Bitcoin
Bitcoin has soared: what should investors do?
Bitcoin has recovered.
to obtain
Mt Gox and German dump cracked bitcoin
Bitcoin
out of reach in a way that would test even the most bullish holder, let alone anyone who likes to interpret charts. The $60,000 level was a pretty strong line in the sand for anyone other than a diamond-handed, hodl-till-you-die bitcoin maxi.
However, bitcoin has come back with a vengeance.
Here’s that heart-wrenching move:
Bitcoin chart shows drastic upward movement
Credit: ADVFN
If as a holder you were not scared, as the saying goes, you clearly did not understand the situation.
I wrote here that because of this pause, I was no longer a bull, simply a holder of crypto for portfolio diversification. I can’t say that my position has changed. Here are the options:
1) Trade what you see
2) Grab
3) Run away
I remain a pessimistic hodler.
This is what I see:
Here’s what I see on the bitcoin chart
Credit: ADVFN
A trader would probably see a rally and buy the dips, but you have to have a speculative constitution to do that, or you wouldn’t know that it tends to end in tears.
You can play with the range, but the strategic position is the same as it was in March. We are trading at a breakeven point and something will need to happen to shift that breakeven point up or down.
You could argue that the breakdowns below $60,000 suggest that a downward move is more likely than a breakout. However, sharing details is never a good way to invest or trade. If you know, act; if you don’t know, don’t move.
I don’t know, that’s why I’m not moving.
Not all factors that drive repricing are acute; they are often chronic factors that worsen to the point of breaking the price barrier.
With bitcoin, that could be the miners. Miners are not having a good time:
Bitcoin Hashrate Chart Shows Miners Are Suffering
Credit: bitinfocharts.com
Often, a drop in mining foreshadows a rise in price. We are currently experiencing a 20% to 30% drop in hash rate, as you can see in this chart from bitinfocharts.com.
So this is interesting and bullish. You can see that in the past a drop in hash rate occurs before a rise in price and you could say, a drop in hash rate creates a supply squeeze.
Hashrate chart shows previous drops that were followed by price increases
Credit: bitinfocharts.com
Mt Gox’s bitcoin liquidation distribution increases supply, but the halving reduces it, so these are the factors driving the price now. For me, Mt Gox is out, but the new reduced supply is a given and a constant, and I can’t help but believe that a halving of supply equates to a doubling of price, all other factors being equal.
So for me, the way to play it is still the same old hodl position, watch the box and try not to get too nervous. A lot of people in crypto are trying to trade a life-changing situation with a big win, so they won’t want the following advice. Size your position so that you don’t care what bitcoin is doing day to day. Bitcoin is no more powerful than the right stock right now.
I continue to believe in the potential of the halvening as the driver of a final stage. I will wait until something definitive happens.
Disclaimer: I own bitcoin.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
Getty Images
The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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