Monthly Archives: July 2022

Bitcoin (BTC) may have further to fall, but CoinShares chief strategy officer Meltem Demirors believes the top cryptocurrency will reach new all-time highs within the next 24 months.

Speaking on CNBCs Squawk Box on Monday, Demirors noted that Bitcoin has always been a cyclical asset with drawdowns from peak to trough at 80 to 90% historically.

With Bitcoin currently sitting at about 65% down from its all-time highs in November 2021, Demirors believes there is still room for some downward correction.

However, Demirors noted there has been strong support around $20,000 and that she did not expect Bitcoin to fall below $14,000. She predicted the pain would be a distant memory by 2024, saying:

Bitcoin is currently priced at $19,401, down 2% in 24 hours and down 72% from its all-time high.

A reversal may be some time off, however, given Demirors can see no near upside catalysts which could signal more pain in store for weaker crypto projects.

We obviously had a lot of liquidations, a lot of insolvencies that had a massive impact on the market. [...] Were talking about $10, $20, $30 billion of capital that has basically evaporated overnight:

Demiror said she expected a large number of crypto assets to be wiped out during the bear market, similar to what has been seen in tech stocks.

Theres a very long, long tail of crypto assets that I think will go to zero, that doesnt really have any long-term prospect as weve seen with so many tech stocks as well.

Louis Schoeman, managing director at broker comparison site Forex Suggest, has a similar view. In a recent 9News report, hepredicted that the current crypto downturn could kill off as much as 90 percent of all crypto projects.

This is a cleansing process, Schoeman said, adding that only the strongest crypto projects will survive this bear market.

But it also serves as a massive opportunity for many no-coiners to enter the crypto market for the first time. Fortune favors the brave in crypto right now.

Related: Despite 'worst bear market ever,' Bitcoin has become more resilient, Glassnode analyst says

Last month, billionaire entrepreneur Mark Cuban said he doesnt expect the crypto bear market to be over until theres a better focus on applications with business-focused utility.

Cuban also believes mergers between different protocols and blockchains will eventually see the crypto industry consolidate, as thats what happens in every industry.

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Bitcoin to make new all-time-highs within 24 months: Coinshares CSO - Cointelegraph

About 14% of Saudi residents are either current crypto investors or have traded crypto in the past six months, the latest Kucoin study has found. The study has also found that 76% of investors have less than one year of experience and thus may be in need of relevant crypto education.

Around three million Saudi Arabians, or about 14% of the adult population aged 18 to 60, are either crypto investors or have traded crypto over the last six months, the latest study conducted by the cryptocurrency exchange Kucoin has shown. The study findings also suggested that a further 17% of the countrys adults are said to be crypto-curious and are likely to invest in cryptocurrencies over the coming six months.

According to the crypto exchanges Into The Cryptoverse report, the study also looked at how Saudi residents sentiment toward crypto trading has shifted since the onset of the ongoing crypto winter.

In the first quarter of 2022, 49% of crypto investors intended to increase investment in cryptocurrencies over the coming six months. The onset of the bearish market in the second quarter of 2022 saw a reversal of investor sentiment toward more conservative strategies related to the holding of cryptocurrencies, the report noted.

The report added that since the start of Q2, some 31% of crypto owners in the country have signaled a desire to keep their crypto balance as is rather than increase their investment. In contrast, investors with lower incomes have tended to liquidate part of their portfolios during the same period.

Meanwhile, Kucoin said it found that 76% of the investors have less than one year of experience. About 49% of these investors have only started crypto trading or investing in crypto in the past six months. According to the report, Saudi Arabias high proportion of newbies points to the need for crypto education.

With respect to their reasons for investing, some 51% of Saudi crypto investors said they are in this business because they believe it is the future of finance. About 44% said they are investing in cryptocurrencies because they can bring them higher returns in the long run compared to other types of financial investment.

While men were found to be the most dominant gender group (63%), young investors aged 30 and below are now thought to account for at least a third of the total. While 44% of male crypto investors said they would not want to miss the trend, the study observed that women are more focused on the realistic benefits of crypto.

In terms of sources of information, the report said 84% of crypto investors turn to [social media] when doing their research, particularly YouTube and Twitter. Just over a third (35%) reportedly rely on online communities when looking for crypto-related information.

Nearly 50% of crypto investors acquire digital currencies with fiat money and engage in spot trading every month. According to the report, this involves trading, buying, and selling on the current market value as the only form of crypto trading that is considered halal by some scholars in the Arab world.

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Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Study: 14% of Saudis Are Crypto Investors, 76% Have Less Than One Year of Experience in Cryptocurrency Investment Featured Bitcoin News - Bitcoin...

