Daily Archives: November 28, 2021

Analysts weigh in after bitcoin falls to its lowest since October 6. (Photo Illustration by ... [+] Chesnot/Getty Images)

Bitcoin prices declined today, falling to their lowest since early October, and setting their latest multiweek low.

The worlds largest digital currency by market value dropped to $53,359.80, CoinDesk data shows.

At this point, it was trading at its lowest since October 6, additional CoinDesk figures reveal.

After falling to its lowest point in more than seven weeks, bitcoin prices bounced back, climbing above $57,000 later in the day.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Recently, bitcoin prices have repeatedly moved toward $53,000, a level that some analysts have identified as providing key support.

While the digital currency has made attempts on that level, they have all been unsuccessful.

Several technical analysts weighed in on the implications of bitcoins repeated failure to convincingly break through support near $53,000.

Beginning Friday, Bitcoin began testing the support at about $53K, said Joe DiPasquale, CEO of cryptocurrency hedge fund managerBitBull Capital.

Each time it fell to that level, it bounced higher, signaling strong support there, he added.

Todays dip to just over $53K led it to bounce back to a higher price, added DiPasquale.

This signals that we have strong purchasing interest at that level. When repeated support this happens, it is evidence of demand at that level and a bullish signal that the asset will appreciate from there.

Dylan LeClair, head of market research for Bitcoin Magazine, also commented on the situation.

$53,000 is a key level, which happens to be the average on-chain cost basis of short term holders in the market, he noted, citing market data.

Throughout bitcoins history the realized price (on-chain cost basis) of short term holders has served as key bull market support.

Konstantin Anissimov, executive director at CEX.IO, also spoke to key level. However, he offered a different take on the matter.

We see three factors contributing to $53k serving as strong support, he stated.

Bitcoins market cap is $1 trillion at $52,950 USD. This level has been key support/resistance through 2021 and is now being retested as support again.

The chart below illustrates what Anissimov described.

This chart shows how the $1 trillion market cap served as key support and resistance.

Further, he spoke to other developments that might interest market observers.

Recent selling pressure is largely forced via liquidations with minimal signs of selling/capitulation from long-term market players, stated Anissimov.

This suggests the ~23% decline off all-time highs isnt a larger trend reversal. Since November 10 (day of ATH) there have been $968 million USD of liquidations.

This chart shows the dollar value of liquidations (both daily and in total) since November 10, when ... [+] bitcoin hit its all-time high.

Finally, Anissimov spoke to market sentiment.

He mentioned the BTC Fear and Greed Index provided by alternative.me, emphasizing that it was at 27 when he provided this input. The figure had increased to 33, a figure that also pointed to fear, at the time of this writing.

BTC has hovered in the fear to extreme fear level of the index, which is usually the case after weaker handed holders have exited the market.

The Fear & Greed Index from alternative.me shows that the sentiment surrounding "Bitcoin and other ... [+] large cryptocurrencies" is fearful.

In addition to emphasizing the key support provided near the $53,000 level, LeClair outlined several important factors for market observers to watch going forward.

He spoke to the derivatives market, noting that although a complete flush of long biased derivatives have yet to occur, funding on perpetual swaps remains moderately high, but nothing too extreme or worrisome.

The macroeconomic backdrop and the potential for the Fed to delay tapering the current pace of balance sheet expansion is something bitcoin traders are watching closely, added LeClair.

Also, a rising dollar against other foreign currencies as seen in the dollar currency index (DXY) over the course of 2021 is also of significance, and should be watched closely.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.

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Bitcoin Reached A 7-Week Low TodayHere's What Traders Should Know - Forbes

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Bitcoin notched its latest all-time high of the year this month when it went over $68,000 for the first time. Within a matter of days, it had dropped back below $56,000.

This latest high point is a huge increase for Bitcoins price after starting the year below $30,000 in January. Its price fluctuates wildly by the day and even by the minute.

