Bitcoin
Russian tax authority proposes to use bitcoin for international payments
The Russian Federal Tax Office (RFB) has come forward with a surprising idea in the crypto law debate in Russia. According to the RFB, it is a good idea to allow companies to make international payments with crypto. Izvestia, a local newspaper, reports that the RFB submitted this as official feedback on the crypto legislation on Wednesday. “[…] to allow companies to pay foreign parties for goods and services and receive payments in digital currencies,” the RFB said in response to the first draft of the cryptocurrency bill in Russia. It could be a way to neutralize sanctions from the West. Should the proposal make it to the finish line, it would mean a significant change in Russia’s price on crypto. Cryptocurrency as an escape route As mentioned, the RFB’s proposal has the potential to comp...
Simplify files with SEC for Bitcoin Strategy Risk-Managed Income ETF
Asset manager Simplify has filed a registration statement with the United States Securities and Exchange Commission to list shares of an exchange-traded fund linked to Bitcoin futures, Treasury securities, and options. In a Wednesday filing, Simplify applied with the SEC for an investment vehicle based on a Bitcoin (BTC) futures strategy, an income strategy, and an option overlay strategy. The Bitcoin Strategy Risk-Managed Income ETF, to be listed under the ticker MAXI on Nasdaq, is a series of exchange-traded funds from the asset management company. The fund will indirectly invest in BTC using crypto futures and, as part of its income strategy, hold short-term U.S. Treasury securities and ETFs that invest in Treasury securities. For its option overlay strategy, Simplify said it would purc...
Ripple CEO says Bitcoin tribalism is curtailing overall progress
Brad Garlinghouse says there is fractured representation in the crypto industry Garlinghouse also believes that there’ll be many winners with the explosion of crypto, not just one Ripple Labs CEO Brad Garlinghouse has gone in on Bitcoin maximalists over their role in impeding the growth of the larger crypto scene. Speaking recently during a fireside chat at the Paris Blockchain Week Summit, Garlinghouse told CNBC that this class of Bitcoin followers has created ‘tribalism’ and polarisation which aren’t good factors. “Polarisation isn’t healthy in my judgement,” the Ripple CEO said. A boom is coming, and Garlinghouse is in for it Garlinghouse explained that he believes that the scene will eventually explode and is convinced that the wave will carry many along with it. In t...
Ethereum price ‘bear flag’ could sink ETH to $2K after 20% decline in three weeks
Ethereum’s native token Ether (ETH) has dropped by nearly 20% in the last three weeks, hitting monthly lows near $2,900 on April 19. But despite rebounding above $3,000 since, technicals suggest more downside is possible in the near term, according to a classic bearish pattern. Ethereum price ‘bear flag’ setup activated Dubbed “bear flag,” the bearish continuation signal appears as the price consolidates higher inside an ascending parallel channel after a strong downward move (called the flagpole). It resolves after the price breaks out of the channel to drop further. ETH’s price turned lower after testing its bear flag’s upper trendline on April 4 and now eyes an extended decline towards its lower trendline near $2,700. If the pattern pans out as ...
Bitcoin hodlers targeting $100K is what’s preventing 40% price drawdown, data suggests
Bitcoin (BTC) dropping to $25,000 or lower is unlikely thanks to hodlers hoping for all-time highs, not speculative traders, new research says. In a series of tweets on April 19, popular analyst Root argued that there is “no real reason” for a dramatic Bitcoin sell-off. No major selling from “maturing” hodlers Bitcoin has yet to wow the market with its all-time highs this halving cycle, and this has contributed to a loss of faith among some investors. At the same time, on-chain indicators remain much more bullish than spot price action, and those investors still in the market support the idea that BTC/USD will go far higher in the future. This is thanks to a lack of short-term holders (STHs) on the market, Root notes. Even the most recent all-time highs of $69,000 last November...
Bitcoin trading volume in Q1 fell 60% compared to the volume in Q1 2021
The overall downtrend in the crypto market has affected Bitcoin trading volume Market data shows Bitcoin trading volume in Q1 was less than half that recorded last year over the same period Many cryptocurrencies shed significant value in the first two months of 2022. While figures from the second half of March indicated a steady price uptrend, gains were not huge enough to upset the heavy losses recorded between January and February. Effects of this bearish market have been reflected in the trading volume figures. Bitcoin trading volume in Q1 2022 The interest in Bitcoin from investors, in particular, has been on a steep decline as the crypto market. The flagship cryptocurrency saw a decrease of $3.6 trillion in trading volume from around $6.02 trillion ...