The largest cryptocurrency, Bitcoin (BTC), has had a 70% decline from its all-time high in November 2021, suggesting that it has already experienced the worst of this bear market as it touched the $17,500 mark.

The latest CPI report for June revealed that inflation in the United States had reached 9.1 percent, the highest level since November 1981. This news only fueled a downward trend in Bitcoin and the cryptocurrency market. At the time of writing, BTC is trading at $19,590 down by more than two percent.

According to cryptocurrency exchange Coinbase, long-term bitcoin investors have maintained their holdings in recent weeks even as speculators have fled the market, pushing the cryptocurrency below $20,000.

The fact that long-term investors are keeping bitcoin suggests that they have faith in the currencys ability to weather what seems to be a Federal Reserve-induced down market and eventually flourish as a fiat alternative or digital form of gold.

Long-term investors are those that keep bitcoin in their wallets for a minimum of six months, according to the paper titled The Elusive Bottom.

Recent BTC selling has been carried out almost exclusively by short-term speculators, said David Duong, head of institutional research at Coinbase.

Duong referred to investors holding onto their bitcoin as a sign of optimistic optimism that maintains the equilibrium between supply and demand in the face of speculator selling, a regular occurrence in a bear market.

According to on-chain statistics, investors currently hold around 77 percent of the 21 million bitcoins available. Even if the percentage is a little lower than the early January high of 80%, it is still significantly higher than the highest of 60% that was recorded during the height of the late 2017 bull run.

The information indicates that over the last three and a half years, a good amount of money has been transferred from traders or speculators to investors.

This year, the Feds move to reduce liquidity in an effort to fight excessive inflation has mostly been to blame for the more than 50% decline in Bitcoins price to $20,000.

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Heres How Long-Term Bitcoin Holders Are Reacting To The Crypto Bear Market - Coinpedia Fintech News

What happened: A Bitcoin BTC/USD whale just sent $67,531,277 worth of Bitcoin off Coinbase.

The BTC address associated with this transaction has been identified as: 18KJjv7Htnf1Bn93kZUg9i3Govbt7iPyQp.

Why it matters: Bitcoin "Whales" (investors who own $10 million or more in BTC) typically send cryptocurrency from exchanges when planning to hold their investments for an extended period of time. Storing large amounts of money on an exchange presents an additional risk of theft, as exchange wallets are the most sought-after target for cryptocurrency hackers.

The best way to secure Bitcoin is through holding it on a hardware wallet, which can't be done through holding digital assets on an exchange. Hardware wallets store one's private keys in an offline device, making it impossible for funds to be hacked via the internet.

According to Glassnode, only 12.48% of the total supply remains liquid across all centralized exchanges.

The removal of BTC from an exchange reduces potential sell side pressure, allowing the price of Bitcoin to increase more easily.

See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers

Price Action: Bitcoin is up 4% in the past 24 hours.

See Also: How To Buy Bitcoin

Public Blockchain data sourced from Whale Alerts Twitter.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Anonymous Bitcoin Whale Just Moved $67M Worth Of BTC Off Coinbase - Benzinga

A crypto trader said he traded in his $8,200 Rolex watch to buy cryptocurrency and is now worth a little more than $1.18 million - but admits the crashing market has halved his wealth.

Kain Roomes, 29, first invested in Bitcoin in March 2018 after his dad encouraged him to look into crypto.

Roomes, then a part-time model, was behind on his mortgage, had considerable debts and no disposable income, he said.

He decided to sell his $8,200 Rolex he'd received as a 22nd birthday present years earlier to fund his first investment.

Roomes bought different cryptocurrencies and studied the market, learning about the best times and places to invest, he said.

And, in 18 months, Kain had made over $100,000 just through investing alone, he said.

After gradually building his investments, his portfolio reached its highest value ever of over $3.3 million in May 2021.

A huge crash in the market in March 2022 cut his wealth by over half, but it now still stands at $1,265,366.10.

He's also traveled the world, vacationing in luxury locations like Dubai, the Maldives and Jamaica.

Roomes, who comes from north London, England, said: "With my dad's help, I did my research and made sure I was investing into a good coin.

"This led me to put 50,000 out of my first 100,000 into an Initial Coin Offering (ICO) and reinvest the profits in Zilliqa - a booming cryptocurrency.

"It was nerve-racking making such a big gamble but I managed to expand my portfolio twenty-fold from one investment.

"I suffered a lot after the crash, but I have full faith in crypto.

"I've experienced highs and lows while I've been trading and there has been times where I thought I wasn't going to recover.

"At one point I opened my trading account and 90 percent of my portfolio had gone.

"My dad has always been there for me when I was going through tough times with it - he's been a mentor throughout my whole experience with crypto.