Still, many experts say Bitcoin is on its way to passing the $100,000 mark, though with varying opinions on exactly when that will happen. The volatility is nothing new, and is a big reason experts say new crypto investors should be extremely cautious when allocating part of their portfolio to cryptocurrency.

Bitcoin has shown as steady a rise in value over the years as any other cryptocurrency on the market. Its only reasonable for Bitcoin investors to be curious about how high it can ultimately go.

Unfortunately, Bitcoins price is extremely difficult to predict and even more susceptible to market factors than more established asset classes. But we decided to ask some experts for their best guesses anyway. Heres what they said:

Conservative predictions of Bitcoin say the cryptocurrency will reach $100,000 by 2023.

Some experts are more bullish. The most knowledgeable educators in the space are predicting $100,000 Bitcoin in Q1 2022 or sooner, says Kate Waltman, a New York-based certified public accountant who specializes in crypto.

Others are hesitant to predict a number and a date, but rather point to the trend of increasing value over time. Investors should expect a pretty sustainable rise in Bitcoins long-term value driven by organic market movement, with the $100,000 threshold in near-sight, predicted Jurrien Timmer, director of global macro at Fidelity Investments, last month.

What I expect from Bitcoin is volatility [in the] short-term and growth [in the] long-term, says Kiana Danial, founder of Invest Diva and author of Cryptocurrency Investing For Dummies.

Unsurprisingly, youll find widely varying opinions and predictions on how high Bitcoin can go (and when) from well-known crypto investors, evangelists, and public commentators. Here are some more predictions we found, ranked from low to high over the next year:

And it isnt just crypto insiders who are making Bitcoin predictions. Big financial institutions have made their own predictions, as well, with JPMorgan predicting a long-term high of $146,000 and Bloomberg predicting it could hit $400,000 by 2022.

Even if Bitcoin breaks $100,000, stay focused building on your overall portfolio including passive index funds, emergency savings, and your retirement account(s).

Normal economic factors influence the price of cryptocurrency just like any other currency or investment supply and demand, public sentiment, the news cycle, market events, scarcity, and more.

As a new and emerging asset, additional factors influence Bitcoins value more than the average currency or security. Here are some:

There are only 18 to 19 million Bitcoins currently in circulation, and minting will stop at 21 million. Industry experts consistently point to this built-in scarcity as a big part of cryptocurrencys appeal.

Theres a fixed supply but increasing demand, says Alexis Johnson, president of the blockchain public relations and events company, Light Node Media.

Other experts point out Bitcoin has value because people give it value. Thats really why everybodys buying because of the psychological aspect, says Nelson Merchan, Johnsons Light Node Media co-founder. That can make it difficult for the average consumer to discern whether Bitcoin and other cryptocurrencies are legitimate. The whole concept of supply and demand only works when people want something scarce even if it previously didnt exist.

It actually does almost kind of seem like a scam, Merchan says about Bitcoins origins. Though he says hes seen his crypto holdings reach millions at times since he began investing in 2017, hes also seen them disappear in an instant.

Im a big believer that if its not in cash, you dont really have that money because in crypto, anything can drop dramatically overnight, Merchan says. This is why certified financial planners suggest only allocating 1% to 5% of your portfolio to crypto to protect your money from the volatility.

One of the main factors driving the price increase of Bitcoin is the rate at which new consumers are buying and exploring cryptocurrency, says Waltman.

Crypto technology is being adopted at a faster rate than humans first adopted internet technology, she says. Assuming it continues, the compounding acceleration of new adoption could keep pushing the value of Bitcoin higher and higher.

Bitcoin adoption has been increasing at an annual rate of 113%, according to data from the digital asset management firm CoinShares. (Meanwhile, people adopted the internet at a slower rate of 63%.) If people warm up to Bitcoin at a comparable rate to that of the internets early days (or faster), the report makes the case that there will be 1 billion users by 2024 and 4 billion users by 2030.

CoinDesk reported last month the number of new wallets worldwide increased 45% from January 2020 to January 2021, to an estimated 66 million. Popular crypto exchange Coinbase says it has now over 73 million worldwide users, while fellow exchange Gemini recently released its State of U.S. Crypto Report, which found 21.2 million Americans own cryptocurrency of some kind.

