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Month: July 2021

Bitrue Aims to Democratize Token Listing Rights by Opening Voting Power to Users – News Bitcoin News


Digital asset exchange Bitrue is seeking to engage its user community directly by distributing decision-making power for adding new token projects after the listing team thoroughly vets them.

Platform Advancing Further Voting Powers in Future Updates

Blockchain’s innate ability to decentralize products and services has long been among its key value propositions, especially when providing more democratized access to these same offerings. Governance is rapidly becoming the newest area for blockchain’s democratization efforts, and the community is joining the cause.

Bitrue, a digital assets exchange, has joined the ranks of other service providers embracing a more community-based governance approach with its decision to hand over listing votes to users, which took effect on July 27th. Bitrue’s listings team will collect project suggestions based on feedback from social media channels before analyzing the projects’ legitimacy and prospects. Projects that pass a rigorous due diligence process will be presented to the community for a vote.

Voters on these listing initiatives will stake the exchange’s native token, Bitrue Coin (BTR), to participate. Once a coin that is up for a vote reaches a certain threshold, it will be listed on the exchange and opened for trading. Users who staked coins in successful listing initiatives will be eligible for airdrops of those newly listed coins.

Eventually, Bitrue plans to open up other management and governance decision-making powers to users in areas like developing new platform features, including fresh trading pairs, and additions to the Power Piggy product — an investment tool that lets users pick and choose the coins they want to invest and generates daily interest into users’ accounts. Many of the forthcoming projects set for votes will be focused on emerging blockchain ecosystems that the platform already supports, including Cardano, Hedera Hashgraph, and Solana.

Breaking the Centralized Governance Grip

While blockchains like Polkadot and Cardano already have a community-governance angle engrained by design, these types of transparent governance mechanisms are far from the norm. The centralization of certain services has prevented true democratization and transparency from materializing as envisioned.

Exchanges are one of the leading perpetrators because of their opaque decision-making mechanisms governing platform use. In the past, these practices have caused consternation amongst the community, a case in point being Coinbase’s historical listing practices.

Any rumors that the exchange would be listing a new token lifted purchases in other venues ahead of the proposed unveiling. With the expectation that these newly listed tokens would open themselves up to material purchase momentum from Coinbase’s vast ranks of clients, it could have been viewed as a form of frontrunning given the high stakes.

Nevertheless, other platforms are moving in the same direction as Bitrue, and among them is Shapeshift. The digital assets exchange recently announced an initiative to dissolve its corporate structure and move to a community-operated framework. Its native FOX coin will serve as ownership and governance tokens in this new, entirely decentralized structure.

Given the importance of the community in blockchain projects, other platforms may quickly follow suit to democratize governance over their products and services, and by extension, deliver improved transparency and involvement that ultimately benefit all an ecosystem’s stakeholders.

What do you think of Bitrue’s latest move of engaging its users in decision-making? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, investing.com





news.bitcoin.com/

Ethereum (ETH) Topside Bias Vulnerable If It Struggles Below $2.3K


Ethereum is struggling to gain pace above $2,300 and $2,320 against the US Dollar. ETH price could decline sharply if there is a break below $2,220.

  • Ethereum is showing a few bearish signs below the $2,320 resistance zone.
  • The price is still above the $2,200 zone and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $2,280 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must settle above $2,320 for more upsides in the near term.

Ethereum Price is Facing Hurdles

Ethereum remained stable above the $2,200 support zone, similar to bitcoin near $38,000. However, ETH price seems to be facing a strong resistance near the $2,320 zone.

The bulls made a couple of attempts to gain strength above $2,320, but they failed. A high was formed near $2,346 and the price is now correcting gains. It traded below the 23.6% Fib retracement level of the upward move from the $2,153 swing low to $2,346 high.

The bulls are now protecting the $2,280 level. There is also a key bullish trend line forming with support near $2,280 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key support is near the $2,250 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the upward move from the $2,153 swing low to $2,346 high. The main support is now near the $2,220 and $2,200 levels.

A clear downside break below the $2,200 support zone could set the pace for a larger decline. The next major support could be near the $2,120 level, followed by the main $2,050 support zone.

Upside Break in ETH?

