Tag: #Bitcoin

Bitcoin price rolls on the runway ready for takeoff to $70,000

Bitcoin price rolls on the runway ready for takeoff to $70,000

Bitcoin spurred action across the cryptocurrency market on making a confirmed break above $60,000. Moreover, lifting above the recent all-time high near $62,000 proved to investors that the bull run had returned. Buyers rushed into the market on Tuesday, adding weight to the bullish outlook. At the time of writing, Bitcoin dodders slightly under $64,000 amid the renewed bullish outlook.

Bitcoin bulls back in the cockpit
The flagship cryptocurrency is trading within the confines of an ascending parallel channel, as illustrated on the four-hour chart. Breaking above the middle boundary paved the way for gains eyeing a spike to highs above $65,000 and toward $70,000.

It is worth mentioning that the Moving Average (MACD) indicator puts the bullish narrative into perspective. The recent MACD line (blue) strike above the signal line added credence to the bullish outlook. As long as the technical picture remains intact, the bellwether cryptocurrency may hold the uptrend to new historical highs.

BTC/USD four-hour chart

The 50 Simple Moving Average (SMA) on the four-hour chart has sustained the position above the 200 SMA since the golden cross at the beginning of April. In other words, this technical picture confirms the buyers are firmly in control.

As the bulls reach new all-time highs, a break above the upper channel’s edge would trigger more buy orders as the fear of missing out (FOMO) grips investors. Speculation for a rise to $70,000 will likely increase, steadying Bitcoin’s journey.

Bitcoin intraday levels
Spot rate: $63,730

Trend: Bullish

Volatility: Growing

Support: $63,000, $62,000 and $60,000

Resistance: Ascending channel’s upper edge

The post Bitcoin price rolls on the runway ready for takeoff to $70,000 as market cap nears $2 trillion appeared first on Coingape.


Source – Coin Market Cap 

 

Binance exchange to list Coinbase stock token later on today

Binance exchange to list Coinbase stock token later on today

Crypto exchange Binance is set to list rival Coinbase’s stock token today.

The listing will take place at a UTC time after Coinbase goes public on Nasdaq. The specific time isn’t known yet. The listing will allow Binance users to trade Coinbase stock in fractions.

Binance started trading in tokenized stocks earlier this week, beginning with Tesla. At the time, the exchange said it would list more stock tokens based on market demand.

The Tesla stock token has seen a trading volume of $6.7 million within three days of its listing on Binance.

Binance’s stock tokens are priced and settled in BUSD, meaning users can buy and redeem them via the exchange’s stablecoin.

Interested traders are required to pass know-your-customer and other relevant compliance measures. However, residents of the U.S., mainland China, Turkey, and other restricted jurisdictions are barred from buying stock tokens on Binance.

Since Binance follows traditional market hours for tokenized stock trading, the Coinbase stock token will follow Nasdaq hours.

It is not clear who will help Binance settle the Coinbase stock token. The Block has reached out to Binance and will update this story should we hear back.

Source – The Block Crypto 

XRP Surging Towards $2, Bitcoin and Ethereum Extend Rally

XRP Surging Towards USD 2, Bitcoin and Ethereum Extend Rally

Bitcoin price started a strong increase above the USD 62,000 level. BTC even broke the USD 63,500 level and it traded to a new all-time high. It is currently (04:00 UTC) showing positive signs and it could soon continue higher above USD 64,000.

Similarly, most major altcoins are gaining bullish momentum. ETH is accelerating gains and it even broke the USD 2,300 level. XRP is also outperforming and it is now trading above USD 1.80.

Bitcoin price
In the past three sessions, bitcoin price gained bullish momentum above the USD 62,000 level. BTC even broke the USD 63,000 and it traded to a new all-time high above USD 63,800. It seems like the price might continue higher above the USD 64,000 level. The next major resistance is near the USD 64,500 level.
If there is a downside correction, the USD 63,000 level is an immediate support. The next major support is now forming near the USD 62,200 level.

