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Daily Archives: July 7, 2021
A new reality show is casting participants desperate to regain access to their locked cryptocurrency wallets – Markets Insider
Posted: July 7, 2021 at 2:26 pm
Paul Ratje/For The Washington Post via Getty Images
A recent casting call is seeking individuals who want to be on a reality show about people locked out of their cryptocurrency wallets and
A casting director on Linkedin posted that the producers of Alone and Queer Eye are creating a "new major cable network series" about people on the verge of losing their cryptocurrency. The show is looking for people of all ages who are locked out of their cryptocurrency wallets.
"We're on a nationwide search for people who are currently locked out of their crypto wallets and on the verge of losing their money. If you've tried everything to remember your password but are running out of password attempts...and you'd love the help of trained experts to give you guidance and help...we'd love to hear your story," the post reads.
The post asks anyone interested to email the casting director as soon as possible and detail their story. It also asks interested participants how many password attempts they have left and if they are willing to allow the shows "experts" to help them use their remaining password attempts.
There are no further details about the experts and how they will recover the passwords, but it does ask interested participants if they are ready to recovery their crypto wallet password "by an legal means necessary."
Recovering cryptocurrency out of a locked wallet is an incredibly difficult feat for those who have forgotten their password. German-born programmer Stefan Thomas made headlines earlier this year after a lost password rendered his bitcoin stash worth $220 million inaccessible.
In January, The New York Times reported that around 20% of the existing 18.5 million bitcoins are in stranded locked wallets, citing data from cryptocurrency firm Chainalysis.
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Is Now The Time To Buy Ethereum (ETH) Cryptocurrency? – Benzinga – Benzinga
Posted: at 2:26 pm
Ethereum (CRYPTO: ETH) is trading in the green on Wednesday, outperforming the wider cryptocurrency market, amid a couple of bullish stances taken by analysts.
What Happened: Ethereumcould shoot past Bitcoin (CRYPTO: BTC) to emerge as the dominant store of value in the cryptocurrency sphere, according to a Goldman Sachs note, reported Business Insider.
The global investment bank said in its note that ETH currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.
See Also: How To Buy Ethereum (ETH)
The view that ETH could gain ground against BTC was also held by market analyst Michal van de Poppe, who theorized on Twitter that ETH/BTC rate will rise from the present 0.05-0.06 BTC levels to 0.07 levels.
Poppe is basing his thesis on ETH/BTC support level at 0.063 BTC. The analyst expected that if the floor held, 0.075 could be achieved.
ETH traded 2.63% higher at $2,385.78 at press time over 24 hours. The second-largest cryptocurrency by market cap is up 11.31% over a seven-day trailing period. Against BTC, ETH rose 2.4% over 24 hours.
Ethereum is showing strong technicals against Bitcoin as of press time, with an RSI of 61.46, as per Trading View data. The ETH/BTC pair is trading above the simple and exponential 30-day and 200-day moving averages.
See Also: Ethereum, Binance Coin Strike Gains As Bitcoin, Dogecoin Remain Muted
For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.
2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Why is Modder restoring the look and feel of Cyberpunk 2018? – Illinoisnewstoday.com
Posted: at 2:25 pm
This city always has a promise to you, V first soliloquy. Cyberpunk 2077 trailer. It may be a lie, an illusion, but its just around the corner, and it keeps you going.
In the years before cyberpunk was released, potential players had a similar sense of promise. Until CD Projekt Reds ambitious eight-year bet came to fruition, it existed as a pure possibility for fans. It is a spiritual space where you can realize your dreams, guided by a trailer. In addition to the technologically advanced future setting, the premise that seems to link GTAs free-form chaos with the choice of The Witchers branching RPG proved to be a powerful fuel for imagination.
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CDPR could have given players a huge robot arm, eyes that fire small beams, and hand modding that allows them to climb buildings like Spider-Man, said a modder named Crazy Potato. Say to. The amount of possibilities is endless.
For a subset of Cyberpunk 2077 modders, and thousands of fans downloading their work, that bohemian space is what they want to regain. Like the Greek mythological lotus eaters, they forget their disappointments and want to live in a night city that hasnt been hurt by contact with reality. In return.
In most cases you dont need a huge robot arm and laser eye. Many players are looking for souvenirs that are exciting objects to return to the busy days of E3 2018. For example, Spookie CLs Samurai Jacket mod, which recreates the leather coat with LED lights worn by V in the first cyberpunk release, has been downloaded. 3,804 times. I like the original trailer and saw it so many times that many details stuck to me, says Spooky. The final product jacket was different and didnt suit my taste, so it was just right, so I chose the original look. Many people feel the same.
