Russian President Vladimir Putin says the U.S. dollar is the main weapon used by the United States to preserve its power across the world. However, he stressed that when “the political leadership decided to use the dollar as a tool of political struggle, a blow was dealt to this American power.” He called it a […]
Bitcoin News
CBDC Is Grave Threat to Liberty, Presidential Hopeful Vivek Ramaswamy Warns
The U.S. dollar will be stronger if it’s not a central bank digital currency (CBDC), according to candidate for Republican presidential nomination Vivek Ramaswamy. He is convinced that a digitized greenback and other digital fiats represent a threat to democracy in the United States.
CBDC Is the ‘Latest Trojan Horse of the Great Reset,’ Opponent Ramaswamy Says
Vivek Ramaswamy, one of the runners in the 2024 Republican Party presidential primaries, has criticized the U.S. government for considering a digital version of the dollar. “It’s telling that Janet Yellen is pushing for the U.S. to adopt CBDCs, begging Americans to keep up with the Jinpings,” he tweeted on Wednesday.
Ramaswamy believes that “CBDCs are just the latest Trojan horse of the Great Reset and are a clear path to a social credit system that will permanently embed ESG into our currency itself.” In his view, “the dollar will be *stronger* if we protect it from digitization.”
In a video posted on X, formerly Twitter, the American entrepreneur said he is a “big opponent” of central bank digital currencies, which he considers to be “a grave threat to liberty in this country,” for the same reason that China is adopting them. He elaborated:
In the U.S., that’s become an argument to say we need to do that to keep up. I view it the other way — precisely for the reasons that Xi Jinping wants to adopt it, is exactly the reasons why we in the United States shouldn’t.
Fed Should Focus on Stabilizing Dollar, White House Hopeful Suggests
Vivek Ramaswamy also slammed the U.S. Federal Reserve for its behavior in the past couple of decades, calling the central bank “a bad actor” for “trying to hit two targets with one arrow, inflation and unemployment, which has proven to be a disastrous 25-year experiment.”
“I think what the Federal Reserve needs to do is go back to focusing on what it did focus on, even after it went off the gold standard … stabilizing the U.S. dollar as a unit of measurement. That, too, is a big impediment to GDP growth,” the presidential candidate explained.
Ramaswamy’s comments on CBDCs come after last month, another contender to become the Republican nominee for the 2024 U.S. Presidential Election, Florida Governor Ron DeSantis, vowed to “nix central bank digital currency,” if he is elected president, describing it as a “massive threat to American liberty.”
What are your thoughts on central bank digital currencies? Let us know in the comments section below.
Bearish Bitcoin Signal Could Send Bulls To Early “Grave”
Bitcoin price is pulling back from highs set earlier this week and fear is already setting in over another potential drop. Although the top cryptocurrency is bullish according to most technicals and fundamentals, last night’s daily close left a bearish signal on the BTCUSD price chart that could suggest the fear is warranted.
If the bearish candlestick signal is valid and confirms, a sharp pullback could reset the recent rally almost completely. Here is a closer look at the potential “gravestone doji” and why it could put the nail in the coffin on the latest push by crypto bulls.
Bearish Candlestick Could Mean Highs Out For Bull Rally
The fact that crypto has taken center stage in Washington is doing more to legitimize the asset class than any situation before it. Institutions that weren’t paying attention before now cannot deny its existence and staying power.
Beyond the world of politics, Bitcoin holders are climbing in numbers and the network is recovering from the hash crash and related China mining ban. A generational buy signal has returned. Technicals across the board are mostly bullish, but last night’s daily close could be a prelude to a cleansing in the market.
Related Reading | What Bear Market? Bulls Now “In Control” Over Every Bitcoin Timeframe
Although Bitcoin is bullish even on daily timeframes, the cryptocurrency could turn down again to retest support lower. How low things go would be the next question to be answered, but for now let’s examine the bearish signal left last night after the daily close.
The signal is called a gravestone doji, and it tends to appear at the height of an uptrend.
Is a gravestone doji signaling doom for crypto? | Source: BTCUSDT on TradingView.com
RIP: Bitcoin Daily Candle Forms Deadly Gravestone Doji
According to Investopedia, a gravestone doji “is a bearish reversal candlestick pattern that is formed when the open, low, and closing prices are all near each other with a long upper shadow” or wick. The long wick left behind shows that the entire bullish advanced was wiped out by bears, which tends to indicate that a downtrend is coming.
It is also a signal to take profits on a bullish trade, and those who bought support at ,000 could be taking some gains off the table given the resistance level here.
Related Reading | Three White Soldiers: The Signal That Shows Bitcoin Bulls Are Preparing For Battle
The gravestone doji is notorious for “reliability issues” due to poor pattern recognition. For example, any lower wick must be extremely small and the pattern isn’t confirmed until the next candle. At that point traders begin to enter or close positions, which could be too late depending on the strength of the reversal.
The gravestone doji is most reliable with another confirmation, and on daily timeframes there are other signs of short-term exhaustion. Late longs who FOMOed into Bitcoin after the bounce at ,000 could be run before any further move to the upside, as the market retests support levels since left behind.
