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The president of El Salvadorâs bill to make Bitcoin (BTC) legal tender in El Salvador passed congress with a supermajority in the Salvadoran Congress with 62 out of 84 votes just before 6 am UTC. âIt goes into effect immediately,â he said, clarifying the government would allow 90 days for the infrastructure to be put into place.
In other trending Bitcoin News today: Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation. Eduardo Murat Hinojosa, a senator of the federal government of Mexico, has said he will be submitting a proposal to lawmakers seemingly aimed at crypto adoption in the country.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/berkshire-hathaway-invests-500m-in-brazilian-digital-bank
https://cointelegraph.com/news/el-salvador-president-bitcoin-law-will-be-approved-tonight
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BITCOIN COULD SOON SEE 20% SURGE TO ,700 | BTC Pullback Accelerates, Crypto Bull Run Over?
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BITCOIN PRICE HOLDING THIS ESSENTIAL LEVEL WILL LEAD TO 20% RALLY
Bitcoin has seen quite the turn of events over the weekend; the BTC price of the leading cryptocurrency has whipsawed between $9,700 and $10,500, failing to establish a short-term trend due to an endless tug of war between buyers and sellers.
While many analysts and investors have attributed this indecisive price action to a potential topping in the Bitcoin (BTC) market, some are sure the asset is poised to continue even higher in the coming weeks, citing the fact the cryptocurrency maintained the $9,500 price point â a level that has been critical for BTC to hold over the past few months.
Prominent cryptocurrency investor George recently remarked the Bitcoin price is still on track to rally towards the $11,700 price point â around 17% higher than the current price â in the coming weeks.
He backed this forecast by posting a chart, seemingly suggesting the cryptocurrency, despite rejecting the 0.25 level of a weekly range formed in 2019, has held the $9,700 swing low and the $9,500 inflection point.
George further explained âKeep it simple, $11,700 is next. Invalidation [if there is a] clean break below $9,500.â
BITCOIN PULLBACK ACCELERATES, IS THE CRYPTO BULL RUN OVER?
The crypto correction that began over the weekend has accelerated into Monday morning as bitcoin slides back towards support.
Altcoins, which have rallied hard recently, are in deeper pain with several dumping double digits today.
Total crypto market capitalization has dumped a further $15 billion over the past 24 hours or so.
The slide has taken total cap back to $280 billion, which is still 47% higher than it was at the beginning of the year.
Bitcoin has failed to break $10k again and further losses are expected but how low will it fall this time?
Lower highs are being made on the bitcoin chart which means that the short term downtrend is accelerating.
It failed to break resistance at $10k a few hours ago and has since slumped back towards $9,700 where there is support.
If this level does not hold BTC is expected to fall back to the $9,350 region where there is further support.
If this crucial zone is broken then things could get ugly fast with a potential dump back into the low $8k region.
Analysts and traders remain optimistic however with some pointing out that the correction is not even 10% yet from a climb of 46% so far this year.
â$BTC has risen 60+% since the first of the year and everybody is now scared of a 10% drop? Really?â â CryptoFibonacci
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
$BTCBullish â nice 4 hr & daily close to end Sunday, bounced at key area of $9800 (HVN)Bearish â still forming lower highs/lower lows on intraday charts, CME price pullback from $10,075. less premium
Still needs to hold $9800+ on HTF or we’ll still visit $9,300 to $9,550 pic.twitter.com/G1LCcGqjF2
â Josh Rager đ (@Josh_Rager) February 17, 2020
I wouldn’t mind a 10-20% dip here if it means alts crash by 70%+. The malinvestments from the last bubble don’t feel finished 2+ years later.
â Jimmy Song (ìĄìŹì€) (@jimmysong) February 17, 2020
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Joe Rogan Loves Bitcoin, Says itâs âTransformationalâ | 0,000 BTC Assault With Renewed Vigor!
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$1 Billion Liquidated as Bitcoin Price Crashes by $1.4K in Minutes
The BTC price and Ethereum price plunged by 13% and 21%, respectively, within minutes on Aug. 2.
The move liquidated more than $1 billion worth of futures contracts as BTC/USD dropped from around $12,000 to as low as $10,550.
There appear to be two main reasons behind the sudden cascade of liquidations.
First, the volume in the cryptocurrency market tends to drop during weekends.
Second, the market was heavily swayed to longs or buyers.
In other trending Bitcoin news today:
Joe Rogan Says Bitcoin Is Transformational, Tells Audience of 200,000,000 to Get on Board
Prominent podcaster Joe Rogan is urging his audience of 200 million to buy Bitcoin and start stacking sats.
On the opening salvo of episode 1,515 of the Joe Rogan Experience, Rogan promotes Bitcoin as part of a Cash App advertisement.
Rogan touts Cash Appâs ability to let users to automatically purchase Bitcoin at different intervals based on their preferences.