Meanwhile, Crazy Potato discovered a feminine V unused mesh model and texture file when it first appeared on the E3 show. When restored, it was downloaded 11,991 times. I wanted at least to bring it back to life and have a lot of people enjoy it, even the little ones that were brought out by CDPR for some reason, says Crazy.
Some asset exchanges also change the atmosphere of cyberpunk. WT3WD spent days chasing the magnificent lights and beautiful clouds of the first E3 demo, tweaking the game lights. Many people now claim that the colors are getting better, says WT3WD. There is no neon blue anymore, [it] It no longer tires the eyes, yes, they even said they were grateful for removing the yellow urine color.
As the Nexus Mods Cyberpunk E3 fix catalog grows, some are inspired by the feeling that it will help expand the communitys efforts. The Joell560 has reworked the feminine V outfit shown in the early demo footage of the game, and has been filled with belt chains since the glorious era of nu metal, making it a 12,345 download song. I thought I could use all these mods together to experience some sort of E3 experience, says Joel. Looking at the response to the mod and getting others to help me, I knew I was making the right decision.
It is important to note that there is no community consensus on what is missing in the final cyberpunk. Some of the mods I talked to now complain about lack of features such as wall running and hacking into NPCs (both shown in early footage) and lack of branching options. did. Others had more detailed concerns, such as not being able to get in-game haircuts or lighting that didnt change well between regions. One talked about the elusive soul that was missing. What we finally got is a bigger game shell that is now sadly lost over time, says Crazy.
But overall, the cyberpunk mods I interviewed liked the game. Some are optimistic about its future. Im completely convinced that CD Projekt Red can change the criticism of the game and the stigma of being a buggy mess by listening to the viewers, says Spookie. By actually modifying the game as before and releasing important, high-quality story / gameplay content that further meets that desire.
We have to wait until we release the free DLC and expansion packs proposed by CDPR and see if we can restore some of the content we exhibited, restores the pink tank top shown in the E3 2018 demo. Says The Arcane Eagle. Downloaded 4,726 times. For now, Modder seems to be two steps ahead of them in providing some important fixes that should have been there since launch.
In the past, ambitious E3 demos caused a strong backlash, and developers had to weather for years to come.But such an urge Cyberpunk remodeling The community is softened by an accurate understanding of what the E3 demo is. The modders I spoke to early realized that the cyberpunk presentation was likely to be a vertical slice representing the purpose of CD Projekt, rather than the true picture of the game as a whole.
I think a lot of people were expecting something different from what they received at the retail store. The E3 version was real and lied, Joel says. But in reality, it was just to generate hype for the next release. It could have been wasted, but in a game of this size, something will definitely be overlooked.
The E3 version is aimed at increasing interest in the game, so it always keeps the game in top shape, adds The Arcane Eagle. Now no one should be surprised if for some reason its significantly different at launch. At the same time, its always hard to look back at whats displayed and understand whats done, so restore certain elements. If possible, I cant blame the player for wanting to play the E3 version.
Perhaps the mods are practitioners by their nature, and people are determined to make the most of what they have. And if a cyberpunk journey teaches them to reduce their expectations, its a useful lesson they can apply to their own work.
I know why people want to play theE3 version, but it doesnt exist, says Joel. All that remains is unused files in the archive for use by modder.
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Carol Anderson: The 2nd Amendment Is A Weapon To Keep Black Americans Powerless – Texas Public Radio
Posted: at 2:23 pm
TUESDAY on "The Source" In her new book "The Second: Race and Guns in a Fatally Unequal America," award-winning author Carol Anderson asserts that the U.S. right to bear arms is engineered to negatively impact the citizenship rights and human rights of African Americans.
Are there hidden biases in the language and applicability of the Second Amendment?
When the amendment was first written, Black people were enslaved, denied the right to freedoms enjoyed by white Americans at that time, and not considered U.S. citizens, so who exactly was the "right to bear arms" designed for? Who is really protected by it?
July 6 marks the fifth anniversary of the death of Philando Castile, who was pulled over by police in Minnesota and asked for his identification. Despite following the National Rifle Association's guidelines to alert the officer that he had a licensed gun in the vehicle, Castile was shot to death when it was revealed.