Ethereum price

Ethereum price is gaining pace above the USD 2,250 and USD 2,300 levels. ETH traded to a new all-time high near the USD 2,350 level. The current price action is positive and it seems like the bulls are aiming for more gains towards the USD 2,400 level.
On the downside, USD 2,300 level is a major support. Any more losses may possibly lead the price towards the USD 2,265 level.

BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is lagging bitcoin, but it is slowly rising above USD 550. BNB is trading above USD 565 and it might continue to rise towards the USD 580 resistance. The next major resistance is now forming near the USD 600 level. The main support is now forming near USD 550.
Cardano (ADA) is up over 10% and it is gaining pace above USD 1.400. ADA is rising and it is trading above USD 1.465. A clear break above the USD 1.50 resistance could open the doors for a strong increase. The next major resistance is near the USD 1.62 level.
Litecoin (LTC) is up 12% and it broke the USD 265 resistance. LTC is now trading above USD 275 and it might attempt an upside break above the USD 280 level. If there is a downside correction, the USD 268 and USD 265 levels might provide support.
XRP price is outperforming bitcoin and it rallied over 25%. The bulls were able to push the price above the USD 1.80 level and it seems like they are aiming for a test of the USD 2.00 level.

Other altcoins market today
Many altcoins gained over 10%, including DOGE, IOST, EOS, BCH, BSV, MATIC, VET, RUNE, TRX, ETC, LINK, XLM, ATOM, LTC, ZEN, QTUM, and HBAR. Out of these, DOGE rallied over 50% and it even broke the USD 0.10 level.

Overall, bitcoin price is gaining pace above the USD 63,000 level. If BTC extends gains above USD 64,000, there are chances of a move towards the USD 65,000 level.

Source – CryptoNews 

Author Robert Kiyosaki Predicts Bitcoin Price Will Be $1.2 Million in 5 Years

Author Robert Kiyosaki Predicts Bitcoin Price Will Be $1.2 Million in 5 Years

Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” has predicted that the price of bitcoin will increase to $1.2 million within five years. Kiyosaki revealed that he bought bitcoin at $9,000, adding that he may buy the cryptocurrency again “today or tomorrow just because I’m more bullish on it.”

Robert Kiyosaki Expects Bitcoin’s Price to Surpass $1 Million in 5 Years
Robert Kiyosaki has shared his prediction of how high he thinks bitcoin’s price would be. The Rich Dad Poor Dad author accurately predicted in December last year that the price of the cryptocurrency would reach $50,000 in 2021.

Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. Over 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki was asked in an interview with Kitco News last week if it is too late to buy bitcoin at the current price of between $50,000 and $60,000. Noting that “There is always the entry point,” the famous author proceeded to share: “I bought bitcoin at $9,000 and I thought I was being fleeced but the reason I bought it at $9,000 was because Covid shut down the world economy,” he said, adding that “I wish I bought it at 10 cents like a lot of people did.”

He continued, “But now I look like a genius,” given the price of bitcoin is currently around $60,000. He additionally pointed out that money printing by the government, excessive stimulus, and the devaluation of the U.S. dollar are what give bitcoin and gold their appeal. The Rich Dad Poor Dad author elaborated:

I think it’s going to $1.2 million in five more years.

Regarding his bullish BTC price prediction, he was further asked whether he thinks the government would intervene in one form or another. Several notable people believe that the government could take serious measures against cryptocurrency, including outlawing bitcoin, including Bridgewater Associates founder Ray Dalio, The Big Short’s Michael Burry, and Ron Paul.

“I think they [the government] will try,” Kiyosaki replied. “But, the problem is too big,” he exclaimed. “Our pensions are going bust. Baby boomers have no money. They shut down the economy. They’re gonna print … another $1.9 trillion. So, it has never worked. It’s Gresham’s law. Bad money drives out good money. So, when a guy like me gets my hand on bitcoin, I’ll never spend it.” He noted that as a real estate guy, like former President Donald Trump, when he needs money, he would borrow it and spend the “fake money.”

While affirming that he still advocates for bitcoin, Kiyosaki admitted: “I prefer gold and silver because bitcoin is still untested.” Nonetheless, he proceeded to explain: “But I have the wherewithal to withstand the hit if it goes down. But gold and silver are God’s money. I know because I’ve traveled the world looking for this stuff.” Clarifying that he is “not really religious,” the famous author reiterated: “I’m very much in favor of gold and silver because it’s God’s money. God put it here.”

