Category Archives: Bitcoin

JP Morgan CEO Jamie Dimon predicts another easy 20% fall for S&P 500 from current levels, considering global macroeconomics. How will Bitcoin react?

In an interview with CNBC, Jamie Dimon said that the US and the world is likely to be pushed into a recession six to nine months from now. He predicted S&P 500 could fall another easy 20% from current levels. He added, the next 20% would be much more painful than the first.

The community believes that Jamie Dimon is known to predict Fear, Uncertainty and Doubt (FUD). He is wrong in most of the predictions. Earlier in April 2020, he predicted a bad recession in his annual letter to shareholders. They stopped the buyback of JP Morgan shares. The stock then rallied 52% from April 2020 to April 2021.

In his April 2021s annual letter to shareholders, he said that the pandemic will end with a US economy rebound, the US economy will likely boom, he added, This boom could easily run into 2023. The reverse happened. The current economy is in a worse state than in April 2021.

The markets will get the answer in 6 to 9 months whether the index will fall by another 20%.

Is there any similarity between the 2008 chart of the S&P 500 and the 2022 chart? In 2008, when the index was down by almost 10% from its all-time highs, it retested 200-day Simple Moving Average (SMA). There was a head-and-shoulder type formation, and the index breached the neckline in June 2008.

After that, the market saw a steep drop of nearly 50% before hitting bottom.

In 2022 as well, when the S&P 500 retested 200-day SMA, it was down approximately 10-12% from its all-time highs. The index formed a similar head-and-shoulder type pattern after getting a rejection from 200-day SMA. The neckline was breached in September 2022. Is the market on the verge of a steep move downside?

If Dimons prediction of another 20% downfall turns out to be accurate, the community fears there will be an impact on cryptos. There is a high correlation between S&P 500 and BTC. The effect multiplies when it comes to Bitcoin. From February to March 2020, when S&P fell by 35%, Bitcoins price fell to more than 60%. Presently S&P is down nearly 25% from its ATHs, and Bitcoin is down more than 70%

If S&P 500 falls by 20%, Bitcoin can see more than a 50% downside from the current levels. Some traders feel that this could be a buying opportunity.

Is the JP Morgan CEO on the money this time?

For Be[In]Cryptos latest Bitcoin (BTC) analysis, click here

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JP Morgan CEO: Stocks Could Fall Another 20%. And BTC? - BeInCrypto

A popular crypto strategist and trader is predicting more rallies to come for two low-cap altcoins that have recently shown strength.

The pseudonymous analyst known in the industry as Altcoin Sherpa tells his 184,400 Twitter followers that decentralized derivatives exchange Injective Protocol (INJ) is the gift that keeps on giving.

This entire area ($2.00) is a big supply zone. With that said, its been tapped several times the last few weeks, and I think a lot of sellers are gone around $2. Im riding this one until $2.50, entry around $1.80

At time of writing, INJ is trading at $1.93, up over 8% in the last seven days. A move to Altcoin Sherpas target suggests an upside potential of nearly 30% for INJ.

Another altcoin on the traders radar is SushiSwap (SUSHI), also a decentralized exchange protocol. According to Altcoin Sherpa, SUSHI is facing some resistance at current levels but he believes that the altcoin will continues to rally toward his target.

SUSHI: Current area is scary bit I still think it probably goes to $1.60 eventually.

At time of writing, SUSHI is swapping hands for $1.38, an over 22% increase in the past seven days.

As for Bitcoin (BTC), the popular analyst predicts a move down to the $18,000 level if the king crypto fails to hold the equilibrium of its range at around $19,500.

Two scenarios that Im eyeing. This is an unclear area for now. Conflicting signals and the exponential moving averages are all right near price; theoretically should provide some support, but when price is flipping between EMAs so consistently, its less likely to be strong support or resistance, in my opinion.

At time of writing, Bitcoin is valued at $19,412, flat on the day and below Altcoin Sherpas range equilibrium.

Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia

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Crypto Analyst Predicts Further Rallies for Two Explosive Altcoins, Updates Bitcoin Forecast - The Daily Hodl

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Todays entrepreneurs in the MENA area are regarded as the forerunners in adopting global crypto trends; thus, enterprises must explore decentralization for commercial, governmental, and social initiatives.