There are several pro-gun groups formed by people of color and more Black Americans are buying guns amid a nationwide surge in firearm sales.
Why do they choose to carry guns, and do they feel safe doing so? Do Black gun owners agree with Anderson's premise about the Second Amendment's history and impact in Black communities?
Guests:
"The Source" is a live call-in program airing Mondays through Thursdays from 12-1 p.m. Leave a message before the program at (210) 615-8982. During the live show, call 833-877-8255, email thesource@tpr.org or tweet @TPRSource.
*This interview was recorded on Tuesday, July 6.
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Legislation proposed to make Ky. Second Amendment sanctuary state – Times Tribune of Corbin
Posted: at 2:23 pm
FRANKFORT, Ky. (KT) Kentucky would become a Second Amendment sanctuary state if legislation being proposed for the 2022 General Assembly is enacted.
The measure, which will be sponsored by Rep. Josh Bray, R-Mt. Vernon, would bar state and local law enforcement agencies from enforcing federal restrictions on the Second Amendments right to bear arms. It would also prohibit local governments and other public agencies from allocating public resources or money in the enforcement of federal firearm bans. It includes firearms themselves, ammunition and firearm accessories.
President Biden has declared gun control a priority for his administration, and we know that if he doesnt get what he wants from Congress, he will abuse his executive authority through rulemaking, said Bray, who represents all of Garrard and Rockcastle counties and a portion of Madison County. This sends a clear message that Kentucky is a Second Amendment sanctuary and that there is no question we will defend the Second Amendment against any attempt to infringe upon it.
Bray says his proposal would further strengthen a statewide movement, as fiscal courts in almost every Kentucky county have approved similar language, and cities across the state have declared themselves Second Amendment sanctuaries.
Firearms play an enormous role in our states history and our lifestyle today. Kentuckians want to enjoy the outdoors and pass along the tradition of hunting and sportsmanship. However, we also recognize that the Second Amendment was crafted to ensure we can protect not only country, but also ourselves, he noted.
The proposal comes in response to a plan revealed by the Biden administration last week, which they call a comprehensive strategy to combat gun violence and other violent crime.
According to the White House, it implements preventative measures that are proven to reduce violent crime and attacks the root causes, including the flow of firearms used to commit crimes.
It will use ARPA funds to help state and local governments put more police officers on the beat, with resources, training and accountability needed to engage in effective community policing; plus supporting proven community violence intervention programs, summer employment opportunities and other investments to reduce crime and make neighborhoods safer.
The White House says it will also address the direct link between gun violence and the rise in violent crime by taking immediate steps to keep guns out of the wrong hands by strengthening ATFs efforts to stem the flow of firearms used in crimes and by launching multijurisdictional firearms trafficking strike forces to stop illegal gun trafficking across state lines.
Brays measure, which is currently designated Bill Request 171, would be retroactive to January 1, 2021, if enacted into law.
The full text of BR 171 can be foundhere, or by visiting the Legislative Research Commissions website atwww.legislature.ky.gov, which is where you can also see all legislation that is being proposed for the upcoming session.
Lawmakers will convene on Jan. 4.
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Mayor Bronson declares Anchorage a Second Amendment sanctuary city – Must Read Alaska
Posted: at 2:23 pm
Anchorage Mayor Dave Bronson today said he will ask the Anchorage Assembly for $15 million to pay for a transition center, where homeless people will be given shelter and customized assistance to establishing permanent stable lives, homes, and a path forward in their lives. The location where he wants to put the temporary tensioned fabric structure is on Tudor Road near the Alaska Native Medical Center, a plan he has been discussing with members of the Assembly in recent weeks.
The mayor also said he would also sign an executive mayoral order making Anchorage a Second Amendment sanctuary city, and said that any federal laws that would require law enforcement officers to go door-to-door to register guns, tax guns, or confiscate guns is the kind of thing that would put officers lives in danger, and this concerns law enforcement professionals.
Second Amendment sanctuary cities are places where unconstitutional gun laws are not enforced. The definition of sanctuary cities (or counties) is not fixed. But President Joe Biden has made gun control one of his priorities, so this executive order is to get ahead of the president.
Alaska is considered a Second Amendment sanctuary state. In 2010, GovernorSean Parnellsigned the Alaska Firearms Freedom Act, which said certain firearms and accessories are exempt from federal regulation. In 2013, Parnell signed HB 69, which expanded the Firearms Freedom Act.
The Kenai Borough is a Second Amendment sanctuary after the Borough Assembly passed an ordinance last July reaffirming its support for Americans right to bear arms.
