Category Archives: Bitcoin (BTC)

3 Tips To Win at the Bitcoin Accumulation Game

Since its inception, Bitcoin has seen its price rise from a few cents to nearly $60k as of this writing. This phenomenal increase in the price of Bitcoin in just twelve years might lead you to believe that the best is behind us. The reality is quite different.

Bitcoin is not like a stock in a company that is listed on the stock market.

Bitcoin is a monetary revolution that will change the lives of hundreds of millions of people in the future. The digital currency invented by Satoshi Nakamoto has far greater reach than any of the GAFAM for example.

Bitcoin is all about power
At most 1% of the world’s population currently owns Bitcoin. Of that 100 million people, half (at best) really understand the liberating potential of Bitcoin. Many still think of Bitcoin as just another financial investment.
In reality, Bitcoin is about power, not money.
As more and more people realize this in the coming years, the demand for Bitcoin will explode. Everyone will want to own Bitcoin. On the other hand, the supply will remain frozen at 21 million units. This is the strength of the Bitcoin system, which has a programmatic monetary policy that highlights the virtues of quantitative hardening.

Image by 3D Animation Production Company from Pixabay
Image by 3D Animation Production Company from Pixabay

With demand increasing exponentially and supply hard-capped, the price of Bitcoin can only increase phenomenally in the future if we stick to the principles that govern the law of supply and demand.
Your best bet is to accumulate as much BTC as you can while you can. The “Stack Sats” movement that was born in the heart of summer 2019 is here to remind you of this essential truth.

Bitcoin is an accumulation game, and you must adapt to take full advantage of it
Bitcoin is indeed an accumulation game for years to come.
In this accumulation game that has been brewing for many months now, we can see two categories of people emerging: weak hands and strong hands. The weak hands are people who have a lot of questions. These people have a hard time accumulating Bitcoin.
During a bear market, weak hands are reluctant to take action by asking themselves this question:
“What if Bitcoin price keeps going down?”
During a bull market, the weak hands refuse to take action with a new question that paralyzes them:
“What if Bitcoin price has reached its top?”

Those who focus solely on the short-term price of Bitcoin cannot be among the winners
By always trying to buy the lowest and sell the highest, these weak hands are making mistakes. First, when they start buying Bitcoin, it is often after a trend reversal. Second, they sell it at the slightest drop in price for fear of losing money.

Read more: IN BITCOIN WE TRUST

Max Keiser: Buy Bitcoin to Help Your Family When the Global Economy Collapses (Exclusive Interview)

If you want to help your friends and family once the traditional system collapses, buy bitcoin – advised Max Keiser.

With the largest Bitcoin conference to date taking place in Miami, CryptoPotato had the chance to speak with one of the most prominent BTC proponents – Max Keiser. During the interview, the host of the Keiser report talked about the remarkable difference between the first Bitcoin conference in Prague ten years ago, price movements, crypto sentiment, and more.

What a Difference Ten Years Can Make
Keiser, who has been among the most well-known BTC bulls for over a decade, spoke about the general mood shortly before the start of the 2021 Bitcoin conference. He went back ten years to the first such event in Prague, which was “dominated by tech guys, coders, hackers – about 40 people were there.”

He compared it to now when official numbers say tens of thousands of people will be in attendance in Miami. Moreover, Keiser noted that even the recent price drops in the market, which drove the primary cryptocurrency from $65,000 to $30,000 in weeks, cannot change the positive vibes.

He referred to recent reports showing that mostly short-term holders dumped their coins during the crash while long-term investors, miners, and institutions kept accumulating. This only goes to show that “real players are here to stay.”

They won’t be deterred by FUD coming from Elon Musk, China, rumors, and more, Keiser added. Just the opposite, he believes that Bitcoin will ultimately prevail and keep attracting new people to itself.