The first cryptocurrency foundation in the ADGM with permission to run a blockchain and issue utility tokens has been registered as Venom Foundation. ADGM is well recognized as a fintech haven. The debut of Venom Blockchain, the next critical stage, will be disclosed soon.

Venom blockchain is an innovative technology that has achieved an unparalleled worldwide leap by offering the industry limitless scalability and more robust security assurances with decentralization. It is a pioneer in three key areas, including infrastructure, support for inbound projects, and developer-friendly platforms, each of which provides fresh approaches for resolving long-standing problems in the cryptocurrency industry.

A groundbreaking objective

The creation and promotion of a self-sufficient blockchain ecosystem is the primary goal of the Venom Foundation, and this goal has already produced notable outcomes. It will collaborate with ecosystem members to ensure that such items are supplied in a compliant way inside the dependable and well-regulated environment of ADGM, subject to the necessary regulatory clearances.

As a reminder, Abu Dhabi Global Market (ADGM) was inaugurated on October 2015 to bolster Abu Dhabis position as a worldwide hub for business and finance and acts as a vital connection between the Middle East, Africa, South Asia and the rest of the globe. For its efforts and contributions to the regional financial and capital markets industry, ADGM was named Financial Centre of the Year for two years.

Blackrock Influence

The Foundation is supported by top executives, such as Peter Knez, PhD, former global chief investment officer at BlackRock is in the mix, a well-known, seasoned business leader and investor in the expertise of fintech with a primary emphasis on data-driven decision-making. Also, the founder of Knex Ventures, a force to be reckoned with, we expect big things from Venom.

The bottom line

Involvement from renowned market professionals and industry leaders in the development and possible launch of the Venom Blockchain makes it a fascinating initiative for beta testers and trailblazers. People that are willing to try new things are the ones who will be the first to use the Venom blockchain. Mustafa Kheriba and Dr Kai-Uwe Steck, both members of the Foundation, have given the projects team their undivided attention and expertise.

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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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Venom Foundation Is Boosting MENA Crypto Adoption Sponsored Bitcoin News - Bitcoin News

According to countdown statistics based on the average block generation time of around ten minutes, progress toward the next Bitcoin block reward halving has surpassed 60%. However, while most halving countdown clocks leverage the ten-minute average, the countdown leveraging the most current block intervals of around 7:65 minutes shows the halving could occur in 2023.

Just recently, at block height 757,214, mined on October 5, 2022, Bitcoins total hashrate tapped an all-time high (ATH) at 321.15 exahash per second (EH/s). Lately, block intervals have been faster than usual and well under the ten-minute average.

The speed at which the 2,016 blocks are found in between difficulty adjustments determines the difficulty and current block intervals suggest a large difficulty jump is in the cards. Now, prior to the next difficulty rise, the hashrate has continued to remain strong and block times at the time of writing are around 7:65 minutes.

The next mining difficulty retarget is scheduled to happen on or around October 10, 2022. If block times remain faster than usual even after the retarget, the protocols block reward halving could very well happen in 2023. Statistics from bitcoinsensus.com indicate that at 7:65 minutes per block interval, the halving could take place on or around December 19, 2023.

Bitcoinsensus.com further shows the halving time based on the average ten-minute rule which shows the halving will occur on May 1, 2024. Most countdown calculators apply the average ten-minute rule, and other data points suggest the halving could occur on April 20, 2024.

Either way, the progress toward the next halving is still more than 60% complete, and when it occurs, bitcoin miner rewards will be reduced from 6.25 BTC to 3.125 BTC post halving. Despite the high speed now, miners could easily slow down after the meaningful difficulty increase on October 10 is recorded and if BTC prices remain low.

This, in turn, would push the halving date back to the 2024 range and after all, theres still well over a years worth of BTC block subsidies to mine. A lot can change. According to a recent blog post from Blocksbridge Consulting, the difficulty change and low price range could give bitcoin miners a headache from loss of profits.