Kiyosaki also revealed that he may buy bitcoin “again today or tomorrow just because I’m more bullish on it.” However, he opined: “I’m not bullish on gold over bitcoin. I’m just bearish on Biden and his communist gang. That’s what I don’t like. I don’t trust the academic elite that’s called Bernanke and Yellen and now we have Powell. These guys are communists. They’ll print money. They’re central bankers.”

Bitcoin Takes Aim at $70,000 as Institutional Demand Skyrockets

Bitcoin Takes Aim at $70,000 as Institutional Demand Skyrockets

Following a month-long consolidation period, the buying pressure behind Bitcoin is finally being reflected on prices. The flagship cryptocurrency has broken through a crucial resistance level, threatening to rise toward $70,000.

Institutional Demand Skyrockets
According to Bloomberg, Tesla’s decision to allocate some of its wealth into BTC served as an “inflection point” that has encouraged many institutions to follow suit. The narrative around cryptos has shifted toward “the risks of missing out on the potential for Bitcoin becoming the global benchmark digital asset.”

Demand for Bitcoin has risen to an all-time high given these chances. From China to the U.S., institutions are rushing to get a piece of the pioneer cryptocurrency.

Over the past week alone, Chinese technology company Meitu scooped up roughly 175 BTC at an aggregate value of approximately $10 million, while business analytics firm MicroStrategy raked in roughly 253 BTC at an average price of $59,339.

Along the same lines, Grayscale bought another $1 billion worth of Bitcoin and other cryptocurrencies, bringing its total assets under management to $46.10 billion.

The growth and gradual maturation of Bitcoin’s spot market are generating heightened interest in the derivatives markets.

JP Morgan maintains that the “richness of [Bitcoin] futures” is quite “acute” as the CME BTC contract offers a 25% annualized slide relative to spot. On other unrelated exchanges, it can be as high as 40%.

“Bitcoin ‘yields’ implied by futures are substantially higher than all major currencies across developed and emerging markets, and the situation is even more pronounced on offshore exchanges… Compared to the explicitly deflationary monetary policy and cross-border transferability of Bitcoin, this hardly seems a plausible substitute,” said JP Morgan.

The American investment bank maintains that the rising demand for BTC and related derivates products makes it ideal to launch a Bitcoin ETF in the U.S., which “could reduce many barriers to entry, bringing new potential demand into the asset class.”

Bitcoin Targets New All-Time High
As the buying pressure behind Bitcoin surged substantially over the past week, its price sliced through a crucial resistance level in the past 24 hours.

BTC has managed to break out of an inverse head-and-shoulders formation that developed over the past month on its 4-hour chart. The distance between the pattern’s neckline and head suggests that Bitcoin can rise by nearly 15% toward the 141.1% or 161.8% Fibonacci retracement level.

 

HSBC bank Reportedly Blocking Bitcoin Investments

HSBC, the world’s sixth-largest bank Reportedly Blocking Bitcoin Investments

HSBC, the world’s sixth-largest bank that has blocked customers from banking Bitcoin profits in the past, has allegedly classified Microstrategy as a “virtual currency product.”

HSBC Blocks Clients, Again
Microstrategy is a business analytics firm that has been encouraging businesses to adopt Bitcoin — most notably their influential founder and CEO Michael Saylor. Microstrategy has amassed enormous Bitcoin holdings consisting of more than 90,000 BTC.

Tweets have surfaced with supposed screenshots of interactions (emails and live customer service chats) with HSBC customer service representatives. In these interactions, the bank is instructing customers to stop buying MSTR stock and that HSBC will not facilitate the purchase or sale of virtual currency products.

A quote from one post reads: “HIDC will not participate in facilitating (buy and/or exchange) product related to virtual currencies, or products related or referencing to the performance of virtual currency.”

That email, dated Mar. 29, 2021, also stated that existing MSTR holdings can be held, sold, or transferred out of the customer’s HSBC InvestDirect account, but new purchases and inward transfers “will not be allowed.”