Category Archives: Bitcoin

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Ive been talking about bitcoin on its way to $14,000 for some time and now that day has come. To me it is a haven play and gold would be rising a lot if it wasnt for the fact that demand for jewellery has collapsed because of the moribund state of the global economy. Gold will follow in time because folks are buying gold in coin and bar form like crazy but that demand has to rise a lot to suck up the demand losses of the trinket industry.

There are enough problems in the world to stoke bitcoin because as I consistently maintain, if you want to stash cash away from difficultiesinflation, to governmental, to social unrest, to local difficulties the list is a long onethen bitcoin is the easiest and best way to do it if you are techno savvy.

Yet it doesnt take all these emerging problems that plague the world. The trail of history ended by Fukuyama has been kickstarted back into life but this chaos is not necessary for Bitcoin to rise and rise, it is only the catalyst.

Traders see the world through an acute model of they did that, so this follows whereas investors see the world through a chronic vision of tectonic forces grinding away to produce an inevitable outcome. It is tectonic forces driving bitcoin with the acute news driving the volatility that market players love, but ultimately the randomness of noise is washed out by the moving average of the passage of time.

Here is the chart. Its a classic breakout and a classic parabolic move:

The Bitcoin chart - a classic breakout

Now bear in mind I havent been a strong bear on bitcoin all these years without acquiring a decent amount so please feel free to moderate my opinion on the basis I am talking my book.

The following chart is what grabs my attention:

The Bitcoin chart is similar now to the last rise

Self similarity, self affinity is an interesting area of study and Ive written on it for 20 years and its made me money, so I look at this chart and drool. There are many mathematical reasons why patterns repeat at different scales, and work by my old friend the late great Benoit Mandelbrot is worth a deep dive for anyone who takes their technical analysis seriously. In a nutshell you can say that long-term processes, even ones driven by large amounts of randomness from moment to moment, create fractals that repeat their forms due to the configurations of the forces at work. Put simply, if you bash a sheet of iron with a hammer over and over at random you will get a fascinating pattern which looks similar all over its surface. Clouds, coastlines, plants, rocks, stock markets all demonstrate this effect and right now if bitcoin is under the same influence then we are in great shape.

To me $17,000 is close and the top of this move could be very high. You can scale the move yourself if this pattern was to play out to the full. The thing to remember is 2017s $20,000 went back to $3,000, so $40,000 could just as easily go back to $5,000.

In any event we are in for a wild ride and we can be assured of that for years to come.

Clem Chambers is the CEO of private investors websiteADVFN.comand author of 101 Ways to Pick Stock Market Winners andTrading Cryptocurrencies: A Beginners Guide.

Chambers won Journalist of the Year in the Business Market Commentary category in the State Street U.K. Institutional Press Awards in 2018.

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Is Bitcoin On A Moonshot To Its All Time High? - Forbes

Influential investor Raoul Pal says the best trade he's ever found is bitcoin (BTC-USD), which he's described as "a call option on the future" and "the world's most pristine reserve asset."

In a recent interview on Yahoo Finance, Pal said that the central banks move toward digital currencies is "literally the biggest story" in his career.

Investors like Pal dont want to compete against central banks, but aim to create a digital world," Pal said, underscoring that despite big reservations, policymakers dont appear to want to ban crypto completely.

They understand the technology is out of the bottle. The genie is out of the bottle, the investor said. There's nothing you can do about it. It's not going away."

Despite the cryptocurrencys notorious head-spinning volatility and growing association with scams, Pal declared flatly that bitcoin and crypto is here to stay. Last week, PayPal (PYPL) launched its own service to buy, sell and hold digital currency.

Pal, a Goldman Sachs alum, previously co-managed GLG's global macro fund, one of the world's largest. Since retiring back in 2004, he now authors a research letter, The Global Macro Investor (GMI), which is read by some of the most influential hedge funds, asset managers, and sovereign wealth funds.

He's also the founder of Real Vision Television, an online subscription media company specializing in long-form investor interviews where he recently shared a 35-minute video detailing his crypto thesis.