If Ethereum remains stable $2,220, it could attempt an upside break. An immediate resistance on the upside is near the $2,320 level.

A clear break and close above $2,320 could set the pace for a larger increase. In the stated case, the price could easily rise towards the $2,400 level. The next key resistance is near the $2,450 level, above which the price might test $2,500 in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now struggling to stay above the 50 level.

Major Support Level – $2,220

Major Resistance Level – $2,320



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Helium Hotspot Miner – Mining With Helium Bar – Press release Bitcoin News


PRESS RELEASE. Helium Network developed a decentralized peer to peer wireless network, which can connect different compatible devices through a series of hotspots. By being a part of this network, people can earn cryptocurrencies (HNT). The Helium hotspot miner network is growing steadily. Hence, it is worthy to think about mining HNT. To help people with mining HNT, Helium Bar has developed an excellent solution. Helium.Bar is nothing but a helium network, which is made out of hotspot miners. Any person who is interested in HNT mining can take a look at it.

Helium.Bar is one of the fastest-growing communities in Helium Hotspot mining. This concept was initiated by a team, who had years of experience in the radio network industry. The previous experience helped them to ensure the overall success of this massive helium network.

The concept behind Helium Bar is simple and easy to understand. People who wish to mine HNT with it will need to choose a hotspot plan. That’s the only thing that they have to do and there aren’t any technical complexities. Hence, any interested person can get started with HNT mining through Helium.Bar.

The Helium mining hotspots installed on the rooftop are not just ordinary hotspots with Wi-Fi or any other similar technology. They are based upon Helium LongFi technology. Due to the same reason, it is possible to connect to other hotspots that are located miles away. This technology has given life to excellent wireless network coverage, which consists of millions of devices.

Helium already has massive coverage. In fact, it is the biggest public LoraWAN network in the United States and Europe. The versatility of Helium as a network is the main reason behind its popularity. For example, it is offering robust coverage, along with high security and low power consumption for urban locations.

As of now, Helium.Bar has been able to create hotspots in numerous locations within Europe and many other parts of the world. This opportunity is available for any interested person. To join the network, it is just a registration away. Once the hotspot is configured, it will be possible to start generating HNT instantly. In other words, this is one of the fastest methods of making money.

Helium.Bar offers numerous plans for the interested people to join as well. A mining hotspot can be rented for an amount of $697. It will deliver a guaranteed payout. In fact, the exact amount of HNT that a person can mine out of a hotspot would vary depending on the network occupancy. It is possible to purchase one of the plans by making payments with either a credit card or cryptocurrency. All cryptocurrency payments are secured by Coinbase.

The team behind Helium.Bar encourages all interested people to take a look at the plans available on the website and join this amazing opportunity. There are also shared plans, which start at a price of only $59 and offer fixed payouts every single month. This offer is available only for a short time period, and people who can quickly grab it can get the best returns. Helium.Bar will offer all rewards through HNT.

What do you think ? Check out: https://www.helium.bar

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

Image Credits: Shutterstock, Pixabay, Wiki Commons





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Russian ‘Time Capsule’ to Facilitate Inheritance of Crypto Assets – Technology Bitcoin News


Researchers in Moscow are developing a new service that will allow users to transfer digital data to their heirs, including crypto keys. The Russian “time capsule” will be capable of storing and relaying other private information as well such as a record of the whereabouts of valuable items.

Russian Universities to Provide Service Allowing Crypto Investors to Secure the Future of Their Coins

Experts from three Russian universities – Lomonosov Moscow State University, National Research Nuclear University, and Moscow State Institute of International Relations – are working to give crypto holders the peace of mind that their digital assets will not be lost after their death. The service will be based on blockchain technology, RIA Novosti reported quoting Russia’s National Technology Initiative Platform.

The joint team is now creating a website through which people will be able to store the precious information, encrypted and ready to be transferred to the possession of specified persons, the project manager Dmitry Izvekov explained. This can happen only after certain conditions are met and not earlier than six months after the data has been uploaded. The report further details:

[The service] will allow you to securely store digital data and assets – from passwords for social networks to keys to bitcoin wallets.