âWith the Cash App, you can automatically purchase bitcoin, daily, weekly or even bi-weekly, known in the industry as stacking sats. Sats is short for Satoshi â the legendary person who created BitcoinâŠ
Bitcoin, what it is for sure, is a transformational digital currency that acts as a decentralized peer-to peer-payment network powered by its users with no central authority. I love it. I wish it was the way we exchanged currency and maybe it will be in the future. Get on board.â
$20,000 Wonât Pose Any Resistance for Bitcoin Price, Says Max Keiser
According to Heisenberg Capital founder and Keiser Report host Max Keiser, the price of Bitcoin (BTC) would soon rally to $28,000.
He believes the all-time high of BTC at $20,000 likely wonât act as resistance.
Keiser, who is an early investor in unicorn Kraken and $100-million-worth Bitstamp, said:
âThe $20,000 level for Bitcoin wonât pose any resistance. We wonât see any resistance till $28,000. A brief pullback then the assault on $100,000 begins with renewed vigor.â
In the past 12 days, the price of Bitcoin has increased from $9,200 to $12,000, marking the highest price in over a year.
The cryptocurrency market is benefiting from the strong momentum of Bitcoin and Ethereumâs Ether.
Keiser reaffirms his $100,000 Bitcoin prediction Throughout the Bitcoin rally in the past month, Keiser has continuously reaffirmed his position on the medium-term trend of BTC.
He expects BTC to eventually surpass $28,000, and shoot for a new all-time high at six figures.
In late July, when the price of Bitcoin first broke out of $11,000, Keiser said a six-figure BTC is likely.
Since then, BTC has confirmed $10,400 as a key support level, maintaining its momentum. He said:
â$28,000 is in play before we see a pullback â and then weâre heading to 6-figures.â
DataDash: Two Crypto Newcomers Will Surge Alongside Bitcoin, Ethereum and XRP in New Bull Cycle Crypto analyst Nicholas Merten says two mid-cap crypto assets will soar along with Bitcoin, Ethereum, and XRP as a new bull market emerges.
On the latest episode of DataDash, Merten says a broad correction in the altcoin markets is offering investors a chance to hop in before the next big rally explodes. He says traders should keep an eye on the relative crypto newcomers Cardano (ADA) and Tezos (XTZ) in preparation for the next bullish breakout.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/20-000-wont-pose-any-resistance-for-bitcoin-price-says-max-keiser
https://cointelegraph.com/news/1-billion-liquidated-as-bitcoin-price-crashes-by-14k-in-minutes
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Bitcoin (BTC), XRP, Ethereum (ETH), and Crypto Hot Trends For 2020 | John McAfee Halts Crypto Promos
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Bitcoin (BTC), XRP, Ethereum (ETH), and the entire Crypto sector has gone through a turbulent year, with significant developments in the background.
Despite the setbacks, there are expectations for significant trends that will shape the moods, attitudes, and decision-making in 2020, which comes with various predictions as the Bitcoin market is about to choose a direction.
Messari has posted a report with 120 trends and opportunities in the Cryptocurrency sector, expected to appear and expand in the coming year.
âThis is NOT an objective analysis, but a collection of my / our strong convictions for the decade ahead. Itâs based primarily on my nearly seven years studying this industry closely and working in it full time.â â Ryan Selkis
Previous trends in crypto have been altered by Selkis.
He is now especially critical of Ripple XRP, calling it a project thatâs âtoo-big-to-jailâ.
At the same time, Tether (USDT) was a surprise, in that it continued to keep its dollar peg, while the project remained solvent.
EOS on the other hand, was deemed as being âbroken and ran by a cartelâ.
In 2020, BTC will lead again as the best performing asset, while altcoins will only follow if the Bitcoin price remains stable.
Smaller coins and tokens will continue to dump into oblivion, while other underwhelming trends will include tokenized securities, which still lag behind.
On a wider scale, the Crypto sector may give rise to a serious Web 3.0 movement, with decentralized hardware and the willingness to build a new infrastructure less reliant on surveillance and centralization.
In other Bitcoin news today, Crypto-preneur John McAfee says he will stop promoting individual coins to focus on his presidential bid â but already knows he will not win.
In a series of Tweets beginning on Dec. 14, McAfee, who has built a large following among crypto users, claimed that championing individual projects in the space took up too much of his time.
âPeople ask why I am no longer doing Blockchain promotions. It is very time consuming. My Presidential Campaign will be starting in earnest in January and I cannot do both. I am in no way abandoning crypto; only the task of promoting specific projects.â â John McAfee
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
WOAH (as @APompliano would say)I just published my most ambitious piece in the ~7 years I’ve been studying crypto full-time:”Crypto Theses for 2020″
Over the past eight days, I compiled 120 nuggets of my clearest thoughts into one 70 page report.https://t.co/dMSafdfW5k
â Ryan Selkis (@twobitidiot) December 16, 2019
I’m not backing off from Crypto. I’m backing off from promoting specific coins or projects. It’s the Wild West here in Crypto. Even I cannot properly vet anything in this nuclear explosion of technology, promise and exploitation to the degree that I am comfortable promoting it.
â John McAfee (@officialmcafee) December 14, 2019
Crypto Hot Trends and Opportunities for 2020, Messari Research
https://cointelegraph.com/news/no-chance-john-mcafee-halts-crypto-promo-as-us-2020-elections-near
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