Pal has stated repeatedly that bitcoin's price could get to $1 million, becoming a $10 trillion asset class, and possibly surpassing the gold market. In the last year, bitcoin's price has surged more than 47% to last trade near $13,801. Last month, the digital currency jumped more than 28%.

With a market cap of around $240 billion, bitcoin is approximately the size of a "large, mid-cap S&P [500 Index] stock," Pal pointed out. As it moves to $500 billion or $1 trillion, "suddenly it's a real asset class and sucks in more money." One of the drivers will be the "wall of institutional money" coming.

Story continues

"It becomes a Soros-style reflexive loop where we've got the macro story backing it up, said Pal referring to George Soros, the speculative investor once credited with breaking the Bank of England in a bet against the British pound.

We've got the flow of funds backing it up, then we've got the move, which the central banks are driving. It's literally the biggest story I've seen," Pal said.

What it means is more printing of currency. That's not just the U.S. It's basically every single country on earth is doing the same thing. Raoul Pal, investor

According to Pal, the macro story supporting his thesis is that the economy is about to enter a "despair" phase, which is part of his view that recessions unfold in three distinct phases that culminates in a prolonged period of insolvency.

Growth, he said, is likely to remain negative for longer than people expect, and that's going to mean that kind of corporate cash flows, household cashflows are quite impaired, and there's going to be a rise of insolvencies, bankruptcies, and that kind of thing.

Against a backdrop of what Pal calls a "dead patch," the lacking fiscal stimulus in the U.S. and Europe, economic data rolling over in Europe, and a rise in coronavirus cases, the "only answer we have is either more monetary or more fiscal stimulus."

The monetary side's challenge is moving to negative rates; on the fiscal side, it means governments will have to launch large fiscal programs that the central bank will try and monetize in order to cap bond yields.

"What it means is more printing of currency. That's not just the U.S. It's basically every single country on earth is doing the same thing, Pal speculated

And that's driving down the relative value of fiat currency overall It's not just a dollar story, or a euro story or a pound story. It's the whole lot. And, that's driving higher gold, but particularly crypto, he added.

As for the central banks moving toward digital currencies, one of the potential drawbacks of a scenario where depositors have a direct relationship with a central bank could be the loss of certain freedoms.

"That creates a whole bunch of other issues in terms of what control do they have over you if your direct banking relationship is with a central bank? he asked. Sure, they can give you fiscal stimulus directly, but they can also tax you, or give you negative interest rates, or ...they can give you a negative or me a positive one," Pal explained.

"We don't know what world that is. Bitcoin gives us an option out of that," he added.

To be sure, Pal argued that a future where central banks issue digital currencies makes bitcoin a "legitimate part of the system." What it does is revolutionize the global financial system by creating the "internet of money" where the various systems will connect and speak with each other, like Apples iOS and Google Android.

"That connection of all the systems is coming and the central bank currency route is going to be the platform by which they can all connect in terms of ease of use, and on-ramps/off-ramps into our normal lives."

In Pal's view, bitcoin "plays a role as the world's most pristine reserve asset" for individuals, corporations, pension funds.

"It's an incredible asset. It's the only one with a limited supply with growing demand. It's an extraordinary thing," he said.

Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter.

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Investor on why bitcoin is 'literally the biggest story I've seen,' may hit $1M and top gold's market cap - Yahoo Finance

1. Bitcoin doesn't care who wins the US election it will rise in value regardless of the outcome, a cryptocurrency fund chief says | Currency News | Financial and Business News | Markets Insider  Business Insider
2. Why Bitcoin price and volume rising together is bad news for Ethereum, altseason  Cointelegraph
3. Bitcoin, Ethereum, Ripple's XRP, Chainlink, And Litecoin Have Suddenly SurgedHere's Why  Forbes
4. $14K: Bitcoin Hits Highest Level Since January 2018  CoinDesk
5. Bitcoin Developers Still Divided on Specifics of Taproot Activation  Yahoo Finance
6. View Full Coverage on Google News

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Bitcoin doesn't care who wins the US election it will rise in value regardless of the outcome, a cryptocurrency fund chief says | Currency News |...