Miami is Just the Start
Keiser spoke about the city of Miami and its pro-Bitcoin mayor, Francis Suarez. As reported, Suarez has displayed a highly positive approach towards BTC and even plans to turn the town he runs into a Bitcoin hub.

The host of the Keiser Report noted that more and more mayors, senators, and politicians will get involved in the following years. Thus, Miami will be the start of a new trend until it becomes a “federal mandate or law.”

He also outlined another city – Austin, Texas – which is “Bitcoin centric” as well.

Buy Bitcoin to Help People Later
While speaking about the retail investors that enter the BTC space when it goes into mainstream media, and its price has skyrocketed, Keiser said that long-term investors should not worry about them yet.

Furthermore, he argued that Bitcoin investors should not be concerned with those who have chosen to buy altcoins – shitcoins – rather than the largest digital asset.

Instead of thinking about them, though, BTC holders should be focused on accumulating more portions. Then, they will be able to help their friends and family survive once “the US dollar and the global economy has collapsed.” That’s why investors would “want to have as much Bitcoin as possible. That will be the only thing left.”

Focus on Hash Rate, not USD Price
On the question of what’s his price target, Keiser, who previously predicted a price tag of $220,000 by the end of the year, said that hodlers actually should focus more on how the hash rate grows in time.

The hash rate is the metric that shows the amount of computational power miners put in the network to validate transactions. The higher the hash rate goes, the more robust the blockchain is.

Aside from a few fluctuations, the metric has also been impressively increasing in the past several years to new all-time highs, showing that more and more miners prefer putting their devices to work on the BTC blockchain.

“Hash rate is much more consistently moving in a higher direction. In my view, it’s a lot more important metric because it shows to what extent Bitcoin is going into the traditional legacy system because it’s taking energy away from these other things.” – Keiser concluded.

Read more: CryptoPotato

Who benefitted the most from Bitcoin and how?

Bitcoin, the world’s largest cryptocurrency, finally sustained a breach of its 2017 ATH on the 16th of December on the back of exponential price appreciation on the charts. However, it wasn’t done, not by a long shot. In fact, at the time of writing, BTC was valued at just over $34,000 on the charts, having risen to as high as $64,000 less than two months ago.

Now, while the degree of corrections in the said case has been understandably significant, the fact of the matter is Bitcoin, at press time, was still giving YTD returns of over 35%, with the 1Y change v. USD as high as 246%.

What this means is that brushing aside the obvious, exaggerated complaints of volatility, Bitcoin has once again proven its credentials as a store of value asset. This narrative is particularly powerful for crypto-holders in countries where citizens might not necessarily have access to high-performing assets.

It is in the context of the same that it’s worth looking at who benefitted the most from the world’s largest cryptocurrency’s bullish boom, with the same being the subject of Chainalysis’s latest report. Here, it’s worth noting, however, that the said report only looked at 2020’s realized gains. In light of the fact that 2021 saw BTC climb even higher, one can expect the figures for the same to be even higher.

Bitcoin price chart (Image: geralt/Pixabay)
Bitcoin price chart (Image: geralt/Pixabay)

The aforementioned report found that investors based in the United States made over $4 billion in realized Bitcoin gains over the course of the year, over 3x more than China, a development that probably came on the back of U.S-based exchanges noting huge inflows in the early part of the year, most of which appeared to have been realized by the end of it.

The more interesting findings, however, were down the charts. While everyone expected the United States and China to lead from the front, what wasn’t really expected was the contradiction in well-to-do economic metrics and Bitcoin investments, and by extension, Bitcoin realized gains.

Consider this – according to Chainalysis, countries like Vietnam and the Czech Republic are punching above their weight. Vietnam, a low-middle income country, while ranked 53rd on the GDP charts, was ranked as high as 13th for Bitcoin investment gains with figures of $351 million. Similarly, while the central European country was 54th on the GDP charts, it was 18th when realized Bitcoin investments were looked at.