Federal officials have made it clear in recent months they are paying attention to the crypto industry. President Joe Biden recently signed an infrastructure bill requiring all crypto exchanges to notify the IRS of their transactions. Similarly, Treasury Secretary Janet Yellen recently said stablecoins a type of crypto linked to the value of the U.S. dollar should be subject to federal oversight.

The conversation on regulatory policies is patchy, said an industry white paper published byFlourish, a fintech platform designed for investment advisors. With a relatively new asset class like cryptocurrency, any new regulation has potential to impact value and in turn investors portfolios.

When China banned crypto in September 2021, for instance, investors saw the price of Bitcoin drop, though it has since risen and resumed its usual volatility. Even though theres now about a decade of precedent for Bitcoin, the Securities and Exchange Commission is taking all decisions on a case-by-base basis in what experts refer to as its crawl, walk, run strategy toward mainstream crypto adoption.

[Regulation has] kind of evolved over the last five years, says Ben Cruikshank, head of Flourish, Regulators can always change their mind.

Finally, another major influence on Bitcoins price is a cycle known as halving. Its complicated and algorithmic in nature, but in essence halving is a step in the Bitcoin mining process that results in the reward for mining Bitcoin transactions getting cut in half.

Halving influences the rate at which new coins enter circulation, which can impact the value of existing Bitcoin holdings. Historically, halvings have correlated with boom and bust cycles. Some experts try to predict these cycles down to the day after a halving event concludes.

As with any investment, financial planners and other experts advise against letting Bitcoins price fluctuations lead you to emotional decision making. Studies have shown investors who contribute regularly to passive index funds and ETFs perform better over time, thanks to a strategy called dollar cost averaging.

Thats part of why experts recommend not investing more than 5% of your overall portfolio in cryptocurrency, and never to invest at the expense of saving for emergencies and paying down high-interest debt. The path to long-term wealth and saving for retirement is most often successful for people with diversified investments like low-cost index funds, with crypto making up a very small part.

And even with crypto, experts say a set-it-and-forget-it approach makes sense. Passive investing is a very valid way to achieve financial goals, says Arkansas-based certified financial planner Sarah Catherine Gutierrez.

Since crypto is still new to most people, its OK to wait and see how things unfold before putting your money on the line. We only have about 10 years of data to inform crypto price predictions, and the value of Bitcoin while climbing long-term is highly volatile from day to day.

Volatility makes it hard to know the what and why behind your crypto strategy. Before investing in Bitcoin or any alternative assets, ask yourself what you want to achieve from your participation in this particularly volatile market, and why. That will help you stay focused.

I dont think people understand across the board how to value [Bitcoin], says Gutierrez. When youre buying it, you need to know your expectation of what value youre going to get from what youre buying.

Financial planners dont have a bias against cryptocurrency, Gutierrez says, particularly if a client expresses an interest in learning about it. However, you should ask yourself whether you need crypto as part of your plan. In most cases, says Gutierrez, the answer is no.

Our take is that we dont think you need Bitcoin in order to reach financial goals, she says, adding that the average person should favor simple ways of investing that are easy to understand. This will keep you on track for core financial goals and better position you long-term for a healthy retirement.

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Bitcoin Will Hit $100,000, According to Experts. Heres When They Predict It Will Happen - NextAdvisor

South Park, the animated TV series that often tackles topical issues with a comedic twist, showed Bitcoin being used as a mainstream means of payment in the not too distant future.

In the Post COVID episode of its 24th season which aired Thursday, South Park depicted one of the shows protagonists, Stan Marsh, paying for a stay in a cheap motel using Bitcoin (BTC) roughly 40 years from now, when the pandemic is jokingly about to end for good. The fictional Super 12 Motel Plus in a future where nearly all brand names have plus and maxx included only accepts Bitcoin and other cryptocurrency, with the show having Marsh pay using a plastic card with the BTC logo and a QR code.