Subscribers will be able to use the Russian time capsule to also keep photographs, text files, video messages, and even location details for valuable items that can be passed on to heirs in case of an unexpected death, for example. A user will have to send a link to a chosen recipient who must set up their own account in order to gain access to the information. The time capsule will open only on a pre-specified date in the future.

The encrypted data will be stored on Sbercloud, a cloud service developed by one of Russia’s largest banks, Sberbank, and backed up on Dropbox and other platforms. Each user will be allowed to send two capsules free of charge. The creators hope to raise up to 3 million rubles (around $40,000) to finance the project, monetize the service as soon as it gains popularity and offer additional services.

According to a survey conducted last year by the Cremation Institute in the U.S., which has been quoted by the Russian business news portal RBC, 89% of crypto investors worry about what will happen to their assets after they die. Yet, despite concerns that the coins can be lost forever, only 23% of cryptocurrency holders have a plan for their digital money after they pass away.

What do you think about the time capsule service for crypto holders that’s under development in Russia? Share your thoughts on the subject in the comments section below.

Tags in this story
cloud services, Coins, Crypto, crypto assets, crypto holders, Crypto investors, Cryptocurrencies, Cryptocurrency, Digital Assets, digital coins, Digital Currencies, heirs, inherit, Inheritance, Moscow, Researchers, Russia, russian, service, time capsule, universities

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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Vermont Joins 3 States On BlockFi Regulatory Action


Several states’ securities regulators have been furrowing their brows with regards to BlockFi Interest Accounts (BIA) lately. This includes BlockFi’s home state of New Jersey, who was arguably one of the more strict in their action towards the firm; New Jersey issued a cease and desist that instructed the firm to stop offering their BIA product before the end of this week. Now, securities regulators in New Jersey have pumped the brakes for a moment, extending that deadline. However, in the meantime, Vermont has joined the ranks of New Jersey, Texas, and Alabama for issuing regulatory concerns around BlockFi’s BIA product.

New Jersey Extends Deadline

New Jersey’s state attorney general issued a cease and desist on July 19, ordering the firm to stop accepting new BIA accounts by July 22. That deadline was seemingly extended to July 28, and now has been extended once more to September 2. This will give the company over a month to sort through what appears to be very substantial regulatory hurdles. The news came as part of a company announcement on BlockFi’s website from CEO Zac Prince.

Prince also elaborated that New Jersey’s actions would not impact current BIA customers in the state, or other BlockFi products, and that the order only calls for preventing the creation of new BIAs. “Your access to BlockFi is completely unimpaired,” said Prince, adding that he saw these regulatory calls as “an opportunity for BlockFi to help define the regulatory environment for our ecosystem.”

As the broader crypto and DeFi landscape continues to grow, so too will regulatory eyeballs.  | Source: CRYPTOCAP:TOTAL DEFI on TradingView.com

Related Reading | TA: Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control

Vermont Adds Their Name To The List

While another calendar month is likely a nice sigh of relief for BlockFi’s domestic team stateside, they’ll have their hands still full with Vermont joining the ranks of the aforementioned list of states targeting the BIA product.

The Vermont Department of Financial Regulation has given the company 30 days to show the department commissioner evidence as part of a ‘Show Cause Order’. Alabama also issued the firm a Show Cause Order with a similar 30 day command. Additionally, like the three other states pulling out the regulatory microscope, Vermont is also calling out the BIA product as the main point of contention.

Through the flurry of headlines for the company in recent weeks, BlockFi has maintained it’s stance that it’s BIAs are not securities and that the firm is in active, ongoing conversations with regulators. The crypto grey area is likely to continue to cause emerging companies headaches, as regulators sort through what are and what aren’t securities.

Regardless of how the situation shakes out in each state, it’s likely going to be a busy few months for BlockFi ahead.

Related Reading | Hands-On With TradingView ‘All Time Highs’ Bitcoin & Stock Tarot Cards

Featured image from Pixabay, Charts from TradingView.com



newsbtc.com/

Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control


Bitcoin price remained in a positive zone above the $39,000 level against the US Dollar. BTC is likely to climb further higher above $40,500 and $41,000.

  • Bitcoin is trading nicely above the $38,200 and $38,500 support levels.
  • The price is now trading well above $38,000 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $40,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to gain bullish momentum if it clears $40,200 and $40,500.