Bitcoins daily mining revenue per PH/s is currently around $80. If the difficulty rises 13% on Monday and bitcoins price stays at $19.5K, the daily revenue would decrease to $70 per (petahash) PH/s, Blocksbridge Consultings Miner Weekly issue #17 notes. That would cause mining companies to mine at all-time low revenues on a daily basis, even lower than what we saw during the summer following the May 2020 halving.

The blog post adds:

Unless bitcoins price breaks the $20,000 barrier, those who employ older-generation machines or have bloated mining operations will face an even tougher time ahead.

Viabtcs Viawallet halving metrics show that eight blockchains are expected to see reward halvings or whats known as reward reductions. Dash expects a reward reduction on June 20, 2023, as rewards will shrink from 2.76 DASH to 2.56 DASH. Other reduction events and reward halvings will stem from blockchains that include BCH, BSV, LTC, ETC, ZEC, and ZEN.

What do you think about the Bitcoin networks progress toward the next halving exceeding 60%? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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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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Progress Toward Bitcoin's Halving Is 60% Complete, Block Times Suggest Reduction Could Happen Next Year Mining Bitcoin News - Bitcoin News

Bitcoin Cash's BCH/USD price has decreased 3.08% over the past 24 hours to $114.18, continuing its downward trend over the past week of -1.0%, moving from $115.71 to its current price.

The chart below compares the price movement and volatility for Bitcoin Cash over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has fallen 5.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has decreased 0.47%. This brings the circulating supply to 19.20 million, which makes up an estimated 91.42% of its max supply of 21.00 million. According to our data, the current market cap ranking for BCH is #32 at $2.20 billion.

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

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Cryptocurrency Bitcoin Cash Down More Than 3% Within 24 hours - Bitcoin Cash (BCH/USD) - Benzinga

The value of Huobis native token has shot up around 18% in recent trading, following the news of fresh investment in the Seychelles-based crypto exchange.

Huobis founder Leon Li Lin recently sold off his stake in the company to About Capital, a Hong Kong-based asset management firm, which was accompanied by the promise of more investment.

According to a blog post on the companys website, the move will see Huobi get a sufficient capital injection into its margin and risk provision fund, as well as a global strategic advisory board, joined by leading industry figures.

The acquisition will also reportedly see the company undergo a series of new international brand promotion and business expansion initiatives, with no specific mention of what this entails.

Though the acquisition will mean that Leon Li Lin will lose control over the firm, the announcement maintained the move will have no impact on Huobis core operation and business management teams.

Despite not being available for users based in the U.S. or China, Huobi is still one of the most popular cryptocurrency exchanges worldwide.

According to CoinGecko, Huobi is presently the eighth-most largest crypto exchange by 24-hour trading volume, with more than $465 million in normalized volume.

About Capital was by no means the only party interested in acquiring Lins stake from him.

Recent reports suggest that FTX founder Sam Bankman-Fried and Tron founder Justin Sun were among the interested potential buyers, with the valuation for Lis slice said to be between $2 billion to $3 billion.

Despite successfully winning the interest of investors, it hasnt all been smooth sailing for the exchange in recent months.

HUSD, a stablecoin offered by the firm that is supposed to maintain parity with the U.S. dollar, at one point dropped almost 15% from its intended $1 peg. The firm maintained that the issue was caused by a short-term liquidity problem due to a time difference in banking hours, rather than any deeper financial instability.

Huobi has also been trimming down the selection of tokens it has on offer as part of plans to better fit in with global regulatory frameworks. It declined to comment any further on the reasons for the removals.

These tokens included Dash (DSH), Decred (DCR), Firo (FIRO), Monero (XMR), Verge (XVG), Zcash (ZEC), and Horizen (ZEN).

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Native Token of Bitcoin Exchange Huobi Jumps 18% Amid Fresh Investment - Decrypt

Chris Ratcliffe/Bloomberg via Getty Images

The crypto market fell with stocks after the highly anticipated jobs report showed the labor market is still tight and could keep the Federal Reserve on course to raise rates aggressively.

The price of bitcoin fell 3.3% to $19,380.74, according to Coin Metrics. Ether fell 2.7% to $1,322.40.