The price of Bitcoin (BTC) surpassed $14,000 on Oct. 31, the day Satoshi Nakamoto released the Bitcoin whitepaper in 2008. Since then, the world's biggest cryptocurrency has seen remarkable and exponential growth across various areas.

Fast forward 12 years, since the October 31, 2008 release of the whitepaper, Bitcoin is in a different growth trajectory. An institutional craze is leading the BTC rally, major financial institutions are supporting crypto assets, and the market has become increasingly liquid.

The 12-year anniversary of the Bitcoin whitepaper is particularly special for Bitcoin because it marks the third post-halving cycle.

Every four years, Bitcoin undergoes a block reward halving, which cuts the rate at which new BTC is mined by half. This happens because 21 million BTC can ever exist on the blockchain. As BTC approaches its fixed supply, the rate of production gets slowed.

A halving historically has had a positive impact on the price of Bitcoin. It reduces the pace a new BTC supply is introduced to the market. Consequently, every four years, there is less BTC flowing into the exchange market.

The 4th, 8th, and the 12th anniversary of Bitcoin are more noteworthy than other anniversaries for this reason. It coincides with a post-halving cycle, as the latest halving occurred in May 2020.

The historic prices of Bitcoin on "whitepaper day" have seen considerable growth over the past decade. For example, in 2013, BTC price was just $204. In 2014, it reached $338m; 2015 - $314; 2016 - $700; 2017 - $6,468; 2018 - $6,317; and $9,199 in 2019.

Across major exchanges, the price of Bitcoin reached a peak of $14,100 and saw an immediate rejection on Saturday, Oct. 31. Most of the selling pressure came from Binance, which caused the price to quickly fall by 3% within minutes.

Prior to the rejection, massive buy walls on Huobi and Binance initially pushed BTC upwards. There was a 1,371 BTC buy wall on Binance at $13,680 and another big buy wall at over $13,800 on Huobi.

A pseudonymous Bitcoin trader known as CL said it was the biggest buy wall on Huobi Ive seen in a long time.

But as BTC surpassed $14,000, traders on Binance began to sell large amounts of BTC in a short period. Prior to BTCs upsurge to $14,100, tech investor and Cointelegraph Markets contributor, Keith Wareing,wrote:

When the price of Bitcoin surges rapidly and violently rejects, traders describe the pattern as a darth maul candle.

After such a large spike in volatility, Bitcoin tends to stabilize and consolidate. Considering that $14,000 is a crucial resistance level, BTC would likely consolidate under $14,000 and continuously attempt to break out.

CryptoQuant, the on-chain market data provider, has been pinpointing that Bitcoin exchange deposits have been declining. That typically indicates declining selling pressure, particularly among retail investors and whales.

According to Ki Young Ju, the CEO of CryptoQuant said the trend is considered a long-term buy signal. The lack of intent to sell from investors on exchange indicates that a prolonged uptrend has become more likely.

An optimistic market sentiment supplemented with strong fundamentals and various positive technical factors is only fitting on Bitcoins 12th anniversary.

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Bitcoin price hits $14,000 exactly 12 years after whitepaper released - Cointelegraph

Almost one-quarter of Ethers (ETH) circulating supply is held on cryptocurrency exchanges, according to analytics platform ViewBase.

The website shows that 26,768,260 ETH is on exchanges, equating to 23.6% with a value of $10.3 billion. Almost 26 million of these tokens are held by 10 centralized exchanges, with Coinbase alone sitting on 8,521,807 ETH 7.5% of the supply.

Ether is miles ahead of Bitcoin (BTC) in terms of the percentage of tokens held on exchanges. Bitcoinhas 8.1% of its circulating supply held on exchanges.

Earlier this month, Cryptocurrency statistician Willy Woo said he believes that when the number of coins held on exchanges drop, its a sign that new buyers are coming in to scoop the coins off the markets and moving them into cold storage. As such, the relatively low share of BTC held on exchanges is macro bullish according to Woo.

According to crypto data aggregator Glassnode, the number of Bitcoin held on exchanges has been reducing significantly for almost the entire year, falling from the all-time high of 2.97 million BTC in February to below 2.6 million yesterday.

Glassnode also shows bullish signals for Bitcoin with the daily number of new addresses for Bitcoin approximately 480,000 six times that of Ether, which has less than 80,000 new addresses created each day.