Bitcoin Price Eyes More Upsides

Bitcoin price started a fresh increase from the $36,500 support zone. BTC remained well bid above the $37,000 level and it gained pace above the $38,000 level.

The price even spiked above the $40,000 level and it settled above the 100 hourly simple moving average. A high was formed near $40,930 and the price is now consolidating gains. It corrected below the $40,000 support level.

There was a break below the 23.6% Fib retracement level of the upward move from the $36,397 swing low to $40,930 high. It is now holding the $39,000 support level. There is also a key contracting triangle forming with resistance near $40,200 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is an upside break above the $40,200 resistance zone, there are chances of more upsides. The next major resistance is near the $40,800 and $41,000 levels. A close above $41,000 could trigger a steady increase towards the $42,000 level.

Dip Supported in BTC?

If bitcoin fails to climb above the $40,200 and $40,500 resistance levels, it could start another downside correction. An initial support on the downside is near the $39,400 level and the triangle lower trend line.

The first major support is now near the $38,600 zone. It is near the 50% Fib retracement level of the upward move from the $36,397 swing low to $40,930 high. A clear downside break below the $38,600 support might call for a move towards the $37,600 level. The next major support is near the $37,200 zone.

Technical indicators:

Hourly MACD – The MACD is likely to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $38,600, followed by $38,000.

Major Resistance Levels – $40,200, $40,500 and $42,000.



newsbtc.com/

Crypto Exchange Binance Plans to Be Regulated Financial Institution, Seeks CEO With Strong Compliance Background – Bitcoin News


Binance CEO Changpeng Zhao (CZ) says that his company wants “to be licensed everywhere” and “From now on, we’re going to be a financial institution.” Following warnings by a growing list of regulators worldwide, Zhao also revealed that Binance is seeking “a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.”

Binance’s CEO Unveils Company’s Regulatory Compliance Plans

Binance founder and CEO Changpeng Zhao (CZ) has addressed recent compliance issues his exchange has been facing and reports of the exchange hiring a new chief executive.

Governments and financial watchdogs are paying closer attention to the cryptocurrency space. A growing number of regulators worldwide have warned Binance about operating in their countries without being properly authorized. They include regulators in Japan, the U.K., Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania.

Commenting on regulatory scrutiny, Zhao told journalists that he wanted to improve relations with regulators. He added that Binance would seek their approval and establish regional headquarters, breaking with its decentralized structure. He was quoted as saying:

We want to be licensed everywhere … From now on, we’re going to be a financial institution.

Responding to reports that he would be willing to step down whenever he finds a successor who can do a “better job,” Zhao explained via Twitter that Binance’s “CEO contingency planning starts in day 0, same as any other role.”

He further opined: “I feel CEOs should not stay for more than 10 years, ideally around 5 years. We live in a dynamic world. We need new thinking. Presidents only serve for 4 years. We are always hiring for CEOs.”

While emphasizing, “There are no immediate plans to replace me as CEO,” he said: “I don’t need to be CEO, and I am not leaving. I will always find ways to contribute to the community behind the logo tattooed to my forearm.” Zhao additionally detailed:

I/we would very much like to hire a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.

What do you think about Binance wanting to become a regulated financial institution and hiring a new CEO? Let us know in the comments section below.

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.





news.bitcoin.com/

Mike Novogratz Says Institutions Are Buying Bitcoin, Politicians Need More Crypto Education – Bitcoin News


Galaxy Digital CEO Michael Novogratz says that cryptocurrencies, such as bitcoin, have bounced back because institutional investors are buying. Responding to U.S. Senator Elizabeth Warren’s anti-crypto stance, he stated, “We need to do a much better job going to D.C.” to educate lawmakers.

Novogratz Says Institutions Are Buying

Galaxy Digital CEO Mike Novogratz talked about the outlook for bitcoin in an interview with CNBC Wednesday.

He was asked how he sees bitcoin’s price action and what he thinks has been driving the price of the cryptocurrency back to the $40,000 level. The pro-bitcoin executive replied:

Crypto has bounced back because institutions are buying.

He brought up the FTX exchange as an example. The exchange recently raised $900 million from more than 60 investors, putting the company’s valuation at $18 billion. Investors included Softbank Group Corp., venture capital firm Sequoia Capital, private equity giant Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones family, and British hedge fund manager Alan Howard.

