BITCOIN PRICE: Which Countries Have the Biggest Premiums?

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The Bitcoin price rose to as high as $10,272 on July 26 in an unexpected weekend rally.

It liquidated $74 million worth of long contracts on BitMEX alone, catching many traders off guard.

There appear to be two main reasons behind the abrupt upsurge of Bitcoin from $9,700 to over $10,200.

They are the liquidation of over-leveraged shorts and traders taking profit from over-extended alternative cryptocurrencies (altcoins).

When the price started to rally, major altcoins, as well as well-performing DeFi tokens, began to slump.

Ethereum declined from $322 to $311, and DeFi tokens, including Aave and YFI, saw steep rejections. 

The simultaneous rejections of major altcoins and the price surge of Bitcoin suggest that traders took profit from recent altcoin rallies.

As traders moved their altcoin gains to Bitcoin, it possibly triggered a BTC uptrend, while altcoins declined.

ETH, as an example, rose from $247 on July 23 to $322 on the day’s peak, recording a 30% gain.

Despite the strong sentiment around altcoins, investors are possibly taking a more cautious approach by hedging their gains.

When Bitcoin initially broke over $10,000, it triggered over-leveraged short contracts to become liquidated.

When BTC reached $10,200, it caused a cascade of liquidations to occur, totaling $74 million.

Bitcoin has seen many phases when more than $50 million worth of short or long contracts gets liquidated.

But for this to occur within a span of a few hours is less typical.

The mass liquidations of long contracts at $10,000 also suggest that the $10,000 to $10,200 remains as a heavy resistance area.

As soon as BTC hit $10,200, the price dropped below $10,000, marking a short-lived rally.

As the price of Bitcoin recovered strongly in recent weeks, some industry executives and investors expressed optimism toward BTC and ETH.

“Are you ready?” Grayscale CEO Barry Silbert tweeted when Ether price broke out of the dreaded $280 resistance level on July 25.

Well-known trader Peter Brandt, meanwhile, expects the price of Bitcoin to hit a new record high and eventually make its way to $50,000. He said:

“That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k.”

In other trending Bitcoin news today:

Everything You Need to Know About Ethereum 2.0

The yearslong upgrade – intended to radically transform the world’s largest smart-contract platform – is inching closer to deployment.

The Ethereum Foundation recently announced “Medalla,” a final testnet before the mainnet launch of the Eth 2.0 beacon chain.

As of July 10, some developers, including Ethereum founder Vitalik Buterin, estimate the oft-delayed Eth 2.0 will launch by the end of this year. 

When phase zero of Eth 2.0 does ship, little about Ethereum will change in the near term for users and dapp developers.

This is because unlike all other system-wide upgrades in Ethereum history, the Eth 2.0 overhaul will primarily be happening on a different blockchain.

The first phase of development for Eth 2.0 is centered around the creation of a separate proof-of-stake blockchain network called the beacon chain.

On this new network, ETH holders with a minimum of 32 ETH can earn rewards in the form of annualized interest on their wealth.

To earn these rewards, ETH holders must have the appropriate hardware and software connecting to the beacon chain and a strong understanding of how the technology works. 

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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:

#DeFi platforms are red-hot with nearly $1b in collateral pledged. Oracles empower not only DeFi, but just about everything that 2nd & 3rd-generation cryptos do. So, it’s hardly an exaggeration to say that #Chainlink will lie at the heart of the #crypto revolution going forward.

— Weiss Crypto Ratings (@WeissCrypto) July 24, 2020

That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k

— Peter Brandt (@PeterLBrandt) July 25, 2020

https://www.coindesk.com/everything-you-need-to-know-about-ethereum-2-0

https://cointelegraph.com/news/why-bitcoin-suddenly-spiked-to-10-200-liquidating-75m-in-fast-rally

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BITCOIN NEWS TODAY: Earlier this month, JP Morgan signed Coinbase and rival BTC and crypto exchange Gemini after a lengthy vetting period, it was first reported by the Wall Street Journal.

JP Morgan approved the two Bitcoin exchanges’ accounts last month and is already processing transactions—potentially signalling the end of the crypto industry’s banking woes.

The bitcoin and cryptocurrency community has complained for years that banks including J.P. Morgan have denied them services and blocked accounts that dealt with crypto businesses.

Meanwhile, it has emerged Jamie Dimon has been hosting secret meetings with Coinbase chief executive Brian Armstrong since 2018, author Jeff Roberts revealed in his book, Kings of Crypto.

“Ironically, Brian Armstrong and Jamie Dimon of J.P. Morgan—who was the biggest enemy of bitcoin and has pissed on it for years—it turns out they were having secret meetings in 2018 at J.P. Morgan’s headquarters,” Roberts told Laura Shin’s Unchained podcast while promoting the book, which charts Coinbase’s rise to the top of the crypto industry.

However, J.P. Morgan’s interest in cryptocurrencies might not extend all the way to bitcoin quite yet.

“We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Umar Farooq, JP Morgan’s head of digital treasury services and blockchain, said back in 2017. J.P. Morgan launched its own answer to bitcoin last year, JPM Coin.

Unlike bitcoin, JPM Coin is pegged to the dollar and aimed at speeding up and reducing the costs of global payments.

Meanwhile, some have accused Coinbase’s Armstrong as being “skeptical” of bitcoin while working to promote other blockchain networks and cryptocurrencies such as ethereum.

“I’m sure he would deny it, but it’s interesting to me that the CEO of the world’s most prominent bitcoin-related company seems so skeptical of bitcoin,” said Bloomberg editor and analyst Joe Weisenthal, commenting on a Twitter thread by Armstrong suggesting it might not be bitcoin that pushes the cryptocurrency ecosystem into the mainstream.

Despite J.P. Morgan’s softening attitude toward bitcoin and crypto, the nascent technology is still fighting an uphill battle.

In other trending Bitcoin News:

$10,000 Bull Trap? Why Bitcoin Price Is Now Likely to Pull Back

Bitcoin price is up 25% for the month of May, but is a pullback now imminent?

Starting out on the monthly, we can see that Bitcoin grew in value by nearly 25% in the month of May.

This is always a nice thing to see. However, since the March 12 dump, it’s nothing for long term hodlers to get excited about just yet.  

Nevertheless, as the one month candle is due to open above the .382 fib retracement level, a move up towards the .618 of $13,700 is something to be excited about.

With that being said, let’s not get ahead of ourselves, we first need to claim $11,800, and one cannot ignore that a move to the downside is always a possibility for the king of cryptos also.  

As things stand, if June was to be bearish, a pullback to between $7,400 and $7,600 is where I’d be placing some buy orders, and that is what I’ll explain today.

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Trezor: ► http://trezor.cryptonewsalerts.net

Ledger: ► http://ledger.cryptonewsalerts.net

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://www.forbes.com/sites/billybambrough/2020/05/30/jp-morgan-bitcoins-biggest-enemy-suddenly-appears-to-be-going-all-in-on-crypto

https://cointelegraph.com/news/10-000-bull-trap-why-bitcoin-price-is-now-likely-to-pull-back