Bronson will also sign an executive order on Thursday pertaining to mandatory face masks, vaccines, and the opening of municipal offices to the public. Two other orders have to do with creating a task force on efficiencies and regulatory reform, and economy and diversification.
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Protecting Our Second Amendment Is Essential to Liberty – American Center for Law and Justice
Posted: at 2:23 pm
Many on the radical Left, who have a dream spokesperson in President Biden, are pulling out a familiar playbook regarding gun control. The ongoing surge in crime, especially violent crime, is being used by the current Administration as an excuse to crack down on gun ownership, rather than as a clear reason to empower our police departments and assert the rule of law.
In times such as these, we should recognize what our Founders knew when they wrote the Constitution: that liberty necessarily depends on self-defense. That is as true today as it was then, and it applies both on a national level and an individual level. Just as America cannot be a free nation without the ability to competently defend itself against its enemies, so too its people cannot be free if they have no rights enabling their own self-defense. That is why such a freedom was placed squarely in our Bill of Rights second only to the freedoms of speech, religion, press, and assembly thereby protecting it from government infringement because the right to bear arms is essential to preserving our freedom as individuals.
Alexander Hamilton stated in Federalist No. 28 that our Founders also saw the right to bear arms as that original right of self-defense which is paramount to all positive forms of government and essential to the preservation of the freedom of the American people against the risk of an overbearing, or even tyrannical, government at home.
As a young officer in the U.S. Army, I was stationed in then-West Germany prior to the fall of the Berlin Wall. You can bet that nowhere on the other side of that wall and beyond, in the Soviet Unions evil empire, were the people permitted to own firearms.
This remains true today of repressive regimes worldwide. As Secretary of State, I led Americas diplomats in our dealings with our most powerful adversaries authoritarian states such as China, Iran, North Korea, and others. It should come as no surprise, and serve as a powerful reminder of the necessity of our Second Amendment, that in those nations controlled by authoritarian regimes, people are denied the right to bear arms. This is because the right to bear arms empowers a people and is the last safeguard of their liberties the necessary freedom allowing for self-defense and the ultimate check on authoritarianism. That is why I have been a proud member of the NRA for many years, and why I am committed to working with the ACLJ on this important issue.
When terrible instances of gun violence are committed, we hear a common refrain from the far Left. They claim such tragedies prove that guns cannot be trusted in the hands of the American people, and that if guns were made illegal either totally or de facto through ever-stricter reforms under the guise of gun control such violence would cease to occur. But this is plainly wrong-headed. You cannot legislate away the darker sides of human nature. All this legislation would ever accomplish is taking a vital means of self-defense out of the hands of legal gun owners committed to owning them safely and responsibly, while those who wish to obtain guns by illegal means would continue to do so, inflicting their malevolence on a now weaker populace.
To curb gun violence, we need to empower law enforcement and the American people, not defund the police and take away the ability of the American people to defend themselves and their families against violent criminals. Yet, sadly, this misguided logic is a hallmark of the radical Left today.
The current surge in violent crime was created by the far Lefts insistence on delegitimizing our police and turning a blind eye to looting and rioting for an entire year in an effort to score political points with their base, who by and large do not suffer the consequences of these broken policies.
Now, in response to the crisis they created, they want to take even further steps to infringe on the rights of responsible, law-abiding Americans. We cannot let this happen. Our Founders considered the right to bear arms a personal and fundamental right. The threats this freedom now faces cannot be overstated. We should heed the wisdom of our Founders by electing officials at the federal, state, and local level who are committed to defending the Second Amendment, and by supporting those civil organizations and institutions dedicated to keeping this crucial liberty uninfringed.
Mike Pompeo is the former Secretary of State and former Director of the Central Intelligence Agency (CIA).
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Why El Salvador Is Giving Every Citizen $30 in Bitcoin …
Posted: at 2:22 pm
Bitcoin (CRYPTO:BTC) bears find it difficult to see how Bitcoin might be widely adopted in developed nations. After all, the developed world's modern financial infrastructure is fairly efficient, especially with fintech companies improving the system by the day.
Making things more difficult, Bitcoin is still highly volatile, as this year has shown, and double-digit-percentage daily moves are a regular occurrence. That makes it a dubious store of value or medium of exchange, versus more stable currencies such as the dollar.