Novogratz dismissed the explanation that the price hike was due to the news that Amazon may be accepting cryptocurrency payments.

Emphasizing that institutions are some of the smartest investors in the world and they are participating in the crypto space, he said:

That sent a signal to the whole crypto market that this isn’t going away.

“This was partly a big short-covering rally and partly recognition that this is a real market that isn’t going anywhere,” said the Galaxy Digital CEO.

Novogratz was also asked about cryptocurrency regulation and what it could potentially look like in the U.S. particularly after the warnings by Senator Elizabeth Warren.

Warren warned Tuesday that bitcoin’s price fluctuations put retail investors and businesses that accept bitcoin payments at risk. In addition, she claimed that individuals who use bitcoin as money are criminals.

Regarding Senator Warren’s remarks about cryptocurrencies, the Galaxy Digital CEO opined:

It was disappointing. She was supercilious. She was smug. Really disappointed she hadn’t done any work. This is a progressive technology. She is supposed to be a progressive.

“Crypto goes after the rent takers. If you look at defi [decentralized finance]. If you look at the NFT [non-fungible token] revolution. It’s going to empower artists and creators over the people that used to make money off their backs. So, really frustrating and disappointing,” he continued, adding:

It just tells us … We need to do a much better job going to D.C. and educate [lawmakers].

Novogratz also responded to Warren’s anti-cryptocurrency stance on Twitter Tuesday.

“Banks charged $12 billion in overdraft fees, a fortune in ATM fees, a fortune in checking account fees. But you keep going after crypto where saving and money transfer is a fraction of banks. Good job Senator Warren. You really don’t seem so progressive to me,” he tweeted, elaborating:

If banks had the transparency of defi protocols, we would not have had the mortgage crisis. Defi will win because it’s better.

“Atomic settlement. Bearer assets. Composability. Transparency. We just need to solve for KYC which is coming. We need to educate our politicians,” he concluded.

What do you think about Novogratz’s comments? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons





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Hands-On With TradingView ‘All-Time Highs’ Bitcoin & Stock Tarot Cards


Bitcoin and the stock market over the last year has transcended pop culture, and been fully embraced by the world of memes and the mainstream.

What started as an April fool’s day joke earlier in the year, has since turned into a dream come true for this very trader who adores the occult and unorthodox. TradingView has graciously shared a pack of their limited edition All-Time Highs finance-focused tarot cards, which we’ve now had the chance to dig into. Here’s a hands-on look at the most unique tarot cards the trading community has ever seen.

TradingView Sends NewsBTC Team To New All-Time Highs

TradingView is the de-factor technical analysis software used by the cryptocurrency industry. It isn’t uncommon in traditional finance to see the likes of Bloomberg terminal, Optuma, or Symbolik by Thomas DeMark. But hands down when it comes to accessibility and easy to use tools that anyone can pick up and get started with technical analysis, there’s no touching TradingView.

bitcoin tradingview

TradingView charts like this BTC one area easy to use | Source: BTCUSD on TradingView.com

NewsBTC almost exclusively uses TradingView charts in content, which is why our curiosity was so piqued by the very believable April fool’s prank the company played earlier this year.

Related Reading | Bitcoin Ready For Display Of Strength, But Which Direction Will It Break

A phony set of cryptocurrency and stock market themed – even forex – tarot cards were shown to the public, but sadly there weren’t real. With so much interest, TradingView turned the joke into a reality, and has since released the limited edition set of All-Time Highs to select “friends”.

The art works is high resolution and mimics the look of traditional tarot cards.

Bitcoin And Finance Centric Tarot Cards Tap Into The Arcane Arts

The tarot cards, pictured above, represent stock market, crypto, or other area of finance versions of traditional tarot cards. There are also some special guest appearances from the likes of “Papa Elon” or “Warren.”

TradingView Tarot Card bitcoin Stocks4

Papa Elon raises an eye brow, Space X wand in hand.

Because there is a true to the tarot world counterpart to each card means you can still use the set for their original intended purpose. For example, the King of Crypto would be read as the King of Pentacles.