Also worth noting is that the seven-day moving average of exchange net flow volume for both Bitcoin and Ether have been negative since early August. The net flow volume is the number of coins sent to exchanges minus the amount removed. This suggests that while Ether has a high percentage of coins held on exchanges compared to other coins, the overall sentiment is moving toward a bullish trend in the last few months.

Glassnode does not reflect the same percentage of coins held on exchanges as ViewBase. According to Glassnode, there are less than 16.6 million ETH (14.7%) and almost 2.6 million BTC (14%) on exchanges.

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Nearly 24% of Ether held on exchanges Three times the percentage of Bitcoin - Cointelegraph

Nine celebrities with profiles on the sponsored video-sharing platform Cameo have published messages wishing Bitcoin (BTC) a happy birthday ahead of the twelfth anniversary of the publication of its whitepaper on Oct. 31.

The videos were paid for by crypto security firm Halborn, and feature Hollywood notables, musicians, and comedians including David Hasselhoff, Charlie Sheen, Carole Baskin, Charlamagne Tha God, Gilbert Gottfried, Doug Benson, Hassan Johnson, Soulja Boy, and RZA.

Most of the celebrities were reading off talking points and showcased varying levels of crypto-literacy. Charlamagne Tha God questioned whether the pictures that he found upon Googling Satoshi Nakamoto actually depicted Satoshi.

Charlie Sheen offered praise to Satoshi Nakamoto and expressed excitement at the chance to invest in BTC once he finds a job of course. He admitted he has little knowledge of cryptocurrency.

The Hoff made the bold pool-side claim that he invented Bitcoin:

Tiger King star Carole Baskin emphasized the virtues of contact-less payments amid the coronavirus pandemic, predicting the virtual currency will be the future.

RZA wondered if maybe soon there will be a Wu-Tang Bitcoin.

While Oct. 31 commemorates the publication of the Bitcoin whitepaper, the networks genesis block was not mined until Jan. 3, 2009.

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The Hoff claims to have invented Bitcoin in 12th anniversary video - Cointelegraph

Ihaveasurefireway of using bitcoin BTCUSD, +2.95%, ethereum ETHUSD, +2.29% and other digital currencies to finance your retirementbut I cant recommend it.

Go out and buy a bunch of bitcoin (or other digital currencies), get a receipt, and then immediately sell them. Keep the receipt.

Then, when these currencies next collapse in price, as they are highly likely to do, go out and buy a bunch more. Immediately sell the ones youve just bought, and get another receipt.

You will now have two receipts. One will show you bought a ton of bitcoinor whateverwhen the prices were up high, as they are right now. The other will show you sold the same amount of Bitcoins when it was much cheaper.

So long as you are careful not to leave any documentary proof of the other two transactions, you can then claim these fictional losses on your tax return. The IRS considers these digital currencies as property or investments, and taxes them as such.

You can use these losses to shelter any other (real) capital gains, and up to $3,000 a year of income, from tax. Savings? As much as you can claim.

Sure, if you get caught, youll probably go to jail for tax evasion. Im not recommending it. But Im passing the information on.

(By the way, if the IRS audits you, I can only quote the Miami Heralds Dave Barry in similar circumstances. If you follow my advice, and the IRS asks you where you got your information, he told readers, remember to give them my full name, George Will.)

OK, so technically this maneuver is illegal. But, hey, maybe you wont get caught.

And anyway, since when has whats legal mattered to investors in bitcoin or other digital currencies?

The number one utility of cryptocurrencies is breaking the law. Digital currencies are fabulous vehicles for financing terrorism, drug deals, child pornography, murder for hire, money laundering, and pretty much anything else that is illegal but which you could in theory pay for online.

A study in the Review of Financial Studies found that about half of all bitcoin transactions world-wide were associated with criminalactivities. We find that approximately one-quarter of bitcoin users are involved in illegal activity, the researchers found. We estimate that around $76 billion of illegal activity a year involves bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs.

For anyone who wants to take part in legal online transactions, there are much simpler mechanisms than buying cryptocurrencies and setting up virtual wallets. You can just useeryour debit card and bank account. And things like Google Pay and Apple Pay and PayPal PYPL, -4.56%.

