Category Archives: Bitcoin

Four times return over traditional fixed deposits! That was the advertisement of a cryptocurrency exchange, which blared on the TV screens over the last weekend.

I have been deluged with so many investor queries on this scheme. Any scheme which lures investors with high returns, to me is a Ponzi scheme.

Here are 10 reasons why you should stay away from such schemes :

1) This is nota fixed deposit but a lending product. An investor who is holding cryptocurrency can choose to lend the holding in return for interest. Investing in a fixed deposit and lending your money has totally different ramifications and cannot be equated. So, stop thinking of this akin to a bank fixed deposit.

2) The investors who are lending do not know the profile of the borrower. Would you want to lend money to an unknown person?

3) Like cryptocurrencies, these so called fixed deposits are not regulated by RBI, which means there is no investor protection or any regulatory body overlooking these platforms. Banks and non-banking financial companies (NBFCs) have many regulations to follow, which are not applicable to cryptocurrency platforms.

4) Interest on the cryptocurrency fixed income product is received in form of coins and not as a credit in your account. This means the interest will also be subject to the volatility cryptocurrencies have and unless you sell the holding, you are not making real money.

5) Some platforms do not allow early liquidation or have limits on early withdrawal.

6) Each platform has its own rules of interest calculation, lock in period etc. Unlike bank fixed deposits, there are no standardized rules being followed. This is not in investor interest.

7) The platforms carry a risk of being subject to a hacking attack. Recent reports suggest that the use of cryptocurrency for money laundering is rapidly gaining acceptance worldwide.

8) Most platforms do not have any pedigree or experience and are trying to become shadow banks. Investors are scared of losing money in mutual funds managed by experienced and pedigreed fund managers but happy to invest into these fixed income products because of the higher returns. Why not, invest with a moneylender then?

9) A vast majority of people do not understand how cryptocurrency works and the risks associated. They are swayed by the exponential returns, but these returns will not continue forever. Always understand the risk in the product first over the return.

10) As an investor, how will you attach this to a financial goal. For example, if you invest into this product for a 6-month period for a specific goal and the crypto price tanks, do you have a plan B to manage the goal amount?

From time immemorial, people have been lured by high returning schemes and each time it is the investor who has lost out.

The platforms/ owners/stakeholders have minted money at the cost of the investor. This was seen in chit funds, plantation schemes, jewellery schemes and many more products.

Remember, there is no such thing as high returns without risk.

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10 reasons not to invest in Bitcoin fixed deposits - Deccan Herald

As the market nears the end of a stormy year, experts and influencers are split as to whether Bitcoin will enter a bull or a bear market next year.

To get a more detailed idea, What Bitcoin Did host Peter McCormack checked in with on-chain analyst Willy Woo to ask about price performance and future trends.

McCormack was quick to ask Woo about Bitcoins latest all time high of $67,000 and wondered if he had seen it coming. Woo confirmed he did, butexpressed surprise at the flagship coins recent price performance. Woo said,

I didnt think it would come back and smash through the, you know, below 60 [thousand dollars]. So that was [a] surpriseits so overbought right now its crazy.

Woo pointed to Bitcoin Futures ETF as a cause for the price rally, and noted how the ecosystem had more long-term investors because of it. He explained,

its hard to tell right now because the ETFs [have] changed the balance of the whole ecosystem. And well wait and see but I do think it was overbought. Now its sort of consolidating, so its good and not any kind of concern that the things gonna break down here

However, Woo also said volatility could be expected and noted the macro was super bullish.He announced,

I have no doubt that we are going to break $100,000 in the next run.

When it came to Bitcoin maximalism, McCormack felt that the toxic maximalist could have an important role to play during the transition from inflation-struck, fiat-based economies to those adopting Bitcoin.

Woo also noted how Bitcoin had gone mainstream, but mused,

What is the argument to say that toxicity is going to help this explanation?

Even after McCormacks clarification, Woo stressed respectful attitudes except towards scammers. He added,

I think the toxicity is hurting the credibility of Bitcoin.

McCormack agreed that toxicity wasnt the best choice when it came to dealing with regulators at the state level. However, he insisted that it was all right to show toxicity towards VCs involved in projects like Worldcoin.

Could the king coin ever usurp the king of metals? While golds market cap is often used as an investment standard, investors might now be looking to Bitcoin as an inflation hedge.