"Cryptocurrency is an extremely risky game, but if you take the right precautions you can prosper.

"I want to inspire others to get into crypto and change their lives the way I changed mine."

Now Roomes is focusing his efforts on writing his first book, detailing some of his struggles and giving advice to those looking at getting into crypto.

He said he wants to give hope to other people and be successful in the crypto market.

"I want to stay involved in crypto and earn as much as I can from it," he said.

"Since that original investment I have only ever reinvested profits to get where I am today.

"I've seen so much success from it so why would I simply walk away now.

"I'm prudent with my spending - I don't own a car or fancy clothes.

"I've taken profits to enjoy nice holidays with my family but that's the extent of it - just because I'm a millionaire I don't want to waste what I've earned.

"Since the March crash there has been other instances where I've suffered some considerable losses.

"But I'm confident the market will bounce back - like it always does."

Produced in association with SWNS.

This story was provided to Newsweek by Zenger News.

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Bitcoin Trader Harvested $3M Bounty That's Now Cut in Half - Newsweek

Fidelitys director of Global Macro has shared his bitcoin and ether price outlook. His analysis shows that bitcoin is cheap but ether could be even cheaper. Ethereum could be close to a bottom, he added.

Jurrien Timmer, director of Global Macro in Fidelity Investments global asset allocation division, shared his bitcoin and ether price analysis in a series of tweets Friday. Timmer specializes in global macro strategy and active asset allocation. He joined Fidelity 27 years ago as a technical research analyst.

He explained why bitcoin is cheap. I use the price per millions of non-zero addresses as an estimate for bitcoins valuation, and the chart below shows that valuation is all the way back to 2013 levels, even though price is only back to 2020 levels, he detailed, emphasizing:

In other words, bitcoin is cheap.

At its recent low of $17,600, bitcoin is now below even my more conservative S-curve model, which is based on the internet adoption curve, the Fidelity director added.

Timmer noted that it is clear from looking at Bitcoins network growth that the adoption curve is tracking the more asymptotic internet adoption curve, rather than the more exponential mobile phone curve. He continued: Per Metcalfes Law, slower network growth suggests a more modest price appreciation.

However, based on a simple power regression line, Bitcoins network appears to be intact, the director opined. That continued growth in Bitcoins network, combined with lower prices, means that bitcoins valuation is coming down.

The Fidelity director of Global Macro proceeded to share his ether price outlook, tweeting:

If bitcoin is cheap, then perhaps ethereum is cheaper. If ETH is where BTC was four years ago, then the analog below suggests that ethereum could be close to a bottom.

At the time of writing, bitcoin is trading at $21,584, up 11% over the past seven days but down 29% over the past 30 days. Ether is trading at $1,217, up 14% over the last seven days but down 32% over the past 30 days.

What do you think about the Fidelity directors analysis of bitcoin and ether prices? Let us know in the comments section below.

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Fidelity Analyst: Bitcoin Is Cheap Ethereum Could Be Near Bottom Markets and Prices Bitcoin News - Bitcoin News

A natural gas company in Clearfield County that had been "mining" for Bitcoin at several sites has stopped doing so for now, but operations at the site had already led to an information request from the U.S. Environmental Protection Agency.

Matt Anderson, owner of Big Dog Energy, said in an email that his company began crypto-mining in October 2021 on one site. That grew to three sites.

In January, the Pennsylvania Department of Environmental Protection sent Big Dog Energy a notice of violation. A DEP site inspection found Big Dog had installed 30 natural gas powered generators and a gas-producing unit at a site without authorization from the department.

According to a DEP spokesman, the U.S. Environmental Protection Agency is taking the lead on assessing the situation. The EPA issued a Clean Air Act Section 114 information request to Big Dog on June 1. A spokesman did not provide details on what type of information was requested.

Anderson said he stopped the crypto-mining operations in June. But, he said in an email, that was just a business decision, not EPA or DEP related.

I can restart them anytime Id like," he said.

The price of Bitcoin has plunged, after peaking in November 2021.

Along with natural gas sites, at least two Bitcoin mining sites in Pennsylvania use waste coal facilities. The natural gas or waste coal is used to power generators, which in turn power the application-specific integrated circuits or supercomputers that are used to "mine" for Bitcoin.

Rob Altenburg, senior director for energy and climate with PennFuture, an environmental advocacy organization, said in these situations mining for Bitcoin is a new operation and should be treated that way.

Those wells are permitted as natural gas extraction operations," he said. "Once you start mining Bitcoin, that isnt a natural gas extraction process. So, in my reading, their existing permits would not apply to that.

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The EPA asks a Bitcoin 'mining' operation in Clearfield County for information - WPSU