➡️ REPLAY: “The Crypto Catch-Up” – http://teeka.cryptonewsalerts.net
Crypto analyst and Bitcoin bull Moon Capital recently went on an epic tweet storm sharing his bullish case on why a $1,000,000+ BTC price is nearly inevitable.
“1/ “BUT THEY WILL BAN BITCOIN.” Let me quickly explain why this threat is HIGHLY overestimated and why it is NOT possible or even reasonable. $1,000,000+ Bitcoin is nearly inevitable.”
In other breaking Bitcoin News today:
“3 Reasons Bitcoin Price Just Hit $16,000 For The First Time Since 2017”
The price of Bitcoin (BTC) surged past $16,000 today, Nov. 12, for the first time in nearly three years.
The momentum of the dominant cryptocurrency is strengthening due to three key major factors.
The main catalysts behind BTC’s rally are the non-overheated derivatives market, repeated retest of $16,000, and the $14,900 whale supply zone.
On Nov. 10, the price of Bitcoin abruptly declined to as low as $15,072.
The market drop occurred merely 24 hours after it saw another major dip to $14,805, which turned traders cautious.
But the drop benefited Bitcoin for two key reasons. First, it allowed whales to take profit on their positions at around the $15,000 support level.
Second, it neutralized the futures market by flushing out late buyers or long contract holders.
Resetting the futures market and the funding rate for Bitcoin futures contracts was critical for sustaining the ongoing BTC rally.
Futures exchanges in the cryptocurrency market use a mechanism called “funding” to achieve balance in the market.
When the majority of the market is buying Bitcoin, buyers need to incentivize short-sellers.
The vice versa is also true: When shorts make up most of the market, sellers need to pay buyers.
Prior to the drop on Nov. 10, the funding rate of BTC was hovering above 0.01%.
This indicated that the market was heavily longing or buying Bitcoin, making it overcrowded.
After the minor correction to the $15,000 support level, BTC futures contracts neutralized as funding rates stabilized.
Even until late Nov. 11, the $16,000 area served as a heavy level of resistance for Bitcoin.
Traders pinpointed the presence of large sell orders at the resistance, indicating that whales are likely targeting this level.
In other trending BTC News today:
“Deutsche Bank: Central Bank Digital Currency Will Replace Cash In Long Term”
Deutsche Bank, the largest banking institution in Germany, is confident that central bank digital currencies, or CBDCs, will replace cash in the future.
The bank’s research arm, Deutsche Bank Research, published a new report on economic estimations and proposals to assist global economies hit by the coronavirus pandemic.
Titled What We Must Do to Rebuild, the new edition was released on Nov. 10. In the report, Deutsche Bank states that the ongoing COVID-19 pandemic has accelerated the “digital cash revolution.”
According to the bank, this revolution will eventually enable CBDCs like China’s digital yuan or Sweden’s e-krona to replace cash in the long term.
Deutsche Bank called on national governments and private companies to work on alternatives to credit cards, stating:
“Worldwide lockdowns and social distancing measures have only increased the use of cards over cash. To respond, companies and policymakers must design alternative to credit cards and remove middle man fees. […] For now, the priority must be on regional digital payment systems. In the long term, central bank digital currencies will replace cash.”
In the report, Deutsche Bank Research also warned European policymakers about the risks of not developing their own digital currency project in response to China and Sweden’s active progress in the field.
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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.