Yet digital currencies are now becoming so popular as investments that you can hold them in a variety of individual retirement accounts. I received yet another news release the other day about a company allowing us to hold cryptocurrencies in IRAs.

Meanwhile hedge-fund manager Paul Tudor Jonesnot to be confused with Tenpole Tudorwaspromotingbitcoin on CNBC recently as an inflation hedge and comparing it with the great technology investments of the past.

Its like investing with Steve Jobs and Apple, or investing in Google early, he said. His rationale? bitcoin has this enormous contingent of really smart, sophisticated people who believe in it, he said. Youve got this group of peoplewho are dedicated to seeing bitcoin succeed and becoming a commonplace store of value.

He added, Ive never had an inflation hedge where youve had a kicker where youve also had great intellectual capital behind it, so that makes me even more constructive on it.

Its not clear how much Tudor Jones had invested in bitcoin when he went on TV to talk it up. Ive reached out to his public relations team for clarification, but they declined to comment. Tudor Jones said during the interview he had a small single digitsor is it, small, single digits?allocation to the cryptocurrency. A small single digits allocation might be as little as 1%. On the other hand, a small, single digits allocation could be pretty much anything below 10%.

His firm, Tudor Investment Corporation, manages around $8 billion in assets,sothat could potentially be anywhere up to nearly $800 million in the cryptocurrency.

Tudor Jones arguments about bitcoin are interesting. Some might reply that Apple AAPL, -5.60% and Google GOOG, +3.43% didnt succeed simply because they had a lot of smart people behind them, but because they provided great products and services thatconsumers loved. Nokia NOK, +0.59%, BlackBerry BB, -2.60%, Yahoo and the like also had lots of smart people working for them, and it didnt save the stockholders.

Actually, there were lots of really, really smart people working at Enron, too.

It is a perennial argument of bitcoin champions that it must be a wonderful investment because the technology is so amazing. It reminds me of the old joke about the inventor who created a really clever device for scrambling eggs inside the shell. Yes, its very clever, but why do I need it?

Is bitcoin a credible inflation hedge? Sure, if you fear that the U.S. dollar is going to lose purchasing power, many things that arent dollars will be inflation hedges. Ditto real estate DWRTF, -0.41%, timberland, gold GOLD, +2.14%, art, wine, euros EURUSD, +0.26%, yen USDJPY, -0.00%, energy futures, and possibly luxuries like Rolex watches.

But what inflation are we talking about?

Gasoline, clothing and some other prices are falling. But in the past12months, used car and truck prices have risen 10%. Foods up 4% and medical services 5%. Housing prices in the suburbs are up and apartment rents in the city are falling. Which ones do we want to hedge?

The official overall consumer-price index has risen 1.4% in the past year. The bond market is predicting it will rise about 1.6% a year over the next five.

Meanwhile, a look at the price for digital currencies shows the obvious issue. Take a look at our chart. It shows the price of bitcoin adjusted for the official consumer-price index.

Even since bitcoin went mainstream, in 2017, there has been no correlationnonewith the CPI. The real, inflation-adjusted value fell nearly 80% at one point, and thats just looking at month-end prices and ignoring the even greater volatility when you count daily prices. (Actually there was no correlation before it went mainstream in 2017 either.)

Hold bitcoin in an IRA and you wont have to pay capital-gains taxes on any profits, although you will have to pay ordinary income tax on the money you eventually withdraw from the account. But if you hold bitcoin in an IRA, whether a pretax traditional IRA or a posttax Roth IRA, and you wont be able to claim any losses on your taxes either.

Thebest casefor holding digital currencies in an IRA is that you wont have to track and report every single transaction on your tax return every year. That alone is valuable. On the other hand, you dont have to own the digital currencies at all.

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Want to retire rich on bitcoin? - MarketWatch

How investors might learn to stop worrying and love crypto

Oct 29th 2020

EVERY TUESDAY for most of 1979-80, the Blitz wine bar in Covent Garden was host to an influential club-night. London was then a run-down city. The Blitz was a seedy spot. What made it remarkable were the Blitz Kids, the extravagantly dressed Tuesday-night regulars. A teenage Boy George worked in the cloakroom. The door policy was strict. To get in, said Steve Strange, who ran the club-night, you had to look like a walking piece of art. Mick Jagger was once refused entry.

