking place in 2013 when the People’s Bank of China (PBC) issued rules that prohibited financial institutions from transacting in virtual currencies like Bitcoin.

However, this did not make it illegal for Chinese citizens to buy, store, or send cryptos. It simply made accessing cryptos from exchanges more challenging.

This first ban was aimed at slowing down Bitcoin trading, as it had become so widespread that many businesses, including the country’s largest search engine Baidu, began accepting it as payment.

In 2021, China took the most severe measures in its history against cryptos. As Bitcoin hovers around $55,000, China’s State Council announced a formal ban on crypto mining.

Shortly after, the hash rate on Bitcoin’s network dropped 50%, with Bitcoin’s price plunging to about $30,000 in the ensuing months.

Along with the Bitcoin mining ban, China’s regulatory bodies outlawed all crypto trading and transactions. It is also illegal for residents to send crypto and for businesses and banks to accept coins like Bitcoin and Ethereum.

Despite the ban, there are no specific policies against holding digital assets, so Chinese residents who already have crypto in a wallet are not violating any current laws.

Why China Banned Cryptos

Several factors drove China’s decision to ban cryptos. These include:

Concerns about consumer protection due to the association of cryptos with scams and money laundering.

The unclear legal status of digital currencies.

The potential for capital flight.

The devaluation of the yuan.

Environmental concerns due to Bitcoin’s high energy requirements.

A desire to control Central Bank Digital Currencies (CBDCs) and metaverse projects.

Indeed, China is actively working on an official CBDC known as the “digital yuan,” and cities like Shanghai have pledged billions to develop national metaverse projects.

The ban had significant aftereffects on the global crypto industry. China’s Bitcoin mining ban caused a significant decrease in the hash power on the Bitcoin blockchain. Many of China’s Bitcoin miners fled to nations that were more friendly to the crypto industry.

However, Bitcoin’s total hash rate continued to increase in the months following the ban, and by January 2022, it was significantly higher than before China’s Bitcoin ban.

It was also observed that mining activity in China appeared on Bitcoin’s network in September 2021, suggesting that many Chinese mining pools still operate underground​​.

Is China Lifting the Crypto Ban?

Despite the stringent restrictions, China’s ban on cryptos has not completely halted activity in the sector. Underground crypto markets have sprouted up as crypto enthusiasts in the country continue to find ways around the restrictions.

More recently, however, signs have suggested a possible shift in China’s stance towards cryptos.

This crackdown was part of a wider effort to regulate the financial technology sector. It was also in line with China’s ambition to introduce its own digital currency, the digital yuan.

The global crypto community is closely watching signs of a potential shift in China’s stance towards cryptos. However, the specifics of this shift are not yet clear, and how these developments will pan out remains to be seen.

It should be noted that even if China were to ease its restrictions, it would likely continue to exercise tight control over the sector to ensure consumer protection, prevent potential financial risks, and maintain control over its own digital currency initiatives.

What Will Happen If China Lifts Ban on Cypto?

If China were to lift its ban on cryptos, it would likely significantly impact the global crypto market.

Binance CEO Changpeng Zhao maintains that lifting China’s crypto ban is a “big deal.” The fact that CCTV (China Central Television) recently broadcasted a news segment about crypto has sent waves in the Chinese-speaking communities.

Still, unbanning crypto could also pose challenges. For instance, it could lead to increased volatility in the crypto market. Additionally, it could bring about regulatory challenges as authorities grapple with consumer protection, money laundering, and financial stability issues.

The potential lifting of China’s ban on cryptos is a development with significant implications for the global crypto market. But until more concrete information becomes available, the true impact of this development remains to be seen.

The next Bitcoin: could ApeMax, Ethereum, or Solana rival Bitcoin?

In recent times, the cryptocurrency market has witnessed a tremendous surge, attracting buyers and investors in search of the next Bitcoin and lucrative crypto opportunities. Bitcoin, the trailblazing decentralized currency, has played a pivotal role in enabling this remarkable growth.

What is Bitcoin and what makes it so special?

Bitcoin was born in 2008 and launched by an individual or group of individuals who go by the pseudonym Satoshi Nakamoto. The world has never been the same since.

Bitcoin is widely regarded as a revolutionary and pioneering force due to several significant factors. Firstly, it introduced the groundbreaking concept of a decentralized digital currency, challenging the conventional financial system that heavily relies on centralized entities such as banks.

Bitcoin’s underlying technology, known as blockchain, is also a game changer. It brought forth a transparent, immutable, and secure ledger system for recording transactions. This innovation has unlocked numerous possibilities beyond mere currency.

Is ApeMax the Next Bitcoin?

The presale for ApeMax is currently open, providing an exceptional opportunity to get your hands on ApeMax coins at highly affordable prices.