On the contrary, there was some variation to this juxtaposition too, with India being the prime example. The world’s fifth-largest economy with a GDP of $2.9 trillion was ranked a “lowly 18th.” Chainalysis attributed the same to,

“This may be a result of the Indian government’s historical unfriendliness to cryptocurrency.”

Here, it should be underlined that such unfriendliness was seen in countries like Turkey too, with the Erdogan-led government and the central bank regularly cracking down on crypto-holders and entities dealing with them. Even so, the nation-state was ranked 16th with respect to realized Bitcoin gains for 2020. It can be assumed that this might not be the case in 2021, especially since recent actions have shaken the local community’s confidence in the asset class.

Read more: AMB Crypto

Square and Blockstream to Launch a Solar-Powered Bitcoin Mining Facility

A solar-powered Bitcoin mining facility will come to the United States courtesy of Jack Dorsey’s Square and Adam Back’s Blockstream.

Jack Dorsey continues to display his support for the Bitcoin network, this time through the financial services company he runs – Square Inc. The firm has partnered with Blockstream to build an open-source, solar-powered BTC mining facility.

Solar-Powered Bitcoin Mining Coming in the US
Bitcoin mining became a hot topic within and outside the cryptocurrency community ever since Elon Musk cited the asset’s energy consumption levels as the primary reason why Tesla dumped BTC payments for its products.

Although it has been less than a month since then, numerous organizations and prominent individuals have already taken steps to address these concerns, including the establishment of the Bitcoin Mining Council.

The latest initiative comes from Blockstream and Square. The two parties have teamed up to create an open-source, solar-powered mining facility at one of Blockstream’s mining sites in the US.

They vowed to stay transparent through the entire process by sharing details of the project economics and “the knowledge gained from building a Bitcoin mine powered by renewable energy.”

Bitcoin Electronic Money (Image: MaxPixel)
Bitcoin Electronic Money (Image: MaxPixel)

Square and Blockstream aim to “raise awareness and show how Bitcoin mining in conjunction with renewable energy can help drive the clean energy transition.”

To do so, Blockstream will launch a free access dashboard showing real-time metrics of the project’s performance, including bitcoin mined and power output.

“We are hoping to demonstrate that a renewable mining facility in the real world is not only possible but also empirically prove that Bitcoin accelerates the world toward a sustainable future.” – said Chris Cook, Blockstream’s CIO and Head of Mining.

Square Invests $5M
The financial services company said it will invest $5 million in the facility, while Blockstream will provide the necessary infrastructure. Square’s Global ESG Lead, Neil Jorgensen, indicated that the project will “serve as an ongoing, transparent case study that will allow us to all learn together the specific unit economics of clean energy Bitcoin mining.”

Thus, Square has doubled down on its support for the primary cryptocurrency. CryptoPotato reported previously that the firm put BTC on its balance sheet by allocating $50 million.

Additionally, the company’s CEO, Jack Dorsey, has openly praised and outlined the significance of the Bitcoin network. The latest such example came just days ago during the 2021 Bitcoin Conference, where he called BTC the most important work in his lifetime. Furthermore, he said he would leave Square and Twitter for Bitcoin if it needed him.

Read more: CryptoPotato

Bitcoin Whale Who Dumped at Price Top is Buying the Dip Now

Bitcoin whales have started accumulating again and one particular whale that dumped a major share at the near-perfect top was seen buying again. Whales buying and selling is seen as a major market sentiment indicator as these whales often dump on market in anticipation of a price crash and start buying when they believe the market has reached a potential price bottom. Thus, the current buying spree seen among whales could indicate Bitcoin price bottom might be near.

Bitcoin price registered its first red monthly candle in May this bull season, a month that saw the price fall 50% from the all-time high of $64,685. BTC is currently trading just above $36,000, consolidating under 40,000 for nearly three weeks now. The coming month could see a possible trend reversal after breaking the key resistance of 40,000 and whale accumulation could become the possible catalyst.