For his part, Woo said he thoughtBitcoin was challenging gold butclarified,

I think a lots got to do with fiat, whether or not inflation, you know, kicks in and kicks in hard.a lot of this stuff is just guessing, I think.

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Did this one factor change 'balance of the whole ecosystem' for Bitcoin - AMBCrypto News

Hey dude, back to cryptodeeper analysis about bitcoin . We was through on October with amazing bull of bitcoin price. Make the new All time high and break the last resistance. But now we still on the consolidation area for make a momentum in the next wave. Lets talk about bitcoin trading decision.

Bitcoins Price Falling Wedge Forming Analysis Bitcoins price falling wedge forming and loss of momentum may cause $60K to become resistance. Despite the $58,000 support retest and the potential of $60,000 shifting to resistance, traders appear to be at ease following a little blip in BTC futures premium. Bitcoin ( BTC ) looks to lack the power to revisit the $67,000 all-time high hit on Oct. 20, prompting investors to wonder if the bullish moment has passed. Even with these obstacles, its still too early to declare the $58,000 support level test the start of a downward channel . The price of bitcoin looks a solid falling wedge forming in 4 hour timeframe. What you need to watch out for is that the monthly, weekly and daily closings are really bad. And monthly closing candle failed to penetrate ATH . The safer solution is to wait for the closing first. Who knows, you can get 50,000 dip before flying through ATH , right!!! Or saved from a dump. Bitcoins price maybe can be breakup to all time high if the price break on the Fibonacci 0.618 area ($63.600). Because on the this Fibonacci is strong resistance. We will see very soon for the breakout movement. See more : visit on the website

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Bitcoin Trading Decision: The Price Is Forming Falling Wedge For BITSTAMP:BTCUSD By Cryptodeeper - Todayuknews - Todayuknews

Former FDIC chair Sheila Blair shares skepticism on the value of cryptocurrency.

Bitcoin was trading 0.5% higher Friday morning.

The price was around $60,900 per coin, while rivals Ether and Dogecoin were trading around $4,340 and 29 cents per coin, respectively, according to Coindesk.

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Ether the world's second largest cryptocurrency hit a all time high on Friday.

The token, which underpins the ethereum blockchain network, rose as much as 2.6% to $4,400 in Asian hours.

It's previous high was set in May at $4,380, according to Reuters.

BITCOIN'S ETF OPENS THE FLOODGATES FOR MORE

The new high was reached after Ethereum burned more tokens than it emitted in the last 24 hours.Coin burning refers to the process of removing tokens from circulation and is the crypto markets equivalent of a stock buyback, according to Coindesk.

Cryptocurrency markets have rallied sharply in recent weeks, and ether is up over 60% since its late September low.

Biitcoin set its own record last week at $67,016 and is up about 50% since late September.

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Dogecoin has also been on the move recently. The cryptocurrency surged to $0.335 on Coinbase on Thursday, hitting the highest level since Aug. 20.

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Bitcoin price rises as Ether surges to record - Fox Business

Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020.

Dado Ruvic | Reuters

The chief of a new and rapidly growing platform for crypto offerings sees bitcoin hitting $100,000 by the start of next year.

CoinList CEO Graham Jenkin is bullish on the cryptocurrency, which hit a new record high of $66,000 on Oct. 20 following the launch of a hotly-anticipated U.S. bitcoin futures ETF. The digital currency has since pared some of its gains, trading at $59,052 per coin at 6:45 a.m. in London Thursday.

But Jenkin was optimistic about bitcoin climbing to even greater heights.

"Most of the folks at CoinList will bet that we're at $100,000 by the end of the year. It's getting pretty tight so I'm not sure that we're going to make it there, but that's what we're predicting toward the start of the year."

Illustrating the growing demand for crypto holdings, CoinList just announced $100 million in series A funding, which has given it a valuation of $1.5 billion.

A number of financial experts and companies see the currency reaching and even surpassing that $100,000 mark. They point to inflation and the ETF launch as creating a perfect environment for bitcoin to thrive, describing it as a hedge for inflation.

Billionaire investor Paul Tudor Jones told CNBC earlier this month that he prefers the cryptocurrency as an inflation hedge over gold.

