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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 SOAR TO 0K BY END OF 2021 AS DEMAND RAPIDLY EXCEEDS SUPPLY SAYS ANTHONY POMPLIANO!!
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Bitcoin could surge to $100,000 by the end of 2021, according to the crypto investor Anthony Pompliano.Â
BTC traded as high as $19,389 on Wednesday and is nearing its all-time high, reached in 2017.
Pomp, a cofounder of Morgan Creek Digital, told CNBC on Wednesday that demand for Bitcoin was rapidly outpacing supply, especially after its âhalvingâ in May, when the number of Bitcoins awarded to miners was cut in half.Â
This occurs roughly every four years and serves to limit the supply of BTC coming into the market.Â
Bitcoin is âthe winner of a supply-and-demand exercise,â Pompliano said.
Pomp added that the macroeconomic environment right now was ârocket fuelâ for Bitcoin.Â
Low interest rates, money printing, and the Federal Reserveâs average inflation target of 2% have driven retail and institutional investors into BTC, he said.
The investor also said that Janet Yellen, President-elect Joe Bidenâs pick for treasury secretary, was ânotoriousâ for tolerating higher levels of inflation and that this could also push the BTC price higher.
âI donât think itâs that crazy to see a $100,000 Bitcoin price by the end of 2021,â Pompliano said.Â
âAnd if we continue to get bigger and bigger buyers ⊠if this kind of tips over and all of the sudden it becomes kind of a consensus trade, it wouldnât surprise me to see something even higher than $100,000.â
Bitcoin has surged by roughly 160% this year as more major investors and institutions acknowledge the cryptocurrencyâs legitimacy as a store of value.Â
The billionaire hedge-fund manager Stanley Druckenmiller told CNBC earlier this month that he owned a âtiny bitâ of bitcoin as a hedge against inflationary pressure, while the venture capitalist Chamath Palihapitiya said in February that every citizen should hold 1% of their assets in bitcoin because itâs a âfantastic hedge.â
Despite his bullish view, Pompliano shared two potential risks he sees for Bitcoin.
âThe first thingâs a self-inflicted wound, right, if thereâs a bug introduced into the code or something like that,â he said. âThe second thing would be some sort of geopolitical risk where we saw a really aggressive coordinated kind of action by multiple nation-states.
âBut again, I think that those things are very low probability of occurring, so it doesnât really kind of seem like thatâs going to happen in the short term.â
In other trending Bitcoin News today:
How Massive Liquidations Caused Bitcoin to Plummet 16% in 24 Hours
Bitcoin fell by a whopping 16% to $16,334 on Nov. 26 since achieving its peak at $19,484 the previous day. Data suggests that cascading liquidations were the driving force of the massive correction.
Prior to the pullback, the open interest of the Bitcoin futures market hit a new record high. The derivatives market was also overheated with buyers, causing the market to sway to one side.
The combination of two factors triggered a rapid BTC price drop alongside a spike in futures trading volume.
Over a billion dollars worth of futures contracts were liquidated, similar to the March 12 crash. The Chicago Mercantile Exchange, for example, saw $1.8 billion in volume â its highest ever, according to Skew.
As the price of Bitcoin started to drop, inflows into exchanges spiked. This indicates that whales, or high-net-worth investors, were selling heavily on major exchanges, including Coinbase.
Ki Young Ju, the CEO of CryptoQuant, pointed out that the All Exchanges Inflow Mean indicator was showing the selling pressuring coming from whales.
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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:
Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects, and wanted to share those concerns.
â Brian Armstrong (@brian_armstrong) November 25, 2020
Bitcoin Falls as Mnuchin [Reportedly] Plans to Regulate Private Wallets
https://cointelegraph.com/news/how-massive-liquidations-caused-bitcoin-to-plummet-16-in-24-hours
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WILL BITCOIN PRICE HIT ,000 POST HALVING?! | BTC Just Passed K Yet Again: What's Next?
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Many analysts asserted that 2020 would be a strong year for the Bitcoin price long before the current global economic crisis began.
Most notably, the flagship cryptocurrency was expected to jump after Mayâs block reward halving.
New data now suggest that these BTC predictions are still on-track.
Analyst PlanB continues to stand by the assertion that Bitcoinâs stock-to-flow ratio points to extremely high gains after the halving.
This metric is determined by comparing present inventory to production and is a common tool used to gauge the value of hard commodities such as precious metals.
PlanB has just tweeted:
âSo btc has been oscillating around S2F value of $7000 for 2.5 years now. Just like before 2016 halving ($300) and before 2012 halving ($6). Excited to see if we are going to add another zero after the halving in May.â
Thus, although a prediction of USD $70k may seem outlandish, it would be perfectly in-line with previous gains for the flagship cryptocurrency.
Also, there is no doubt that the capital exists to drive Bitcoin this high, as well as the public interest.
In fact, government responses to the impending recession may make Bitcoin and other cryptocurrencies even more attractive.
A just-published article on HackerNoon asserts that the banks and legacy financial companies are all but certain to receive massive bailouts, just as they did in 2008.
However, unlike twelve years ago, the infuriated public has the opportunity to put their assets into crypto, which will boost prices.
Author Mark Helfman writes: âDonât underestimate the potential for this financial crisis to spur people into buying crypto and building businesses around crypto-based products, services, and processes.
People might get so angry that they look for an âoutâ that doesnât involve the banks, governments, and corporations.â
It is worth noting that Bitcoin was born out of frustration with central banks, and the U.S. governmentâs willingness to prop up incompetent and corrupt financial institutions.
