Cryptocurrency
Significant growth in Bitcoin is now considered extremely unlikely. What prevents the main cryptocurrency?
Published
1 month agoon
By
letizo News
One of the expected events of this week is the growth of Bitcoin to the level of 20 thousand dollars. So far, the main cryptocurrency is trading below this line, which was previously considered by many to be a very important support level and just a psychological mark. At the same time, BTC is now dependent on the dynamics of the DXY index, which is a representation of the strength of the U.S. dollar against a basket of the other six most weighty currencies in the world and is breaking records. Let’s talk more about the current conditions in the coin market.
At the moment, most experts really don’t expect any dramatic change in what’s happening in the coin industry, as inflation in various regions continues to pick up and geopolitical issues have not yet been resolved. That doesn’t mean, however, that the growth phase for the cryptocurrency niche will never come.
There could be several reasons for the transition to coin growth. The main one is a change in the policy of the Federal Reserve, whose representatives should sooner or later leave the key rate alone after its long rise. Also, adoption of a spot ETF on Bitcoin would have a good effect.
That said, in the short term there really isn’t much to expect from the coin market.
Why Bitcoin is not rising
The DXY index is near its all-time highs at the moment, which shows the strength of the dollar against other assets, although it has seen a slight correction in the last few days.
Even such a slight drop in the index is a very sensitive indicator for the price of Bitcoin. It is worth noting how quickly risky assets rise when the DXY drops even to its lowest value. They react much more strongly to a drop in the index than to its rise. When the DXY falls even lower, more notable bounces in the crypto market are expected.
In other words, the analyst is betting on the weakening of the dollar against other assets. Such a situation usually creates conditions for investors’ activity, as they face the need to invest their own capital. And cryptocurrencies are an attractive niche, given their fundamental features.
First, we are talking about the fixed rate of inflation, which cannot be influenced. As of today, this Bitcoin indicator is 1.68 percent per year – that is exactly the share by which the total supply of bitcoins increases over a year. At the same time, in the overall economy of various countries, this figure in annual terms exceeds 10 percent.
Some experts are even more pessimistic. They argue that the probability of Bitcoin growing to at least $24,000 soon is “quite low.” A similar situation is also seen in the stock market – investors should allegedly prepare for a new wave of correction, rather than aiming for higher levels.
Bitcoin is weakly showing any preconditions for growth. After falling below $20,000 this week, the main cryptocurrency has not demonstrated even an attempt to approach thelevel. At the same time, any serious fall from current values could mean much bigger losses for investors, as the scale of this correction is already unprecedented.
Glassnode analysts have noted a trend of “heavy pressure” on long-term Bitcoin holders. This does not mean that the current bearish trend is even close to its bottom, and in fact it only lasts fully just over 50 days. By comparison, the bear trends of 2015 and 2018 lasted 402 and 328 days, respectively. Although, if we consider the market peak to be November 2021, when Bitcoin reached $69,000, the final current interval turns out to be longer.
So there is a chance that true fans of digital assets have yet to prove their unwavering faith in the industry. And Glassnode analysts also make it clear that it is too early to wait for the final turn of the industry in the direction of the bulls.
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Cryptocurrency
Huobi CEO wants to sell stake in business
Published
2 days agoon
August 12, 2022By
letizo News
Huobi exchange CEO Leon Lee is in talks to sell his stake in the business for $3 billion
The founder of the cryptocurrency exchange Huobi, Leon Lee, is in talks with a group of investors to sell a controlling stake in the cryptocurrency exchange for $3 billion, Bloomberg reported, citing sources close to the negotiations.
Lee intends to sell about 60% of the company, which he founded nearly a decade ago. TRON ecosystem founder Justin Sun and FTX CEO Sam Bankman-Fried are among those interested. It remains unclear, however, whether they have agreed to the terms of the deal.
According to unofficial information, the deal could be completed as early as the end of August, but the exact timing remains unclear. Huobi CEO confirmed in a comment to Bloomberg that Lee is discussing the sale of a stake, but declined to elaborate on the details. At the same time, Justin Sun said in a media commentary that he was not in talks with the head of Huobi to buy the business.
