Du Jun, the co-founder of Huobi, told CNBC that Bitcoin’s bull markets are closely related to the halving cycle. “If this circle continues, we are now at the early stage of a bear market,” Du said. He expects Bitcoin’s next bull market to start either at the end of 2024 or the beginning of 2025.
Stifel's Barry Bannister said in a note that the US Federal Reserve’s tightening cycle is likely to negatively impact Bitcoin’s price. "In 2022, we see bitcoin in a broad trading range bounded by year-to-date intraday levels with greater downside risk in 2023 if the Fed continues to normalise policy in a 'standard' two-year tightening cycle.
If bitcoin divided by gold falls to the low end of its range (Fed tightens) bitcoin could drop to $10,000 by 2023," Bannister explained, Business Insider reported. While several investors may be getting sleepless nights due to the current fall in Bitcoin, Mexico’s third-richest billionaire, Ricardo Salinas Pliego, views this as a buying opportunity. He urged his Twitter followers to buy Bitcoin when the price was low and hold.
We had mentioned in our previous analysis that bears are unlikely to give up easily and will defend the overhead resistance zone between £32,382.23 and £34,031.76 and that is what happened. Bitcoin turned down from the resistance zone on February 16 and plunged below the moving averages on February 17.
The buyers attempted to stall the decline at the strong support of £29,000 but the failure to achieve a strong rebound off it emboldened the bears. The selling resumed on February 20 and the bears pulled the price below £29,000.
The bulls attempted to push the price back above the breakdown level on February 21 but the bears sold the rally to £29,000. Both moving averages are sloping down and the relative strength index (RSI) is close to the oversold levels, indicating that bears are in command. If the support at £26,649.75 cracks, the BTC/GBP pair could extend its slide to £25,000.
The first sign of strength will be a break and close above the 20-day exponential moving average (EMA). Until then, rallies are likely to be sold into.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Reefer Token
– Faith Tribe
– Cosen Ones
– Digital Arms
– Hubble Protocol
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
We had mentioned in our previous analysis that bears are unlikely to give up easily and will defend the overhead resistance zone between £32,382.23 and £34,031.76 and that is what happened.
Bitcoin turned down from the resistance zone on February 16 and plunged below the moving averages on February 17. The buyers attempted to stall the decline at the strong support of £29,000 but the failure to achieve a strong rebound off it emboldened the bears. Read more
ETHEREUM – ETH/GBP
We had suggested traders attempt long positions above £2,492 but that trade did not trigger. Ether turned down from £2,362.35, indicating that bears are defending the overhead resistance with vigour.
The ETH/GBP pair plunged below the moving averages on February 17 and broke below the immediate support of £2,088.88 on February 18. The failure of the psychological support at £2,000 to provide any meaningful bounce indicates strong selling pressure. Read more
RIPPLE – XRP/GBP
XRP bounced off the 20-day EMA and attempted to rise above the overhead resistance at £0.63 but the bears had other plans. The long wick on the February 19 candlestick indicates selling near the resistance.
The XRP/GBP pair turned down on February 20 and broke below the moving averages on February 21. The 20-day EMA has started to turn down and the RSI has slipped into the negative territory, indicating that bears are in control Read more
CARDANO – ADA/GBP
We had suggested in our previous analysis that the possibility of a break below the £0.75 support was high and that is what happened. Cardano broke and closed below £0.75 on February 17.
The bulls tried to push the price back above £0.75 on February 19 but the bears held their ground. This renewed the selling pressure on February 20 and the ADA/GBP pair plunged below the strong support at £0.68 on February 21. Read more
BINANCE – BNB/GBP
Binance Coin rose to the 50-day simple moving average (SMA) on February 15 but the bulls could not clear the overhead hurdle at £329. The failure to do so may have led to profit-booking by short-term traders.
The price turned down from the 50-day SMA on February 16 and plummeted below the 20-day EMA on February 17. The buyers attempted to push the price back above the 20-day EMA on February 18 and 19 but the bears were in no mood to relent. Read more
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DeepSquare’s HPC solutions for Web 3.0 Platforms
Innovative computing technologies like Machine Learning (ML), Artificial Intelligence (AI), automation, and climate modelling consume a lot of energy, making them only accessible to ones who can afford such resources. There has always been a need for innovative technology to bridge the gap in computing efficiency and sustainability in the wake of calls to be climate-conscious.
DeepSquare is building a decentralised, responsible, and sustainable ecosystem to support high-performance computing (HPC). HPC are solutions that allow high-speed and complex calculations in data processing systems.
The DeepSquare ecosystem is made up of four ecosystem actors:
Faith Tribe: Introducing Web3 to the Fashion Industry
Recognised as the momentous future of the internet, Web3 will take over every aspect of the economy, and the fashion industry is no exception!