It is safe to assume that a repeat of this cronyism would only drive more investors into the crypto space.
Market activity notwithstanding, the development and adoption of Bitcoin and other cryptocurrencies are rapidly taking place.
Of particular note is the institutional embrace of blockchain technology by a wide range of industrial sectors.
Also, whereas fiat remains strong for purchases, the world is increasingly turning to crypto for remissions and financial transfers.
It is these real-world use cases that will play a key role in driving up Bitcoinâs value.
In other words, the central bank-issued fiat must now compete with a new asset class that offers many clear advantages.
When placed in this context, predictions of much higher Bitcoin prices are very realistic.
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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:
So #btc has been oscillating around S2F value of $7000 for 2.5 years now. Just like before 2016 halving ($300) and before 2012 halving ($6). Excited to see if we are going to add another zero after the halving in Mayđ pic.twitter.com/2pkCgOSAEN
â PlanB (@100trillionUSD) April 4, 2020
Bitcoin Just Passed $7,000 Yet Again: What Do Analysts Think Is Next?
Bitcoin Follows Pre-Bull Run Pattern That Sent Amazon Stocks Soaring
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,000 BITCOIN EXTENDED TARGET TRIGGERED!! YEAR-END GOLD AND BTC PRICE PREDICTIONS!!
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Crypto analyst spotted this strong Bitcoin bullish harmonic structure in an advanced form.
The pattern is pointing towards a $32,000 BTC price as the next bull run target.
Yesterday, Bitcoin price reclaimed its critical $12,000 resistance before suddenly dropping by $500 in seconds to fill futures gap.
A bounce off $11,500 saves investors from serious pain but $12,000 remains a problematic level to flip to support.
Data from Cointelegraph Markets and Coin360 showed BTC/USD nosedive 4% during Monday trading, bouncing off $11,500 and since returning to $11,700.
In doing so, Bitcoin neatly filled the latest gap in CME Groupâs Bitcoin futures markets, which lay just below $11,700.Â
A classic move, Cointelegraph predicted on the day that markets would likely attempt to go lower on short timeframes to fill the gap, in line with standard behavior.
The event caused a dramatic spike in liquidations on derivatives giant BitMEX, data from monitoring resource Skew confirms.
For Cointelegraph Markets analyst MichaĂ«l van de Poppe, the sudden dip suggested that Bitcoin was returning to the pattern of behavior seen in recent months.Â
âSmaller timeframe chart explaining what just happened. Essentially, weâre back into the ranging gameplan,â he told Twitter followers.Â
âRangingâ within a certain price corridor has become a feature of BTC/USD in 2020, with recent gains upending a protracted period, which slowly narrowed to point â a process known as compression.
Going forward, lower levels could see a retest, with significant support just above $10,000 still apt to form the price floor, Van de Poppe thinks.
âLarger timeframe; still expecting such a scenario,â he continued.Â
âIf we break $12K however, I assume weâll see $13k.â
Attention will thus now focus on bullsâ ability to cement $12,000 as a support zone, something which has yet to occur on any meaningful level for Bitcoin.Â
Nonetheless, the latest weekly close marked the highest since January 2018 and the initial fall from Bitcoinâs all-time highs of $20,000.
In other trending Bitcoin News today:
âCapital Flight out of Asia Is Taking Bitcoin Expressâ Says Max Keiser
Capital flight out of Asia is one of major reasons for Bitcoin (BTC) hitting new 2020 highs in August, a major Bitcoin advocate believes.
Max Keiser, a famous American broadcaster and known Bitcoin bull, is confident that rising tensions in Asia are one of factors for Bitcoinâs rally up to $12,000.
In an Aug. 10Â tweet, Keiser argued that Bitcoin is a solid method to move big amounts of money abroad while crossing borders.
According to Keiser, a number of people in Asia are using Bitcoin to move their money out of the continent as geopolitical tensions risk affecting markets.
âCapital flight out of Asia taking the Bitcoin express,â Keiser wrote. Comparing Bitcoin to gold â one of the worldâs most popular safe-haven assets, Keiser argued that Bitcoin is one of the few ways to move a fortune abroad. Keiser said, âYou canât take it with you, unless itâs Bitcoin â then you can take IT ALL with you. (Something near impossible with gold).â
The news comes amid reports of Chinese citizens illegally crossing into the United States with $28,000 worth of gold bars.
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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:
#Bitcoin up as tensions rise in Asia
Capital flight out of Asia taking the #Bitcoin express
You canât take it with you, unless itâs Bitcoin â then you can take IT ALL with you
(Something near impossible with Gold)
â Max Keiser (@maxkeiser) August 10, 2020
$BTC #BITCOINSmaller timeframe chart explaining what just happened. Essentially, we’re back in to the ranging gameplan.
Larger timeframe; still expecting such a scenario. If we break $12K however, I assume we’ll see $13k. pic.twitter.com/vjnJzJfVzC
â Crypto MichaĂ«l (@CryptoMichNL) August 10, 2020
https://www.tradingview.com/chart/XBTUSD/CtL1HlXn-Bitcoin-to-32k/
https://news.bitcoin.com/year-end-gold-and-bitcoin-price-predictions-from-regular-everyday-people/
https://cointelegraph.com/news/bitcoin-price-suddenly-drops-by-500-in-seconds-to-fill-futures-gap
https://cointelegraph.com/news/capital-flight-out-of-asia-is-taking-bitcoin-express-says-max-keiser
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