On Friday the Labor Department reported that the U.S. economy added 263,000 jobs in September, compared with the Dow Jones estimate of 275,000, and that the unemployment rate fell to 3.5% from 3.7% in the previous month.

"The jobs report points to no change of tune on the horizon for the Fed, so we continue to expect firm interest rates which also adds pressure to crypto markets," said Yung-Yu Ma, chief investment strategist at BMO Wealth Management.

Cryptocurrencies' correlation with stocks has weakened in recent weeks but remains high.

"Crypto looks to be at an important technical juncture here where it looks like it's trying to carve out a bottom, but feeling heavy," he added. "I still think it, more likely than not, breaks to the downside given rising interest rates and risk-off sentiment, but so far it's a surprising effort to hold the line."

The market has been in a good-news-is-bad-news holding pattern with the Federal Reserve laser focused on bring down inflation. While the new data shows strength in the U.S. economy, that could make the Fed more likely to continue with its aggressive rate hiking plan (whereas investors are hoping for a pause or a pivot), which puts pressure on stocks and weighs on crypto.

"Crypto has been the hardest hit by rate hike fears this year," said Callie Cox, U.S. investment analyst at eToro. "It makes sense many crypto projects don't have cashflows, so people invest in them for what they could be, not necessarily what value they're providing right now. When rates rise, the future value of a dollar falls."

Cox also highlighted the resilience of crypto assets in the second half of the year, noting that while stocks have revisited new lows with the spike in bond yields, bitcoin and ether haven't done the same. Bitcoin has been trading in a tight range of between $18,000 and $25,000 since falling to its lows of the year in June.

"To me, that's progress in this bear market," Cox said. "Crypto prices could be telling us the rate anxiety could be at a turning point. Crypto's strength is also a good indicator of frothiness in the market. It seems like the brutal growth selloff has finally washed out all the weak hands."

"Bitcoin is also far below its highs too," she added. "But stability is a step in the right direction."

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Bitcoin falls after the jobs report, but crypto prices show relative stability - CNBC

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In this episode of Bitcoin, Explained, hosts Aaron van Wirdum and Sjors Provoost discuss the upcoming Bitcoin Core major release, Bitcoin Core 24.0.

The Bitcoin Core project produces a new major release of its software roughly every six months. The 24th major release is currently in its release candidate phase, which means that it is being tested and could technically be released any day now (though this phase will probably last a few more weeks). In the episode, van Wirdum and Provoost discuss seven of the most notable changes included in Bitcoin Core 24.0.

This includes a change to how nodes download blocks when they sync with the network. While previous Bitcoin Core versions started by downloading only block headers to make sure that the blocks they download have sufficient proof-of-work, Bitcoin Core 24.0 nodes will initially not store these block headers in order to prevent a certain type of resource exhaustion attack. Van Wirdum and Provoost explain that this should eventually also allow for the removal of any checkpoints in the Bitcoin Core codebase.

They go on to explain that Bitcoin Core 24.0 also includes an added option for users to apply full replace-by-fee (RBF) logic. Until now, Bitcoin Core nodes applied the first seen rule, which meant that conflicting transactions wouldnt be accepted in the node's memory pool (mempool) and forwarded to peers. With this upcoming release, users can choose to make their nodes accept and forward conflicting transactions if they include a higher fee than (the) earlier transaction(s) they conflict with.

Further upgrades discussed by van Wirdum and Provoost include a tool to migrate legacy wallets to descriptor wallets, initial miniscript support, default use of RBF when creating transactions, an improved unspent transaction output (UTXO) selection algorithm which randomizes change output amounts for extra privacy and a new send all function to spend a particular (set of) UTXO(s) in full.

See more here:
The Upcoming Release Of Bitcoin Core 24.0 - Bitcoin Magazine

Bitcoin, Ethereum Talking Points

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Bitcoin and Ethereum continue to tread water above their YTD lows as economic data continues to allow for the Federal Reserve to remain aggressive in its battle against inflation. Nonfarm payrolls data on Friday showed that the US labor market continues to remain hot, albeit there are some signs of cooling. With the labor portion of the Feds mandate in check, Fed officials have indicated that will remain fully committed to returning inflation to target. As hawkish Fed policy shows no sign of abating, the outlook remains bleak for risk assets.