Similar to Bitcoin, ApeMax coin possesses deflationary properties as it has a fixed supply. Deflationary coins like ApeMax and Bitcoin can serve as attractive options as they can act as hedges against inflation if their demand increases.

Is Ethereum the Next Bitcoin?

Ethereum has the potential to rival Bitcoin for several reasons. Ethereum introduced the concept of smart contracts, and through this groundbreaking feature has enabled the creation of decentralized applications and a world of possibilities beyond peer-to-peer transactions.

Secondly, Ethereum’s platform allows developers to build and deploy decentralized applications using its native programming language, Solidity. This programmability makes Ethereum flexible and adaptable to various use cases.

Is Solana the Next Bitcoin?

Solana’s innovative architecture and consensus algorithm also allow for faster transaction confirmations and reduced latency. This efficiency enhances user experience and enables Solana to compete with Bitcoin in terms of transaction speed and responsiveness.

Finally, Solana’s network fees are generally lower compared to Bitcoin. The lower transaction costs make Solana more attractive for everyday transactions and encourage wider adoption across various industries.

The Next Bitcoin – Conclusion

Bitcoin to explode by over 75% once it overcomes critical level, predicts Jason Pizzino – here’s the timeline

Crypto analyst Jason Pizzino claims that Bitcoin (BTC) could surge by double-digit percentage points once it rises above a key resistance zone.

In an interview on the David Lin Report, Pizzino says that Bitcoin is facing major resistance at between the $28,000 to $32,000 level.

According to Pizzino, the flagship crypto asset could surge by nearly 80% from the current price when it breaches the major resistance zone.

“So $28,500 to around $32,000 is going to be a key level for Bitcoin to overcome. I suspect when it does, you will start to see less of the bears and more of the bulls.

Basically comments from people saying that this thing has to go lower and we’re going to see new cycle lows… That will become less and less once we overcome this key, you know, crossing here between $28,000 and $32,000.

There’s just nothing left for them once it overcomes this level. They will be then looking towards $48,000 as the next level. And of course the all-time highs.”

Bitcoin is trading at $26,798 at time of writing.

The crypto analyst says that going forward, Bitcoin would have a more sustainable rally if it appreciates in price by small incremental steps rather than huge sudden surges.

“The more we go up in these little stair-stepping movements, the better that is for Bitcoin because there’s more stability in price at lower levels.

So we get this nice stair-stepping move up rather than this ridiculous FOMO (fear of missing out) pump that we see in those patterns. These are unsustainable.”

Bitcoin’s declining correlation with stocks revives its appeal for investors: K33 Research

“A perverse focus on growth and wide mania across the financial markets enabled the high correlations,” K33 wrote in the report. “Now conditions have calmed. Hence, BTC may again resume acting as a solid diversifier.”

BTC as portfolio diversifier

K33 found that a small allocation to BTC improves the performance of a traditional investment portfolio.

“While the considerable price fluctuations may disincentivize investors, a time-tested strategy of active disciplined rebalancing and a minor allocation to BTC has proven to improve the overall risk profile of a traditional portfolio,” K33 wrote.

U.S. Is ‘losing’ the Bitcoin movement: Cathie Wood

“And, very interestingly, it took another two crises within the last year to prove the concept. FTX failed because it was centralized, opaque, and not auditable.”

Bitcoin is perfect for rural America

BITCOIN MINING IS IDEAL FOR RURAL AMERICA

Bitcoin mining is not only a profitable business, but also a way to support the Bitcoin network and its ideals. By mining bitcoin, rural Americans are contributing to the security, decentralization and resilience of the cryptocurrency that best encompasses their values.

BITCOIN CAN BOOST SMALL-TOWN AMERICA

Of course, there are perceived challenges and risks involved in using bitcoin, such as price volatility, security, regulation and education. But these challenges can be overcome with time and effort, and that the benefits outweigh the costs.

Estiman un nuevo rally del Bitcoin que elevará el precio por encima de u$s50.000: cuándo será

Las criptomonedas caen a la espera de balances de las bigtech y dato clave de EEUU

Bitcoin podría alcanzar u$s100.000, según importante banco

El repunte de Bitcoin es solo el comienzo de un repunte que lo llevará más allá de los u$s50.000 el próximo año, cortesía de un proceso conocido como reducción a la mitad que frena el suministro de nuevos tokens, según las proyecciones de los criptoanalistas.

Markus Thielen, jefe de investigación de Matrixport, dijo en una nota reciente que Bitcoin alcanzará alrededor de u$s65.623 en abril de 2024, más del doble del precio actual.

It was also observed that mining activity in China appeared on Bitcoin’s network in September 2021, suggesting that many Chinese mining pools still operate underground.