Bitcoin Cryptocurrency (Image: MaxPixel)
Bitcoin Cryptocurrency (Image: MaxPixel)

The first week of May saw the crypto market bleed more than $500 billion of its $2 trillion market cap. While analysts have been predicting a market sell-off of such magnitude for quite some time owing to continuous 5 months long bullish momentum, the correction took many by surprise.

Bitcoin Fundamentals Strong to Carry the Bull Market Further
Every bull market be it from 2017 or 2013 has moved in phases followed by pullbacks and correction. Even during the 2017 bull run, the market has registered 4 major corrections in upward of 40%, thus crypto veterans who have seen previous cycles are confident that the current market correction is not the price top for Bitcoin.

Another reason for the current market sell oft was attributed to high leverage over trading and several FUDs including the Chinese ban on crypto trading and mining hitting the market at the same time. Many new traders fell prey to these FUDs and panic sold their Bitcoin.

Read more: CoinGape

The Most Profitable Signal In Bitcoin Is Back And About To Trigger

Bitcoin price is still down 40% from recent highs, forcing investors to face the reality that the bull run could be over. And while that scare and related selloff certainly shook out even the strongest of hands, those that are still holding could end up reaping enormous profits.

That’s because even though things appear to be extremely bearish at the moment for crypto, the most profitable buy signal in Bitcoin history is about to trigger. Here’s a look at what this means and why the last signal in each bull market is the strongest of them all.

Bitcoin Hash Ribbons Show Miner Capitulation, Buy Signal Is Coming
The first ever cryptocurrency has had its most profitable year on record, tripling in value within the first three months of the year. After a shocking move up, however, the market corrected and it caused chaos in newcomers to the volatile asset class.

More than 50% was bled out of Bitcoin price in just days following the local top – enough downside to question if it was the top of the bull market itself. Several indicators say as such, but the masses deny any chance of that happening – $100,000 BTC or bust.

Image by VIN JD from Pixabay
Image by VIN JD from Pixabay

However, stubborn as they may be, those with so-called diamond hands might end up with profits worth their weight in the precious gemstone.

What The Most Profitable Signal In Crypto Means For The Bull Run
The chart above shows the “hash ribbons” created by crypto fundamental expert Charles Edwards, which currently indicate that BTC miners are capitulating.

During selloffs, miners are forced the sell coins to fund operations. In theory, Edwards’ tool denotes when that’s happening. It also has a very fortunate side effect of being the most profitable buy signal in crypto history.

In the past, the last buy signal of each cycle led to another 8,000% and 3,500% respectively. Each cycle had a number of buy signals before the grand finale, but it is the last signal that gives the indicator its reputation of profitability.

Past buy signals from the current market cycle all have resulted in upside worth bragging about. After the December 2018 Botton, BTC rose by 300% and the most recent signal resulted it more than 500% returns.

With the cryptocurrency already at $35,000 per coin and only now about to trigger this monumental buy signal, how much further could the cryptocurrency climb?

The above chart shows an example of how only another 1,000% is necessary to reach $300,000 per BTC – an ROI which is meager to what the hash ribbons called out ahead of time during past bull rallies.

Read more: BITCOINIST

Five Signs That The Bitcoin Bottom Is In

Bitcoin price was slashed in half during the month of May, leaving today as the last day for bulls to make a stand and undo the worst monthly on record.

Even if the blood stain is left behind on the price chart for good, that doesn’t mean bulls still can’t pull off an upset and push prices higher. Here are five signs that Bitcoin price has bottomed out, or will be soon.

The Signals Showing The Bitcoin Bottom Is Near
Just as extreme bullish sentiment and exuberance around mid-April was the local top of the 2021 rally so far, the current level could also act as the bottom now that sentiment has shift to the polar opposite.

Contrarian investors and traders suggest buying the fear or blood in the streets, but that’s still not the reason to think the bottom is in.