Price analysis 4/18: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT
Bitcoin (BTC) and most major altcoins have started the new week on a soft note and the Crypto Fear and Greed Index has dropped into the “extreme fear” zone, suggesting that investors are still nervous. Bitcoin has declined about 17% year-to-date while the Nasdaq 100 has dropped about 16% during the same period, indicating a tight correlation between the two. In comparison, gold has risen more than 10% in 2022 and its 50-day correlation coefficient with Bitcoin “is around minus 0.4, the lowest since 2018,” according to journalist Colin Wu. Daily cryptocurrency market performance. Source: Coin360 Although the crypto price action has remained bearish, the declining balance of Bitcoin on the crypto exchanges indicates that long-term investors are unperturbed and continue to accumulate at...
Bitcoin holds $40K over Easter but thin liquidity, ‘capitulation’ risk haunt traders
Bitcoin (BTC) chose compression over the Easter weekend, sparing nervous traders a fresh dive below $40,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Derivatives traders take no risks Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting in a narrowing range with $40,700 as its ceiling Saturday and Sunday. The pair saw little action as the holiday period began, with United States equities markets off from Good Friday onwards, allowing crypto to avoid correlation-based volatility. With Monday likewise a non-trading day, Bitcoin was set for four days of “out-of-hours” trading. While that meant its stocks correlation mattered less, there were other forces at play ready to spook sentiment. Market liquidity stayed lower than on workdays, a...
Top 5 cryptocurrencies to watch this week: BTC, XRP, LINK, BCH, FIL
Bitcoin (BTC) and most major altcoins have been relatively quiet during the holiday period from Good Friday onward. This suggests that cryptocurrency traders are not initiating large bets during the period when the U.S. equities markets are closed. That could be because of the tight correlation between Bitcoin and the S&P 500 and the uncertainty about the equity market’s performance in the next week. While some analysts expect weakness in the near term, others believe that Bitcoin could be in a consolidation phase with a large portion of its upside in the four-year halving cycle yet to come. Josh Olszewicz, head of research at alternative asset management firm Valkyrie, said: “Interesting. Maybe we never got the blow-off top…because it hasn’t happened yet.” Crypto mar...
Bitcoin spot vs. futures ETFs: Key differences explained
The Bitcoin spot ETF does not yet exist, with crypto companies proposing various concepts to the Securities and Exchange Commission (SEC) over the years. However, a few companies have legitimized the Bitcoin futures ETF. Crypto companies have fought to legitimize a Bitcoin spot ETF in the United States for years, but the SEC has yet to give in despite its recent two allegedly “crypto-positive” chairmen. For instance, Jay Clayton, who was head of the SEC from May 4, 2017, to December 23, 2020, is a fan of Bitcoin as a store of value. However, no proposal convinced Clayton that a Bitcoin ETF of any kind was ready. Clayton’s successor, Gary Gensler, approved ProShares’ BITO. Other ETF proposals, including those from Valkyrie and Van ...
Bitcoin clings to $40K support as focus returns to BTC price ‘supercycle’
Bitcoin (BTC) fooled no one with its criss-crossing of $40,000 on April 15 as traders remained firmly risk-off on BTC. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin returns to key 2022 Fib level Data from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing modestly after returning to the $39,500 zone on April 14. The move erased an impulse move higher from earlier in the week, underscoring the lack of bullish market momentum despite conspicuous demand for Bitcoin among institutional buyers. For popular trader Crypto Ed, there was reason to believe that further downside would soon ensue. Current levels, he warned viewers in his latest YouTube update, did not constitute a suitable ground for a long position. “With the upcoming weekend, I would b...
Price analysis 4/15: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT
Bitcoin (BTC) remains closely correlated with the S&P 500 but the institutional investors do not seem to be waiting for a turnaround in the United States’ equities market or decoupling to happen before buying more Bitcoin. Notably, 30,000 Bitcoin moved out of Coinbase Pro in a single day, suggesting strong institutional demand. MicroStrategy, the publicly listed company, which is the largest single-wallet holder of Bitcoin, does not seem to be content with its stash of 129,219 Bitcoin. In a letter to shareholders, the firm’s CEO Michael Saylor said that the company aims to “vigorously pursue” and “increase awareness” about its Bitcoin strategy. Daily cryptocurrency market performance. Source: Coin360 Another entity that has been at the forefront of Bitcoin purchases in the p...