Of course, not everyone lives in developed nations, and if you lived in hyperinflationary countries such as Yugoslavia in the early '90s, Zimbabwe in 2007-2008, or even Venezuela or Argentina in more recent years, Bitcoin may actually look like a pretty attractive option.
In that spirit, one developing nation is currently pulling out all the stops to make Bitcoin an alternative legal currency. The most recent step includes giving away $30 in Bitcoin to all adult citizens.
El Salvador is giving away bitcoin to its citizens. Image source: Getty Images.
There is, perhaps, no head of state more enthusiastic about Bitcoin than Nayib Bukele, the young and recently elected president of El Salvador. At a recent Bitcoin conference, Bukele said he would push the legislature to make Bitcoin a legal tender in El Salvador. The Salvadoran Congress followed through on the promise shortly thereafter.
Now, Bukele and El Salvadoran officials are taking things a step further, offering every citizen 18 and older $30 in Bitcoin, provided they open accounts with the government's official Bitcoin wallet called Chivo. Salvadorans will be able to transact in both Bitcoin and U.S. dollars through Chivo, once the Bitcoin law is implemented on Sept. 7.
In addition, El Salvador has hired Chicago-based company Athena to roll out 1,500 Bitcoin ATMs throughout the country. "Bitcoin ATMs" are portals where consumers can either buy Bitcoin with dollars or sell them for dollars. This is because only 45% of Salvadorans have internet access and 70% don't even have a bank account. So Bukele is not only establishing an alternative to the dollar, but also building out a more modern financial infrastructure.
It may be surprising that El Salvador is the first country to officially back Bitcoin and encourage its use as an alternative currency, since El Salvador uses the U.S. dollar and not its own currency, which may prove more vulnerable to hyperinflation.
El Salvador officially adopted the dollar in 2001 and phased out its prior currency shortly thereafter. This was because the country had an outsized trade relationship with the United States, which accounted for a majority of its exports.
Furthermore, after years of conflict and civil war in the 1980s and 1990s, many El Salvadorans emigrated to the U.S. Today, there are a huge number of remittances flowing into the country from the U.S. In 2016, remittances from the U.S. made up a whopping 17 percent of El Salvador's entire gross domestic product (GDP).
Fixed-fee crypto remittances have the potential to be faster and cheaper than existing alternatives, which can be costly and time-consuming. Beyond remittances, some local politicians believe the use of the dollar may be a cause of El Salvador's slower economic growth relative to some neighbors. Salvadoran officials may also desire more independence from U.S. influence, in general, since under the dollar, El Salvadoran economic outcomes are at least somewhat affected by the U.S. Federal Reserve and U.S. spending policies, which are out of its control.
Not everyone is on-board with this Bitcoin experiment, of course. The World Bank has declined to help with El Salvador's Bitcoin implementation, and the International Monetary Fund (IMF) has also expressed concern over the program. That's important because El Salvador is in discussions with the IMF about a $1 billion loan program, so this Bitcoin gambit could complicate those talks.
Bulls and bears have a wide divergence of opinion on Bitcoin. Bears believe the cryptocurrency is worthless, but bulls like Cathie Wood believe the alternative currency could be worth up to $500,000 or more.
Whether or not Bitcoin has any value will likely be determined by its utility as a medium of exchange or store of value, and the El Salvador experiment could be a crucial proving ground for those two theoretical criteria. If El Salvador's experiment works, or at least doesn't cause severely adverse outcomes, it could be a big boost for the world's leading cryptocurrency. If the experiment fails, it would be a setback for Bitcoin adoption, and likely, its dollar value.
This summer, Bitcoin investors may want to take their focus off China's recent mining crackdown and focus instead on the relatively small country of El Salvador. The results of its landmark experiment could shape the trajectory of Bitcoin's value and standing in the world in the near to medium term.
This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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Bitcoins Mid-$30,000 Struggle And $2.87 Billion Crypto Whale Spike – Forbes
Posted: at 2:22 pm
Following a fresh wave of regulatory crackdown on cryptocurrency mining operations in China, bitcoin saw a historic difficulty readjustment of nearly 28% last Saturday. The bitcoin network automatically adjusts the level of difficulty it takes to find a new block approximately every two weeks, or 2016 blocks, based on the amount of computing power on the network, so that new blocks are added on average every 10 minutes. In the near term, the remaining miners, especially those outside of China, stand to collect larger profits, however the market shows signs of stagnation.