Despite the recent surge in US Treasury yields and collapse in equities, Bitcoin and Ethereum have both managed to keep their heads above water. While equities have pierced their June lows, Bitcoin and Ethereum have yet to break their respective lows. This could all change next week, as Thursdays CPI print could represent a major volatility event. Following the prior CPI release on September 13, risk markets tanked as inflation metrics increased.

US Economic Calendar

Courtesy of the DailyFX Economic Calendar

Despite the Friday rout in risk assets, Bitcoin continues to remain perky above recent swing lows. Price appears to be coiling around the key psychological level at $20,000, as price as consolidated into a tight range following the September 14th CPI print. Bulls have forcefully defended the $18500 area, while bears have prevented any break beyond $20400 from gaining steam. Price has notably made a series of higher lows this month, which offers support to the idea that something larger may be at play here. If markets were truly capitulating as many are looking for, highly speculative assets such as Bitcoin would likely not be showing such vibrant signs of life. While more price action is needed, an ascending triangle appears to be forming in BTCUSD. Should this formation materialize, higher prices may be ahead.

Chart created with TradingView

Like Bitcoin, Ethereum remains postured well above its YTD lows at $880. ETHUSD remains constrained to a much tighter range than Bitcoin, with price failing to materially break into a key pivot zone around $1400. Ethereum has largely struggled following the completion of the merge in September, with the network upgrade turning to be a sell the news event. As the outlook for risk continues to deteriorate, market participants may continue to follow economic data closely as Fed policy appears to drive all markets at the moment. With major event risk on the horizon next week, traders should keep an eye on how/if Ethereum breaks its recent range. While gravity continues to act forcefully on equities and bonds, crypto continues to defy the odds.

Chart created with TradingView

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Bitcoin and Ethereum Forecast for the Week Ahead - DailyFX

CNBCs Jim Cramer prodded his myriad online non-believers on Friday with a challenge: bet against him. He dares you.

Cramer bragged to Crypto Twitter that hes divested from Bitcoin and Ethereum and bought a farm and boat with the spoils. He then coaxed doubters of his crypto market analyses to go all in on their anti-Cramer positions.

Soon, those doubters may be able to do precisely that.

According to an SEC filing from earlier this week, Tuttle Capital Management has applied to launch two exchange-traded fundsthe Inverse Cramer ETF (SJIM), and the Long Cramer ETF (LJIM)that will put an investors funds towards the opposite of whatever the outspoken television personality advises on his CNBC program Mad Money, and via his Twitter account.

The Fund is an actively managed exchange traded fund that seeks to achieve its investment objective by engaging in transactions designed to perform the opposite of the return of the investments recommended by television personality Jim Cramer (Cramer), the SEC filing reads. Under normal circumstances, at least 80% of the Funds investments is invested in the inverse of securities mentioned by Cramer.

The history of the relationship between Cramer and Crypto Twitter is long and storied. Once an ardent crypto bull who stated it was almost irresponsible not to buy Bitcoin, Cramer had a 180-degree change of heart once crypto markets crashed earlier this year.

On Twitter, apparent patterns of Cramers financial advice backfiring perfectly led to the emergence of a parody account titled Inverse Cramer ETF, which would gloat whenever Cramers prognostications turned out to be precisely incorrect.

As Cramer developed increasing skepticism of crypto assets in the aftermath of Mays crypto crash, the television host began accumulating an ironic following on Crypto Twitter, with users jokinglyor maybe notpositing that so long as Cramer continued to bash crypto, there was hope for the market.

Cramers statement today may have been some form of acknowledgement of the lack of deference his financial advice is now generally granted online, and potentially, of his awareness of a prospective batch of publicly traded, anti-Cramer financial products.

As one Twitter user posited though, what "Inception"-level event would transpire if Cramer ever turned bullish on the Inverse Cramer?

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Jim Cramer Says He Bought a Farm With Bitcoin ProfitsAnd Dares You to Bet Against Him - Decrypt