This all seemed shallow and transient. The make-up, the get-ups and the evident disdain for people who were not walking pieces of art were marks of unseriousness. Yet the Blitz Kids, a mix of art students and urchins, would go on to shape popular culture, according to Sweet Dreams: The Story of the New Romantics, a new book by Dylan Jones. This brings us to another hangout for oddballs, fantasists and drop-outs: bitcoin. To most people it seems at best a fad, at worst a con-job. But it refuses to disappear. And its price in dollars is up by around 150% since March.

It is hard to have a sensible conversation about bitcoin. To show interest is to invite contempt from sceptics and an inbox stuffed with get-rich-quick proposals from boosters. But a nagging thought will not go away. What if these crypto-kids are on to something just as the much-derided Blitz Kids were? After all, as well as notoriety, bitcoin has ingenuity and scarcity on its side.

Start with the ingenuity. Even people who are hostile to bitcoin will concede that its technology is fiendishly clever. It is essentially a way of accounting for who has spent what. Instead of a central exchange to keep score, and to verify payments and receipts, it uses an electronic ledger that is distributed across the entire system of bitcoin users. The systems dispersed nature means that tampering with the accounts would require gaining control over a majority of the networks computers. That is an important source of trust in bitcoin.

A big part of its appeal to users is that no one official entityno government, bank or tech firmis in charge. (This is also what a lot of people dislike about it.) The system is self-regulating. It is also self-limiting. Bitcoins are mined when a computer solves a very time-consuming maths problem. It must identify a large number encrypted in the systems code. Over time the remaining numbers become harder to find. Eventually the mine will be exhausted. Bitcoins supply protocol is as restrictive as the Blitzs door policy. Only 21m bitcoins will ever be produced.

Millennial techies are at home with all this. The older technophobic crowd tends to be hostile. So be it. That most people still hate bitcoin isnt a bad thing, writes Dylan Grice of Calderwood Capital, an alternative-investment boutique, in a recent letter to clients. This is to say that it is difficult to make a lot of money buying an asset that everybody likes. And as with the Blitz, the infamy and outrage is part of the allure. Older visitors might grumble that the music played there was unremarkable or that the venue was a dump. It didnt matter. The club acted as a focal point for like-minded people. That is an underrated virtue. Thomas Schelling, a Nobel prize-winning economist and game theorist, contended that people gravitate towards focal points without formally agreeing to do so. His insight extends to asset markets. Gold barsor bitcoinshave value if enough people tacitly agree that they do.

What precisely might that value be? An honest answer is: Who knows? Bitcoin has no intrinsic worth. As with gold, there is no stream of future dividends to build a valuation around. Yet people have become comfortable with gold as an asset because it has been around for so long. Bitcoin is a newcomer, but its use is growing. So if you believe it has a future, you may want to own some, says Mr Grice. Indeed if you like gold as a hedge against a revival in inflation or some other calamity, you might consider transferring some of your gold allocation to bitcoin. It has advantages over the precious metal: it can be more easily stored and transferred, for instance. In some places, you can actually use it.

Bitcoin is a pretty tiny club. Beside it, gold looks as capacious as Wembley Stadium. The market value of all bitcoin is just 1-2% of the value of all the gold above ground. Scarcity is a trait of many things that are perceived to have value. Steve Strange, who sadly died in 2015, understood this fully. The best move I ever made was turning Mick Jagger away at the door, he said.

This article appeared in the Finance & economics section of the print edition under the headline "Blitz-coin"

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Getting down with the cool kids on bitcoin - The Economist

Three factors likely triggered a quick decline in the price of Bitcoin (BTC) on Oct. 25. First, traders pinpoint the $13,300 to $13,500 area as a major resistance range. Second, futures and options markets are neutralizing. Third, weekend trading is seemingly amplifying volatility.