Bitcoin is struggling to break out of the $34,000-range, trading at $34,618 as of 6:50 a.m. ET. According to data from Coinbase, bitcoins price has been range-bound between $33,197 and $35,909 over the last five days, with a five-day change of +2.4%.
Bitcoin price chart according to Coinbase
Bitcoin is in a consolidation phase between $30,000-$42,000 zone andwe expect it to spend the next few weeks testing this range on either side, wrote Pankaj Balani, CEO of crypto derivatives platform Delta Exchange, in a message to Forbes. There are limited catalysts here for any break on the upside in the short term; on the downside however weakness in the economic data is a concern. Any weakness in the broader markets or reduction in liquiditycan cause sharp down-moves in bitcoin. We see this reflected this in options data as well with puts trading at a premium to calls for July and August expiry.
These observations dovetail with an overall tempering of the market after a volatile few weeks. The short-term volatility is now at 2-months low, reports Norwegian crypto analytics firm Arcane Research.
BTC-USD Volatility
Crypto Whales Remain Hungry
As analysts are looking for clearer signs in the broader market amidst this relative tranquility, crypto whales (individuals or entities with large amounts of crypto holdings) are ostensibly buying. On July 2, 18 new whales surfaced on the chain and the total bitcoin balance held by whale entities shot up by 82,760 BTC, or $2.87 billion at current prices, according to on-chain analyst Will Clemente. The spike leads me to believe we may finally start to see some new big buyers step in (a bullish sign), writes Clemente.
Additionally, a new survey by Nickel Digital Asset Management, $200 million U.K. crypto hedge fund, found that 82% of institutional investors and wealth managers from the U.S., U.K., France, Germany, and the U.A.E. who currently have exposure to cryptocurrencies and digital assets expect to increase their crypto holdings by 2023.
That said, not all are convinced that we are out of the bearish woods. Ben Lilly, a crypto economist at trading and analytics platform Jarvis Labs writes, While we wouldnt be entirely surprised to see the price run higher, we are leaning towards downside movements in the near term. Which means even if price does pop higher, we expect price will lack momentum and ultimately retest $32-30,000 support.
Meanwhile, other top cryptocurrencies including Ethereum, BNB, Cardano and Polkadot are up on the week by 4.2%, 9.2%, 2.8% and 2.1% respectively.
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This Is The Key Level To Reignite The Bitcoin Rally – Forbes
Posted: at 2:22 pm
The Bitcoin price has shown low volatility lately. Its price is trading in a tight range, under $36,000. While the dominant cryptocurrency is much higher than where it was this time last year, it is down more than 40% since its peak in April.
Bitcoin price continues to range in a small range, unable to find a clear direction.
The key level the Bitcoin price has to over come is $38,000. Above it, the rally would likely get reignited, especially at a point where the futures market is not crowded.
Many traders in the cryptocurrency space are looking at the daily chart of the Bitcoin price.
If the Bitcoin price exceeds $38,000, it would break out of a crucial technical formation, as seen below in a chart shared by the pseudonymous trader TeddyCleps.
The Bitcoin price daily chart.
But, the problem is that Bitcoin is continuously trading in a small range, unable to either break upwards or correct downwards.
How Would Bitcoin Break Above $38k?
There are two factors that could push Bitcoin upwards, above $38,000.
The first is the miner capitulation bottom signal. Recently, the Bitcoin hash rate has plummeted due to Chinas growing pressure on the local mining sector.
Historically, whenever the hash rate dropped hard, it marked a bottom, as it made many miners capitulate.
The second is the consistent selling pressure coming from the futures market.
Across major exchanges, the futures funding rate of Bitcoin has frequently been negative in recent weeks.
This means that many traders in the crypto derivatives market are shorting or selling Bitcoin, instead of buying.
When the selling pressure becomes too intense, it opens up the possibility of a short squeeze.
In the Bitcoin futures market, a mechanism called funding rate exists. Exchanges use this mechanism to reward the minority in the market.
For example, if there are more buyers in the market, the futures funding rate would typically hover above 0.01%. This means that buyers have to reward sellers 0.01% of their position every eight hours, and vice versa.
In recent weeks, the Bitcoin futures funding rate on major exchanges has been hovering at around -0.01%.
Since this kind of market incentivizes buyers, it could increase the probability of a short squeeze, especially when met with a strong fundamental catalyst.
Still, there are concerns shown by economists and analysts toward the crypto market. Namely, the negativity around stablecoins and the mining sector persist within the media circles.
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This Is The Key Level To Reignite The Bitcoin Rally - Forbes
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