Its the future weve all decided centralized banking is rigged so we trust more in fly-by-night Ponzi schemes, said the motel clerk.

Many in the crypto space know South Park for its criticism of the United States governments and banks response following the 2008 financial crisis, popularized by the meme aaaand... its gone referring to Marsh losing money immediately after depositing it in a bank. Among the other future predictions in the recent episode are autonomous vehicles, holographic digital assistants and stand-up comedy becoming a shadow of itself amid woke culture.

Though referencing cryptocurrency and blockchain in mainstream media is somewhat commonplace now, this wasnt always the case. The first TV series to feature BTC was The Good Wife in January 2012, but others have gone on to use the emerging technology and financial tool for both comedy and drama. This year, James Spaders character in The Blacklist claimed to know the true identity of Satoshi, and The Simpsons showed the BTC price moving to infinity on an animated stock ticker feed.

Related: Reality show is casting crypto users locked out of their wallets

Bitcoin's appearance on the popular animated series comes as the price of the crypto asset has stayed mostly under $60,000 for more than a week. According to data from Cointelegraph Markets Pro, the BTC price is $59,237 at the time of publication, having fallen more than 14% since reaching an all-time high of $69,000 on Nov. 10.

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The future is Bitcoin, according to South Park creators - Cointelegraph

Thailand is laying the groundwork to become a crypto-positive society with the aim to attract crypto holders and boost its tourism industry. The country hopes to gain back some of the $80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent shutdown.

The Tourism Authority of Thailand (TAT) is working with the countrys regulators to make it easier and more convenient for visitors to spend cryptocurrencies in the country, Bloomberg reported Saturday citing TAT Governor Yuthasak Supasorn.

The governor detailed, There are people who have become wealthy from holding digital currencies and they may want to use the wealth they have accrued, elaborating:

If they can use their currencies here without having to exchange it, or be faced with government taxes, then it would create convenience for them.

He explained that the Thai tourism authority is laying the groundwork for the wider acceptance of cryptocurrencies, which it plans to have in place by the time global travel returns to normal.

The plan is already being discussed with the Thai Securities and Exchange Commission (SEC), the Bank of Thailand (BOT), and Bitkub Online Co., the largest crypto exchange in the country, the governor revealed.

Furthermore, the authority will set up a new unit next year to handle the issuance of its own crypto tokens, produce a wallet, and build a new tourism ecosystem, he added. Thailand currently does not recognize cryptocurrencies, such as bitcoin and ether, as legal tender.

The Thai tourism authority aims to recoup some of the $80 billion in lost revenue due to the Covid-19 pandemic. In 2019, Thailand attracted almost 40 million foreign travelers, generating more than $60 billion in revenue.

However, the country shut down its borders for more than a year due to the pandemic. It recently opened its borders to vaccinated travelers.

Yuthasak suggested that Thailand could recoup about 80% of its pre-pandemic tourism revenue in 2023 with only half the number of foreign tourists in 2019 by getting someone like Russell Crowe or a crypto holder like Tim Cook to travel here.

He expects Thailands tourism industry to return to pre-Covid levels by 2024, adding that the country is targeting about 1 million high-spending tourists in the first quarter of next year. Meanwhile, the authority hopes that 10% of crypto holders will eventually travel to Thailand.

The TAT governor opined:

Crypto is the future, so we must make Thailand a crypto-positive society to welcome this group of quality tourists.

What do you think about Thailand becoming a crypto-positive society? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Thailand Plans to Become 'Crypto-Positive Society' Governor Says 'Crypto Is the Future' Regulation Bitcoin News - Bitcoin News

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Bitcoin entered a bear market on Friday, falling more than 20% from its record $69,000 high as concerns of a new COVID-19 variant spread across markets. But other cryptocurrencies are performing just fine despite the risk-off environment.

With 14,865 cryptocurrencies in existence and counting, there are more than triple the number of crypto coins than there are US exchange-listed stocks. That large amount makes it nearly impossible to keep track of all the big movers in the crypto sector outside of well known coins like bitcoin, ether, and dogecoin.