Rather, technicals on nearly all timeframes point to a reversal in the making. The first ever cryptocurrency is forming a bullish divergence (above) while at daily support. The bounce happened once the Relative Strength Index hit oversold levels.

Image by 3D Animation Production Company from Pixabay
Image by 3D Animation Production Company from Pixabay

The daily LMACD is also turning upward, showing that bulls are attempting to regain momentum on daily timeframes after a month of mayhem.

Moving up to a higher timeframe, Bitcoin price has also bounced at a rising trendline of RSI support on the three-day chart (below).

But Wait, There’s More Reasons To Be Bullish On BTC
If that’s not enough to believe there’s a low-timeframe reversal in the making, on higher timeframes there’s still many more reasons to be bullish.

The rarely-looked-at two-week timeframe shows that Bitcoin fell to the middle-SMA on the Bollinger Bands. During the last bull market, the line was never lost. In fact, touching it resulted in the finally impulse upward.

The recent push down also caused Bitcoin’s most profitable buy signal to indicate “capitulation” in BTC miners. Past bull markets saw more than 8,000% and 3,500% after the last buy signal appeared per cycle.

Nearly every time the signal appears, more upside is on the way. So why would this time be any different?

With so many signals stacking up, chances that the cryptocurrency is near the bottom are becoming more likely. Drawdowns post buy signal are still common, however, the potential reward has historically always outweighed the risk in terms of ROI versus loss.

Read more: NEWSBTC

Elon Musk Seizes The Opportunity from Beijing’s Bitcoin Mining Crackdown

On Sunday, May 23, Bitcoin (BTC) and the overall crypto market tanked following China’s crackdown on Bitcoin miners and traders. Well, owing to new regulatory policies, a lot of Chinese miners have considered shifting their base to Europe or North America.

Seeing a major opportunity here, business tycoon Elon Musk has jumped in while recently tweeting that he’s been talking to a lot of miners in North America for tapping into the renewable energy use for Bitcoin mining.

Recently, Elon Musk has been much vocal about the high energy usage associated with Bitcoin mining and transactions. Even Tesla decided to drop Bitcoin payments setting up the crypto market in a frenzy. However, it looks like Musk sees a great opportunity here in the ‘crypto and renewables’ market.

MicroStrategy CEO Michael Saylor took the lead in hosting the meeting between Musk and North American Bitcoin miners. Saylor tweeted:

“Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide”.

Bitcoin Electronic Money (Image: MaxPixel)
Bitcoin Electronic Money (Image: MaxPixel)

Standardizing Energy Reporting for Bitcoin Mining
Since the Bitcoin mining energy consumption is the new heated debate in the market, industry players are putting efforts to bring a solution to it. As Michael Saylor, executives from some of the biggest Bitcoin mining associations joined the meeting with Musk.

This includes big names like Marathon Digital Holdings, Riot Blockchain, Argo Blockchain, Core Scientific, Hive Blockchain, Hut 8 Mining, and others. All these players decided to form an organization to standardize energy reporting associated with crypto mining.

Besides, these players will work together to pursue the industry ESG goals along with making efforts to educate the crypto-mining marketplace.

North American miners have the biggest opportunity hereafter China’s crackdown on Bitcoin miners recently. Will North America become the new dominant player to control a majority of the Bitcoin hashrate?

Read more: CoinGape

Bitcoin On-Chain Analyst Willy Woo: ‘the Bull Market Is Very Much Intact’

Cryptocurrency exchange outflows have over the last few days, after the prices of most cryptocurrencies plunged in a market crash that saw the total market capitalization of the space drop from $2.2 trillion to $1.5 trillion. On-chain analyst Willy Woo has pointed out user growth on the network suggests the bull market hasn’t been affected.

Data shared by the analyst revealed user growth on the BTC network has surged as “no-coiners” were taking advantage of the price drop to buy BTC. Per his words, the bull market is “very much intact.”