"There's a plan in place for crypto and clearly it's winning the race against gold at the moment ... I would think that would also be a very good inflation hedge," Jones told CNBC's"Squawk Box." "It would be my preferred one over gold at the moment."

Fidelity Investments, meanwhile, sees the currency reaching $100,000 but over a much longer timeline.

Jurrien Timmer, Fidelity's director of global macro, told CNBC this month that the prediction is based on a supply and demand model he studies. "The next and last time those two models intersect is at $100,000 in a couple years,"he said.

Still, there remain plenty of bitcoin naysayers.

JP Morgan Chase CEO Jamie Dimon recently called bitcoin "worthless," following previous statements that he believed the currency had "no intrinsic value."

And whilehe sees bitcoinsticking around for the long term, he told Axios in early October: "I've always believed it'll be made illegal someplace, likeChina made it illegal, so I think it's a little bit of fool's gold."

He added that he believes "regulators are going to regulate the hell out of it."

United Wholesale Mortgage, the second-largest mortgage lender in the U.S., this month ditched its plan to accept payments in bitcoin, citing "the current combination of incremental costs and regulatory uncertainty in the crypto space."

And bitcoin bull Mark Yusko is warning of a pullback and calling it overbought, expecting investors to take profit at bitcoin's current high rate.

"A pause that refreshes given how overbought we are right now wouldn't surprise me," Yusko said. "There is some risk of the buy the rumor, sell the news." Still, Yusko sees any potential profit-taking as temporary and seesbitcoin hitting $250,000 in five years.

Of course, it works very much in CoinList's favor to be bullish on bitcoin. But the often dramatic volatility of the cryptocurrency doesn't necessarily hurt the platform, its CEO said.

"As far as any impact of bitcoin price with respect to our platform, there's definitely some impact, but it really tends to be kind of separated between what's happening with respect to the bitcoin priceand eagerness from our community to get access to early-stage tokens and offerings on the platform, so it impacts us less," Jenkin said.

"Certainly if bitcoin went to zero that would be a major challenge for our platform, but we're not expecting that to happen anytime soon."

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CoinList CEO sees bitcoin hitting $100,000 by the start of next year - CNBC

The worlds second most valuable cryptocurrency, ether, has been touching all-time highs in price ahead of a major upgrade of its underlying platform, ethereum. Ether is currently worth in aggregate just shy of $500 billion. Thats still slightly less than half that of the biggest cryptocurrency, bitcoin.

But could this upgrade, a vital step towards a much greener and faster version of the current system, put ethereum on the path to becoming the dominant platform on the internet and make ether number one?

First of all, its important to understand the difference between bitcoin and ethereum. Bitcoin is a system for allowing people to send value between one another without the need for banks. It is built on a technology known as blockchains, which are online ledgers whose transactions are checked and recorded by a decentralized network of computers known as validators.

Related How Ethereum Works: It Seems Like Were Living in a Futuristic Alternate Universe

ethereum

These validators are incentivised for their work by receiving newly minted bitcoin as rewards, in what is known as mining. To make this more attractive, bitcoin is relatively scarce: Only around 18 million coins are in existence and the protocol is such that there can never be more than 21 million.

Ether works in a similar way to bitcoin, but ethereum is different. It is a worldwide software platform with no host, on which developers are building thousands of blockchain-based applications.

This means these applications can all run without being controlled by a company. Examples include cryptocurrency exchanges, insurance systems and new kinds of gaming.

At the heart of the platform is the idea of smart contracts, which are automated agreements that ensure that money and assets change hands when certain conditions have been fulfilled. All transactions on the platform ultimately use ether, and the success of the platform is why ether has been the second-largest cryptocurrency after bitcoin for the past few years. The fact that ether fuels the platform even being referred to as gas fees gives it a utility and an intrinsic value that bitcoin does not have.

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Ethereum has several major problems, however. The first is that gas fees have become very expensive in the last couple of years because the network has become so popular and is therefore very congested.

Validators prioritise users who are willing to pay the highest fees for their transactions. For example, the average transaction at the time of writing on crypto exchange Uniswap costs around $44 in gas fees.

Bitcoin has comparable issues with congestion, which its developers are trying to solve by building applications like Lightning on top, which boast faster transaction speeds.

The second problem for ethereum is that, as it has become more popular, the amount of computational power used by validators has rocketed. Its the same problem that has brought a lot of negative publicity to bitcoin because it uses a lot of electricity.