Before the sudden price drop occurred, BTC soared from $13,127 to $13,350. The dominant cryptocurrency rallied swiftly to an area of interest for sellersas more miners moved BTC to exchanges.

Throughout the past week, data from ByteTree shows Bitcoin miners have been selling more than they mine.

BTC possibly saw a sharp correction as it surged to a key resistance range, which sellers aggressively defended.

Some technical analysts anticipated the price of Bitcoin to rise to around $13,500 before seeing a pullback. Before the volatile price action occurred, cryptocurrency trader Cantering Clark said:

After the week-long rally, the futures market started to show signs of overheating. Although the funding rate of BTC remained at an average 0.01% level, alternative cryptocurrencies demonstrated high funding rates.

The overall cryptocurrency futures market needed pullback to reset or cool down the funding rates of top cryptocurrencies. The Bitcoin Fear and Greed Index is also showing "extreme greed" in the market, which makes a healthy pullback a positive trend for BTC.

Meanwhile, the options market also faces expiration worth $750 million in about six days that could trigger volatility.

During the weekend, particularly on a Sunday, the volatility of Bitcoin and the cryptocurrency market tends to increase.

There are many potential factors that could cause volatile price movements to occur. Two main factors are lower the volume during the weekend and the anticipation of the Sunday weekly candle close.

If the price of Bitcoin stays over $12,000 in the next 15 hours, it would mark the first weekly candle close above $12,000 since January 2018.

As such, while BTC continues to see high volatility, the optimism surrounding its high time frame log charts are buoying the general market sentiment.

One popular technical analyst known as "Squeeze" emphasized that the macro view of Bitcoin remains optimistic, particularly as exchange BTC balances continue to drop reducing available supply. He said:

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3 reasons Bitcoin suddenly dropped 3% in 1 hour and recovered - Cointelegraph

The world-class trading platform, Bitcoin.com Exchange announced its participating in the Cryptopia Exchange rescue consortium in order to help redistribute coins to customers. Bitcoin.coms trading platform will provide an exchange environment in order to bolster the Cryptopia Rescue redistribution plan.

Back in January 2019, the New Zealand cryptocurrency trading platform Cryptopia Exchange suffered a major breach and it affected 2.3 million account holders from all around the world. Estimates note that roughly $860 million worth of cryptocurrency was held on the exchange before the hack. Bitcoin.com is pleased to announce that our exchange will assist a rescue program dedicated to helping Cryptopia account holders.

Bitcoin.com Exchange has joined a consortium called the Cryptopia Rescue program, and it will produce a platform to distribute coins to Cryptopia Exchange Account Holders. The group formed in order to create a class action against the Liquidator, Grant Thornton.

Victor Cattermole, a Cryptopia Rescue spokesperson said:

The liquidator was proposing to write off more than 50% of the coin holdings. In our alternative plan, we have established a relationship with Bitcoin.com to provide an exchange environment to emulate the Cryptopia model so that all coins can be redistributed.

Currently, the Cryptopia Rescue team is working to connect with as many account holders as possible. The plan is to do everything possible to provide the best resolution to Cryptopias former customers. Since launching on September 2, 2019, the premier Bitcoin.com Exchange has provided customers with a professional trading engine combined with top-of-the-line security practices.

Speaking about joining the Cryptopia Rescue effort, Danish Chaudhry, CEO of Bitcoin.com Exchange explained the exchange team looks forward to helping the crypto community.

We take this role very seriously within the consortium, Chaudhry stressed. [Bitcoin.com Exchange] will do everything we can as a united group to provide the best-in-class platform to redistribute Cryptopia account holders their coins via our exchange, he added.

There are five limitations Cryptopia Exchange Account Holders need to take into account.

When the Cryptopia Exchange trustee completes the claim approval process and selects a distribution date, a provided payout support plan for distribution may be added. Customers that have any questions or issues with the Cryptopia claim process will need to contact Cryptopia support.

What do you think about the Bitcoin.com Exchange providing support to Cryptopia account holders? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Cryptopia Logo, Bitcoin.com Exchange, Bitcoin.com Logo,

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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Bitcoin.com Exchange Reveals Role in the Cryptopia Rescue Group | Promoted - Bitcoin News