He added that BTC’s user count has “roughly doubled every year since inception a dozen years ago,” and the peak for this year is expected to “end at levels MUCH higher than the 2017 peak.” This, he implied, suggests the market is “just warming up.”

Seemingly suggesting a recovery is coming, data from blockchain analytics firm Glassnode shows massive bitcoin outflows were seen as prices started dropping and kept on increasing steadily. The shared data seemingly suggests that some HODLers bought the dip, and moved the funds to wallets under their control to hold for a longer period.

Image by 3D Animation Production Company from Pixabay
Image by 3D Animation Production Company from Pixabay

The recent cryptocurrency market crash started shortly after Tesla CEO Elon Musk revealed in an announcement that the electric car maker would no longer accept bitcoin payments over environmental concerns.

The market was seemingly over-leveraged, as prices dropped triggered a wave of liquidations that put further pressure on prices. As the market turmoil was unfolding three major payment associations in China – the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China – reaffirmed their commitment to upholding regulations from 2017 preventing financial institutions from dealing with cryptoassets.

Over the last seven days, the price of bitcoin plunged from around $45,000 to a $32,000 low before it started recovering. CryptoCompare data shows the flagship cryptocurrency is now trading at $37,600 and is up 11% over the last 24-hour period.

Glassnode’s data shows that the last time exchange outflows for the cryptocurrency surged was in March of last year, when bitcoin’s price plunged by nearly 50% in 24 hours after most major U.S. equity indices entered bear market territory and the World Health Organization declared the COVID-19 breakout a pandemic.

Read more: CRYPTOGLOBE

An Insight Into Untold Events Of The 2021 Bitcoin Bull Market

The prices on the Bitcoin chart reflect a struggling Bitcoin, one that has been at the mercy of the decision of a large institution: Tesla. Bitcoin seemed to be gearing up for a retest at $60,000 before the bear market pulled the price back to as low as $35,000 as of yesterday.

Although at press time, Bitcoin is correcting losses, it has done little to convince skeptics that the asset is in a safe zone. While this is the part of the market that is most visible to onlookers and even some market participants, new on-chain data presents us with many reasons why there’s more than meets the eyes.

The panic selling is massive, but long-term Bitcoin holders are committed
Last week, the market recorded liquidations of over $2 billion long positions. This was of course reflected in the 30% drop in Bitcoin’s price. However, a look at on-chain data shows that there’s more to the story than what the charts reflect.

Bitcoin Electronic Currency (Image: CanonEOS/MaxPixel)
Bitcoin Electronic Currency (Image: CanonEOS/MaxPixel)

Yes, there is a major market selloff, but these sales are being made by impressionable new entrants who are easily influenced by the FUD. As newbies continue to sell and sustain losses, old hands remain firm, ignoring the bear trend, which they know to be temporary. As Glassnode writes in its weekly on-chain report:

“Newer market entrants have panic sold and realised significant losses on their coins. A total of 1.1M addresses have spent all coins they held during this correction, again providing evidence that panic selling is currently underway.”

Has Bitcoin hit the top?
Tales have it that Bitcoin has reached the top and that the bull run has run its course. But it might be too quick to close the curtains on the bullish cycle as on-chain data yet again reveals why the market, in comparison to historical data, still has a long way to go before the bulls call it a day. Glassnode notes that although last week saw Bitcoin make a sharp correction, it is nothing new when we flip the pages back to 2017.

“The current correction is now over 28% below the $63.6k ATH set on 13-April. This is the deepest correction of the current bull market, however it is consistent with five major pull-backs during the 2017 bull.” — Glassnode.

While the 2017 bull market ran for a full year, the 2021 bull market has only been on for about 200 days, meaning that Bitcoin still potentially has 165 days (which is over 5 more months) to move in green.

Read more: ZyCrypto