Bitcoin is currently using as much power as the whole of the Philippines, although its supporters argue that much of this is power that would otherwise be wasted for example, oil rigs burning off natural gas because its not profitable to sell it. Proponents also point out that the network is shifting towards using much more renewable power over time.

Related Is DeFi Rewriting Wall Street Into a Code?

At any rate, the eventual creation of an ethereum 2.0 will solve these problems by moving the platforms system of validation from proof of work to proof of stake. Without getting into too many details, proof of work is a protocol in which validators all attempt to solve complex equations to prove that each proposed transaction is valid. With proof of stake, theres no need for all validators to do this power-hungry work because the system chooses one at random to confirm each transaction.

Many in the bitcoin community are against proof of stake because it gives the most power to the biggest validators, potentially allowing them to corrupt the system of validation if they can get control of more than half of the network. Ethereum supporters counter that proof of stake has checks and balances built in that would prevent this from happening.

Either way, ethereum 2.0 promises to reduce the platforms power consumption by 99.9 percent, making it far more sustainable. It should also solve the problem with gas fees by raising the platforms processing ability from 30 transactions a second to potentially 100,000, as well as making possible more sophisticated smart contracts than before.

The transition to ethereum 2.0 has been a slow one, riddled with technical issues that have dragged on for over two years. For the past few months, the new proof-of-stake blockchain has been running in a test format in parallel with the existing system, allowing the developers to prepare it for a merger in 2022.

The forthcoming upgrade is essentially a warm-up for this merger. Known as Altair, it introduces numerous technical changes that are designed to keep validators honest and make the system more decentralized. Assuming this goes ahead as planned, all eyes will be on the merger, and then later another change known as sharding, which will greatly increase the systems processing capability.

Certainly the price of ether has been strong ahead of the Altair upgrade. The recent surge in bitcoin to all-time highs has been helping to lift the entire crypto market. But some of the price movement in ether probably reflects people betting that the upgrade will succeed, while the rest is from speculators switching from bitcoin and new money moving into the space.

Related Bitcoin and the Cryptocurrency Debate: One Advisor Weighs in on Why Hes Changing His Tune

In the run-up to the merger of ethereums two blockchains, it will be interesting to see how all this affects ethers price in relation to the so-called eth killers. These are rival platforms like cardano and solana that have been very popular in recent months partly due to ethereums problems with fees.

But ultimately the question is what it will mean for bitcoin. Bitcoiners will continue to argue that their protocol is more decentralized than proof of stake, and they have the advantage of being the crypto brand that investors are most comfortable risking their money with.

The question is whether these advantages are outweighed by ethereum 2.0s greener credentials and the fact that it can handle more transactions. Bitcoin is currently worth about double ether, but talk comes and goes about a flippening where ether overtakes it. Could it happen in 2022? With bitcoins hegemony at stake, it will be fascinating to find out.

The Conversation

Daniel Broby is a director at the Centre for Financial Regulation and Innovation at the University of Strathclyde.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

The post Ethereum: The Transformation That Could See It Overtake Bitcoin appeared first on Worth.

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Ethereum: The Transformation That Could See It Overtake Bitcoin - Yahoo Finance

boonchai wedmakawand | Moment | Getty Images

Crypto enthusiasts had reason to cheer last week as digital currencies notched another milestone: the first U.S. bitcoin futures exchange-traded fund.

Investors rushed in. The ProShares Bitcoin Strategy ETF (BITO) had the second-biggest trading debut for any ETF on record when it launched Oct. 19. Its share price jumped 4%. A similar fund, the Valkyrie Bitcoin Strategy ETF (BTF), started Friday.

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However, cost-conscious investors who want exposure to bitcoin and other cryptocurrencies in their portfolios may be better off buying them outright instead of via a futures ETF, according to some financial advisors.

That's primarily the case for buy-and-hold investors, who'd save money over the long term, advisors said.

"They're always better off buying bitcoin directly," said Ivory Johnson, certified financial planner and founder of Delancey Wealth Management, based in Washington, D.C.

The ProShares and Valkyrie ETFs, for example, each have a 0.95% expense ratio. That's the asset manager's fund fee; for every $10,000 someone invests, the managers keep $95 a year.