Bloomberg notes that for health reasons, Lee has long given others control of the Huobi business. Whether the current deal is related to his health is unclear.
As a reminder, Huobi curtailed its mining business in China in the summer of 2021 and also limited its trading functionality. According to media reports, OKEx, a cryptocurrency exchange, also closed its business in China.
Huobi said the decision was made because of “dynamic changes in the market.” Representatives of the exchange added that this way they wanted to protect the interests of investors. The “temporary” restrictions included futures contracts, crypto products traded on exchanges, as well as lending.
Earlier we reported that the U.S. stock exchange regulator launched an investigation into Coinbase.
Cryptocurrency
Arrests have begun in Korea in a case involving the laundering of billions in the biggest crypto exchanges in Korea
Published
2 days agoon
August 12, 2022By
letizo News
Law enforcement authorities in South Korea have begun making arrests in a case involving abnormal bank transfers linked to the biggest crypto exchanges in Korea.
The South Korean prosecutor’s office has made its first arrests in the investigation of over $3 billion in illegal cryptocurrency-related transactions. This was reported by Bloomberg, citing the prosecutor’s office in Daegu.
As you know, Korea bans cryptocurrency. It is reported that law enforcement authorities have detained three suspects in the creation of fictitious companies to conduct the business of trading cryptocurrency without a license. According to the prosecutor’s office, the detainees are also suspected of providing false data to banking organizations for arbitrage totaling $307 million.
As noted by the media, the detainees are being held as part of a case of billions of dollars in transfers through major Korean banks since February 2021. As a reminder, the editorial board wrote that two Korean banks (Woori Bank and Shinhan Bank) had anomalous $3.1 billion worth of currency transactions, with local regulators claiming that cryptocurrency exchanges and a certain local trading company were involved in most of the transactions.
In fact, the investigation against the banks is linked to the collapse of the Terra ecosystem. The media revealed that the Korean financial regulator contacted the banks just a week after prosecutors raided seven of the country’s largest cryptocurrency exchanges in a case involving the collapse of the blockchain ecosystem.
As the editorial wrote, prosecutors seized transaction records as well as other material from the Bithumb, Upbit, Coinone, and other exchanges. In addition to the trading venues, prosecutors also raided eight other locations, including the offices and private property of those involved in the case.
We previously reported that OpenSea is allowed to resell stolen NFTs, as long as it does not force OpenSea to report stolen NFTs.
Cryptocurrency
Best crypto traders to follow do not believe in improvement of the situation in the crypto market
Published
2 days agoon
August 12, 2022By
letizo News
According to the survey, 90% of best crypto traders to follow consider the possibility of the economic crisis in the U.S., with 74% of them expecting it this year
According to the survey, 18% of traders are now most worried about the possibility of an economic crisis – 6% more than in the previous quarter. It turns out that 63% of traders surveyed have a negative attitude toward crypto and meme coins.
An economic crisis is inevitable, said crypto traders
The survey also revealed that few traders intended to buy digital assets soon. Basically, only experienced investors and buyers are ready to stay in the market.
Meanwhile, a large majority (69%) of respondents believe that the economic crisis will last a year or less. Only one in five withdraws funds from the stock market in an attempt to protect themselves from a possible fall.
It’s worth noting that despite having the highest correlation between stocks and crypto in several years, bitcoin’s moving correlation with Nasdaq bonds has fallen to its lowest level in three months. What does this mean? The crypto market is finally moving away from traditional assets.
Inflation is still the top concern for traders (21%), and nearly 79% of them expect it to decline by the end of 2023. Most traders also believe the Fed will gradually slow interest rate hikes for the remainder of 2022.
After all, according to the Consumer Price Index report released by the U.S. Department of Labor, annual inflation in the United States slowed to 8.5% in July.
Earlier we reported that Crypto prices today rise as U.S. inflation declines.
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