The King of Pentacles sits on a throne embellished with carvings of bulls, representing his connection to the astrological sign of Taurus, and grapes and vines adorn his robe, symbolising wealth and abundance. In his right hand, he holds the sceptre of his power, and in his left, he holds a golden coin, symbolic of his material influence. This King has an innate ability to create material wealth and financial abundance – and better yet, he can sustain his wealth over time through self-discipline, control and leadership, a description from a popular tarot interpretation site reads.

Crypto holders can certainly find symbolism in the description alone. But it is the Arcane energy within the cards that is said to matter most.

The King of Crypto replaces the King Of Pentacles Card, for example.

Tarot cards can be read a variety of ways, with as little as a single card pull. The rest of the interpretation depends on if the card is upright or upside down, and how the user wants to perceive the card’s meaning. It is reasons like this that TradingView has become a fan-favorite across crypto.

Related Reading | Bitcoin Trend Strength Indicator Suggests Bull Run Isn’t Yet Over

TradingView also has plenty of reasons during this “age of crypto” and age of “stonks” The company tends to have a lot of fun engaging on social media, and recently held a contest to replace their logo. They even offered to pay for the rights in BTC, helping to push crypto adoption.

What they do best, however, is technical analysis. If you’re interested to try TradingView tools for yourself, be sure to check out this link.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com





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Fast Money’s Brian Kelly Remains Bullish On Bitcoin, Here’s Why


Fast Money trader Brian Kelly was on the show recently to talk about Bitcoin’s recent price surge. The surge which had happened at the end of the weekend had seen the price of Bitcoin rise over 10% to surpass $39,000, gaining over $4,000 within a day.

Brian Kelly agreed with show host Melissa Lee saying that the short-covering contributed to the price surge. Kelly explained that a high number of short coverings around the asset saw the price shooting up as the weekend drew to a close. A lot of factors have been speculated to have given rise to the price spike.

Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist

Rumors of Amazon integrating Bitcoin on its platform had been the front-running theory behind the price spike. But Kelly explained that the rumors were only part of the reason that the digital asset had seen significant movement. Outlining other factors that contributed to the rally.

Catalyst For Price Spike

Brian Kelly addressed the speculations of the Amazon news being the main catalyst for Bitcoin’s price surge. Kelly explained that the Amazon news had been out in the market about a week before the momentum picked up.

According to Kelly, the high amount of shorts coupled with the news of Amazon and Tether’s news led to a “big short squeeze” as the weekend drew to a close, which is when the market is usually less liquid than usual.

Bitcoin price chart from TradingView.com

BTC price breaks $40,000 for the first time in over a month | Source: BTCUSD on TradingView.com

The short squeeze had seen over $1 trillion shorts liquidated in a matter of 24 hours as the price surged. With Bitcoin contributing over 70% of this amount, seeing over $800 million shorts liquidated in the same period of time.

Following the short squeeze has been a bounce-back of the trading volume and volatility levels of Bitcoin, which had been trending at yearly lows for about a month. The digital asset has since picked up momentum and the market seems determined to ride out this wave for as long as possible.

Still Bullish On Bitcoin

Kelly responded to a question regarding the price of the asset bouncing back before reaching $40,000. Saying that the bounce had come as no surprise. Kelly personally remains bullish on bitcoin. “The real game here is whether or not it is going to be adopted as an institutional asset,” Kelly said. “And I don’t see anything that has changed my mind on that.”

Continuing on, Kelly added the decision of the federal bank and federal reserve to keep printing money could be a determining factor. To which Kelly said, “By my score, I don’t see how they cannot continue to print.”

Related Reading | Bitcoin Price Drops $1,000 In 12 Hours After Amazon Dispels Bitcoin Integration Rumors

The rate at which the Fed prints fiat money continues to be a concern for investors. This could lead to inflation if the amount of paper money being printed is not controlled. To this end, Bitcoin becomes an attractive asset for investors who are worried about inflation. Given the limited supply of the asset, there is simply no way for an individual or government to print or make more coins. Hence, fighting inflation.

Bitcoin continues to see bullish movement. At the time of this writing, the asset price has now broken $40,000 and continues to trend upward.

Featured image from NBC News, chart from TradingView.com



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