That might not sound like much, but costs can add up over decades of saving. The investor loses out on the fee, earnings on those fees and compound interest.

Here's an example from the Securities and Exchange Commission: An investor who saves $100,000, earns 4% a year and pays a 0.25% annual fee would have $30,000 more after two decades than the same person who pays a 1% fee (which is about the cost of the bitcoin futures ETFs).

"If it will be part of your portfolio for one, five, 10 years or longer, 1% is a big fee to pay for a mutual fund or an ETF," said Charlie Fitzgerald III, CFP, principal and founding member of Moisand Fitzgerald Tamayo, based in Orlando, Florida.

Of course, buying bitcoin or other cryptocurrencies directly (not via an ETF) often isn't free. Crypto platforms and exchanges like Coinbase typically charge a one-time fee (though not always) that varies by provider. But it'd generally be much less costly for buy-and-hold investors relative to the annual fund fee, Johnson said.

And fees aren't the only consideration. Investors may feel safer getting crypto access through a professionally managed ETF if they're worried about hackers or losing passwords or private keys needed to access the funds.

"We feel this is a small price to pay to hold an easily accessible, secure and regulated product, traded at a stock exchange, tracking a regulated investment vehicle," said a spokesperson for Valkyrie.

Short-term investors might also not mind a 0.95% fee if they plan to sell the ETF within days or weeks. (The fee amounts to 26 cents a day on a $10,000 investment.)

"The fee is inconsequential if you're holding for two weeks then selling it," Fitzgerald said.

In that case, a broker's one-time trading fee is likely more consequential, he said.

Overall, there's been a general trend toward lower investment fees. The average expense ratio of U.S. mutual funds and ETFs was 0.41% in 2020, less than half the 0.93% in 2000, according to Morningstar. (These costs are asset-weighted, meaning they account for relative fund popularity.)

Another important distinction: The bitcoin futures ETFs don't directly own bitcoin; they buy "futures" contracts, which are agreements to buy or sell the asset later for an agreed-upon price. Such funds will generally track bitcoin prices, Fitzgerald said.

(It's a similar concept to oil and gold futures, for example. Such investors don't own the physical gold or barrels of oil.)

However, investors might be remiss paying a 0.95% fee for a fund that may or may not track the price of bitcoin, Johnson said.

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Bitcoin futures ETF may be a costly way to get long-term crypto exposure - CNBC

A plunge may be looming for cryptocurrencies, housing and disruptive technology stocks tied to innovation.

According to Rich Bernstein, an Institutional Investor Hall of Famer, the nation's expiring easy money policies and historic supply chain backlogs are posing serious risks for some of the market's most popular investments.

"There's a whole series of bubbles going on right now," the Richard Bernstein Advisors CEO and CIO told CNBC's "Trading Nation" on Wednesday. "There's a bubble in long-duration assets. That's a common theme."

Bernstein's cryptocurrency warning particularly applies to bitcoin. He said insatiable demand is a classic sign of a bubble.

He speculates a meltdown could resemble the tech bubble. It took 14 years for the Nasdaq 100 to break even if you invested in it on Dec. 31, 1999, he noted.

Housing is topping his watch list, too. In a tweet Tuesday, Bernstein warned rising home prices were starting to make the mid-2000s housing bubble seem rather mild.

"[Home prices are] now accelerating more than what you saw during the housing bubble," the CNBC contributor said. "The rate of change now is higher than anything you saw during the housing bubble in 2005, 6, 7, 8."

His other major risk is tied to chaos at the ports and its bullish effect on inflation. Bernstein sees it as a serious problem, and he warned on "Trading Nation" last April that investors were poorly prepared for it.

While he believes hyperinflation risks are very low, he believes inflation higher than consensus is extremely likely.

"They're not going to stay this high. But where do they settle? Do they settle at the consensus 2 to 2.5% or do they settle at 3% or 3.5% or 4% or 4.5%? I think you treat it as an over/under bet right now," he said.

And, Bernstein contends the supply chain backlogs will likely stick in investors' psyches for years.

"It's important to realize that the supply chain disruptions that we are seeing have lasted longer than the oil embargo in '73-'74," he said. "That was only a four-month supply disruption of oil, and it changed the way people thought about inflation for the next 10 years."