But, before diving deep into the role of Web3 in the fashion sector and what makes alignment of physical world and Web3 utility a true game changer. Let’s understand exactly what it is and why investors must keep their eye on it.
Since its inception in the 1960s, the World Wide Web (WWW) has witnessed many transformative evolutions. The first is Web 1.0, i.e. introduction of static web pages to the internet hosted by either free or ISP-driven hosting sever. Later, with the development of social media sites or social networking platforms came Web 2.0, which emphasised participatory culture, user-generated content (UGC), and interoperability. Now, it’s time for Web3- which will be based on the grounding of blockchain technology and decentralisation. Read more
Digital Arms, Disrupting the Gaming Industry
Chosen Ones: The next generation of P2E games!
With the disruptive impact of blockchain, the gaming industry is undergoing a profound transformation. The blockchain sector has seen exponential growth in the popularity of Play-to-Earn (P2E) games. The new, ground-breaking development comes after pay-to-play and free-to-play games. Gamers can now earn money simply by playing, which is transforming the economic model.
Diversity: DVT is a Unique Token That Has Both Economic & Human
Diversity or “DVT” (BEP20) is a project that seeks to support ecological and research projects in Costa Rica and beyond. Started in 2021, our team has set out to create a token that has economic and human benefit
Depending on the country, there are different reasons why people do not invest in cryptocurrencies; such as fear, doubt and regulations, are just some of these reasons, but at Diversity Token we aim to change the public appearance of cryptocurrencies, giving compensation to all those people who have projects for ecological benefit or for the development of new technologies that benefit us as humanity. read more
Fren, Decentralised Social Network, Achieves and Exceeds Key Milestones
Fren, a decentralised social network on the blockchain has achieved a number of milestones in its quest to create a community where members can laugh, learn and invest together. Firstly, the platform has a robust community that is actively involved in the development of the platform. Its social media handle boasts of a vibrant community where members constantly engage and encourage each other. The telegram handle has over 2,000 members. There is also an active discord community. Fren Developers in these communities regularly update members on the latest updates within the platform. Read more
Elon Musk Says Tesla Charging Stations Will Accept Dogecoin (DOGE) Payments in the Future
Billionaire and Tesla CEO Elon Musk says that the electric vehicle giant will accept Dogecoin (DOGE) as payment at its charging stations and other ventures sometime in the future. Responding to a Twitter user who noted that a new super charging station for electric vehicles opened up in Santa Monica, California, Musk says that he is planning a futuristic diner and drive-in theater in Hollywood, highlighting that consumers can pay for it all in Dogecoin.
Ripple Vs. SEC: XRP Showing Strength In The Legal Fight As New Evidence Arises
The returns on Ripple were promising in the past decade, but it largely missed out on significant crypto gains. However, it did succeed during the early parts of last year until April, when its value grew significantly higher than before, only to be replaced by other cryptocurrencies later in autumn, which had much better performances throughout that period. XRP has been making lower highs since 2017, and the price is bearish. Other cryptocurrencies continued to make record highs until November 2021, but XRP’s price had grown slowly. During last month’s dip, XRP had slipped below $1, falling to $0.55. It met SMA200 (purple) on weekly charts, which provided support for a second time; then started bouncing higher again in
Manchester City to build Etihad Stadium in the Metaverse
The celebrated soccer team has begun the initial stages of building its iconic home stadium in the Metaverse so fans can be part of live and recorded matches around the world. Premier League champions Manchester City and their new partner Sony have begun building a virtual replica of the Etihad Stadium which will be the team’s central hub in the Metaverse. Etihad Stadium is the home of Manchester City, England’s top soccer team at the moment. The team announced on Feb. 18 that it had signed a three-year agreement with Sony, which will provide virtual reality experts to use image analysis and skeletal-tracking technology from subsidiary Hawk-Eye.
A DAO Is Trying to Buy the NFL’s Denver Broncos for $4 Billion
BuyTheBroncosDAO is rallying netizens to pool funds and buy an NFL franchise. From attempting to buy the U.S. Constitution to Super Bowl ads, DAOs have been trying to spend big. Now, according to CNBC, one is trying to buy the Denver Broncos. A decentralized autonomous organization (DAO) is one of crypto’s latest buzzwords and refers to a group of people who come together to raise funds for a common mission. In this case, the mission is to buy an American football franchise, but the possibilities are myriad.
Indian Authorities Crack $5.4 Million Crypto Scam, Arrest 11
Following a police raid, police in Nagpur have arrested 11 people in connection with a crypto scam that netted an alleged $5.4 million. Indian authorities have arrested 11 people in connection with a crypto scam that allegedly duped wouldbe investors out of $5.36 million (₹400 million). According to the Times of India, Nagpur police conducted a dramatic commando raid in Lonavala, arresting four individuals and seizing gold, “high-end vehicles” worth roughly $134,000 (₹10 million), a laptop, $25,000 in cash, eight cellphones, and a firearm with seven live