Not Convinced New Investors are Buying Bitcoin, Top Analyst Says
[NEWS BLOG]: Not Convinced New Investors are Buying Bitcoin, Top Analyst Says
While headlines about tanking bitcoin prices serve ideal opportunities for investors to enter the cryptocurrency market, one top analyst thinks the asset is lacking new buyers.
Alex Saunders, the CEO & Founder of Australia-based Nugget News, offered a wave of discouraging catalysts that might have driven people out of cryptocurrencies, including a wrecked US job report. More than three million Americans filed for unemployment last week, providing first-hand information about how the Coronavirus pandemic is affecting the US economy.
Buying Sentiment on Hold
Bitcoin has long enjoyed the status of an offbeat, non-correlated asset that could behave as safe-haven for investors in times of economic crisis. But in its first face-off with the one, the cryptocurrency has chosen to follow the bearish moves of stocks and similar risk-on assets.
The Next Bitcoin Dip
As the hunt for the next-best buying opportunity continues, bitcoin has marked a fresh downside target in the $4,200-4,400 area following its latest move on Saturday.
The bitcoin-to-dollar exchange rate has broken out of its Rising Wedge pattern, confirming a broader move to the south. Mr. Saunders earlier noted that the pair could confirm the classic bearish indicator with a plunge, further validating it with the double top formation near the $6,900-area.
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Iranian Conflict a Successful Beta Test for Bitcoin as Wartime Safe Haven
Bitcoin’s primary use-case is continuously evolving. At first, many thought the cryptocurrency would be the next generation payment method. Scaling issues and extreme volatility deterred many merchants from accepting BTC.
At that point, critics thought that the virtual currency would die. But, the number one crypto proved to be resilient as its value proposition changed into a store of value and as the only non-correlated asset in the world. In the last week, bitcoin’s use-case is making another transformation.
An analyst tracked bitcoin’s performance as the turmoil in Iran escalated. It appears that one of the surprising consequences of geopolitical risk - read more.
Bitcoin Price (BTC) Breaks Down, Turns Sell On Rallies
- Bitcoin price failed to climb higher and declined sharply below $10,000 against the US Dollar.
- The price is now trading well below the $10,000 level and it could struggle to recover in the near term.
- There was a break below a contracting triangle with support at $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is under pressure and it is likely to decline further towards the $9,500 support.
Bitcoin price is back in a negative zone below $10,000 against the US Dollar. BTC is facing uphill task and it might face - read more.
Crypto Community Trolls Ethereum For Not Getting Its Own Emoji
The crypto community on Twitter has united once again in an epic troll, this time aimed at Ethereum. What began as a simple question as to why the second-largest cryptocurrency doesn’t have its own emoji turned into a hilarious movement that says the network is best described with the internet’s beloved poop emoji.
"A Serious Enquiry About Emojis Turns Into an Epic Troll"
The crypto community has never been one that turns away from a good troll, which is exactly what ensued after some unsuspecting members of the Ethereum community raised the question of emojis.
Namely, the recent addition of - read more.