In lieu of long-duration assets, Bernstein recommends owning pro-inflation assets. He finds they're "woefully underinvested" in energy, materials and industrial stocks.

"People have been very, very myopic in terms of looking at disinflationary assets," Bernstein said. "There is a world of opportunity out there right now. There is a world of opportunity out there right now outside of this small little bubble sector of tech innovation disruption, cryptos, that type of thing."

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Bitcoin, housing and parts of tech are in a dangerous bubble, all-star investor Rich Bernstein warns - CNBC

Bitcoin (BTC) preserved $61,000 into the weekend after aggressive buying on Coinbase sparked multi-day highs.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling overnight after briefly challenging $63,000.

Friday saw strong performance after U.S. traditional markets opened, helping lift Bitcoin to near its minimum monthly close target.

As analysts noted, major exchange Coinbase was the venue for heavy accumulation on the day.

Popular trader and analyst Pentoshi meanwhile noted selling elsewhere, specifically from one whale whose BTC divesting has now hit over 1,000 BTC, each sold on the open market in batches of 20-30 BTC.

Just goes to show how liquid this market is now, he summarized.

Both the weekly and monthly close on Sunday will be a source of interest for market participants, with the latter seeing a potential all-time high. BTC/USD may also close its third week in a row above $60,000.

For many, however, it was all about altcoins as the weekend began.

Related:Altcoin Roundup: Dogecoin, Shiba Inu and memes are hauling the dogsled to mass adoption

Ethereum's Ether (ETH) hit new all-time highs on Friday, helping the overall altcoin market cap reach new peaks of its own $1.473 trillion.

Strong performance remained elsewhere, with Shiba Inu (SHIB) steadying after its blistering gains throughout the week.

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Bitcoin eyes third weekly close above $60K as Ethereum fuels new altcoin market cap record - Cointelegraph

A yearlong price rally in the Bitcoin (BTC) market and hopes for more upside moves in the future has prompted traders to hold the token instead of trading it for other assets, Glassnode data shows.

The blockchain data analytics service revealed on Oct. 28that the total amount of "hodled or lost coins" reacheda nine-month high of over 7.21 million BTC. In simple terms, the Bitcoin metric reflected an increase in out-of-circulation tokens those that may have been stored in cold wallets by long-term holders or lost due to human errors, with little chance of recovery.

As a result, the total number of lost/hodled Bitcoin exceeded 34% of its total supply of 21 million tokens, making the cryptocurrency more scarce.

Further data provided by CryptoQuant showed that the amount of Bitcoin reserves held across all the crypto exchanges dropped to its lowest level since August 2018 at 2.337 million BTC on Oct. 28, 2021.

Meanwhile, the Miners Position Index (MPI), which measures the ratio of BTC leaving all miners' wallets to its 1-year moving average, has been trading below zero since March 6, 2021, suggesting strong accumulation among miners.

"The amount of Bitcoins [owned by miners] is on similar levels that ... in May when the price was under $40k," noted a CryptoQuant analyst as BTC attempted to rebound after falling below $60,000 on Oct. 26, adding:

Bitcoin's price correction from around $67,000 to $58,100 appeared after October's 60% rally. However, BTC/USD formed a parallel descending channel range (purple), raising possibilities that the structure is a Bull Flag.

Bulls Flags are bullish continuation patterns that send the price in the direction of their previous trend following a consolidation period to the downside. In doing so, the technical indicator eyes their upside targets at length equal to the size of the previous uptrend, also known as Flagpole, once the price breaks above the Flag's upper trendline with higher volumes.

Related:Is Bitcoin price mimicking the 2017 bull run? Find out on The Market Report with ETF expert Eric Balchunas

The Bitcoin flagpole is approximately $15,000 long. That means the cryptocurrency could technically rise by as much as $15,000 from the point of the breakout. The Fibonacci levels in the chart above may work as floors to support rebound towards or above $70,000.

However, not all traders are convinced the current setup is bullish in the short term.

"Some would say this is a bull flag, and that's possible. But the volume characteristics point to a move lower from here, most likely, IMO," commented pseudonymous crypto trader Alex.

Fellow trader Pentoshi added that a break below the recent lows of $58,000 would be bad news for the bulls. He said:

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin hodling rate reaches 9-month high, boosting hopes of 'bull flag' rally to $70K - Cointelegraph