The surge in new crypto coins has come amid a massive bull market for the space, with a recent rally in bitcoin helping catapult the sector to a near-$3 trillion market valuation. But the rise is also being driven by smaller coins that have seen extraordinary surges this year, including solana, cardano, and shiba inu.

With less liquidity and more volatility, these alternative cryptocurrencies can deliver investors massive losses or gains in a short period of time. Shiba inu is down about 40% from its recent high, despite being up millions of percentage points year-to-date. Meanwhile, squid game token fell 99% in a single day after delivering swift gains of 75,000%.

Keeping an eye on the weekly winners can help investors identify which coins are beginning to see increased traction in the crypto community.

These are the five best performing cryptocurrencies with a market value of more than $1 billion over the past week despite a decline in bitcoin and ether, according to data from CoinMarketCap.

5. Crypto.com Coin

Symbol: CROMarket Value: $17.4 billion7-Day Performance: 33.3%

CoinMarketCap

4. Basic Attention Token

Symbol: BATMarket Value: $2.2 billion7-Day Performance: 36.5%

CoinMarketCap

3. Zcash

Symbol: ZECMarket Value: $3.3 billion7-Day Performance: 59.5%

CoinMarketCap

2. The Sandbox

Symbol: SANDMarket Value: $6.3 billion7-Day Performance: 67.2%

CoinMarketCap

1. Gala

Symbol: GALAMarket Value: $5.0 billion7-Day Performance: 216.8%

CoinMarketCap

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Bitcoin bear market: These are the 5 best performing cryptocurrencies - Markets Insider

Ethan Lou is a journalist turned miner turned two-time author whose latest book, Once a Bitcoin Miner: Scandal and Turmoil in the Cryptocurrency Wild West, is a modern western recount a gloomy millennials rebirth in the wild west of crypto complete with scammers, party drugs and a North Korean crypto conference.

Want to go to a crypto conference in North Korea in April? is not a common question, but was asked of me by Lou in early 2019.

Continue Reading on Coin Telegraph

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Acid, Bitcoin mining and a bad trip to North Korea By Cointelegraph - Investing.com

Renowned hedge fund manager Anthony Scaramucci is comparing Bitcoin (BTC) to e-commerce giant Amazon, which was volatile in its early days but eventually became one of the best-performing stocks.

In a new interview on CNBCs Squawk Box, the SkyBridge Capital founder says Bitcoin has grown exponentially in terms of fundamentals over the last year and that the recent correction gives investors a chance to buy at a discount.

If you and I were on this conversation a year ago, Bitcoin had a hundred million wallets. Glassnode is saying theres about 240 million today, so thats great exponential growth, but its not fully saturated, so I think there are buying opportunities all around, and if you dont have leverage on, this is a good day for you as an investor.

Although Scaramucci says he doesnt think Bitcoin is an asset that you can use to hedge against inflation yet, he believes in the long-term potential of the leading cryptocurrency.

I dont think its a hedge against inflation at this moment in time. I think long term if you got to a billion wallets, two billion wallets and Bitcoin was in a what I would call a stable trading zone.

Think of Amazon 20 plus years of Amazon. This is sort of Amazon in the year 2000. This comes with some volatility, and it comes with a lot of fear and uncertainty, and thats the reason why its down.

The hedge fund veteran adds that right now, Bitcoins volatility is shaking out investors and eliminating excessive leverage in the system which could put Bitcoin in a position to rally next year.

I just think this is a risk-off situation right now, Bitcoin and other cryptocurrencies being volatile. Thats taking people out of the game. Its also washing out some of the leverage, which I think sets up a pretty nice first quarter. I would love to debate the people that think that Bitcoin is an inflation hedge at this stage in Bitcoins evolution because I just dont see that as being the case.

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Hedge Fund Manager Anthony Scaramucci Compares Bitcoin to Amazon in the Year 2000, Predicts Strong Q1 for BTC - The Daily Hodl