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
NewsBTC
Bitcoin Miner Outflows a Grave Sign for BTC Despite $11,000 Breakout
Bitcoin has seen some intense strength throughout the past several days, with the cryptocurrency marching from lows of ,900 to highs of over ,000 that were set today.
This strength is somewhat unique in that BTC is the only major cryptocurrency currently marching higher, as most others are stuck within consolidation phases or downtrends.
Ethereum, for instance, is still trading well below its key 0 resistance level, with each attempt to surmount it resulting in strong selloffs.
The weakness seen by ETH – relative to that seen by the benchmark crypto – has largely come about as the result of the DeFi sector’s ongoing downtrend, which has created a headwind for Ethereum.
Although Bitcoin does appear to be benefitting from this ongoing altcoin exodus, analysts are noting that a spike of BTC from miners into exchanges seems to indicate that a selloff could be imminent.
One trader is noting that he expects the benchmark cryptocurrency to extend its recent weakness slightly further before finding enough strength to reverse its downtrend.
Bitcoin Flashes Mixed Signs as Analysts Watch for Reaction to ,200
At the time of writing, Bitcoin is trading up over 2% at its current price of ,015, which is around where it has been trading for the past few hours.
This is around where it faces strong resistance, with many analysts setting their sights on a move up towards ,200 before it rejects and potentially plunges lower.
While speaking about this, one analyst explained that a rejection at this price region would be grim, whereas a break above it could lead to significantly further upside in the days and weeks ahead.
“BTC: Still below previous range before the drop and want to see price move back up over ,200. Will watch for a potential rejection at this level. But closing back above ks is what I’m looking for next. A breakdown to low ks likely leads lower (CME gap 00s),” he said.
Image Courtesy of Josh Rager. Chart via TradingView.
Miner Exchange Outflows a Bearish Sign for BTC
Another analyst explained that although he is bullish on Bitcoin in the mid-term, he still expects it to see some further weakness in the short-term due to a spike in miner exchange inflows.
“I’m bullish on Bitcoin and ETH midterm/longterm, but I don’t think last week’s correction is over. Big spike in Miners to Exchanges,” he said.
Image Courtesy of Cole Garner. Chart via Glassnode.
Because miners might sell into the liquidity created by this ongoing upswing, there’s a strong chance that further downside is imminent in the near-term.
Featured image from Unsplash. Charts and pricing data from TradingView.
Bitcoin Flashes Grave Bearish Divergence Just as Institutions Flip Long
Bitcoin’s intense upwards momentum has stalled as the cryptocurrency enters a firm bout of consolidation within the upper-,000 region. This has come about in the time following the multiple firm rejections the crypto posted within the lower-to-mid ,000 region.
It now appears that these rejections have caused the crypto to form some incredibly bearish divergence that could be confirmed if BTC closes below ,400.
This comes just as professional traders and institutions trading Bitcoin futures on CME begin reducing their short positions and flipping long.
Bitcoin Continues Trading Sideways Around ,800 as Upwards Momentum Falters
At the time of writing, Bitcoin is trading down marginally at its current price of ,830, around the level at which it has been trading at throughout the past couple of days.
This sideways trading comes close on the heels of the three rejections that BTC faced at ,200 and ,500.
In the near-term, ,200 is the first key resistance level that the crypto needs to firmly surmount if it is to see further upwards momentum.
In order for this to happen, Bitcoin needs to maintain above its point-of-control (POC) level at roughly ,800, as any sustained period of trading below this level would open the gates for a move to the crypto’s lower range boundary at ,400.
“In a half-sized long from 8.6; I think we’ll see price close back above the range POC (point of control) from here,” an analyst noted while speaking about the importance of this level.
One interesting possibility to be aware of is that professional traders and institutions engaged in Bitcoin futures trading on the CME platform have been heavily reducing their short exposure throughout the past few months.
This is seen while looking towards CME Bitcoin futures net open interest.
“Leveraged funds reduced shorts at CME post the 12th of March sell-off,” research platform Skew noted.
Image Courtesy of Skew
BTC Begins Forming Massive Bearish Divergence
Despite the signs of tempered optimism amongst institutional and professional traders, Bitcoin could be on the cusp of seeing grave losses.
This possibility stems from bearish divergence seen on the crypto’s Renko 4-hour chart, which will be confirmed if BTC declines below ,400.
One analyst mused this possibility in a recent tweet, noting that it can only be invalidated if BTC is able to push above ,500.
“Renko 4h bearish divergence, strong one. Invalidated with a close above 9500. Confirmed with a close below 8400,” the analyst stated.
Image Courtesy of il Capo Of Crypto
If Bitcoin is able to hold above its point-of-control in the hours and days ahead, this could provide it with some much needed upwards momentum that allows it to invalidate this bearish divergence and surmount the heavy resistance in the lower-,000 region.
Featured image from Unplash.
NewsBTC
This Grave Pattern Suggests XRP May Soon See a Bloodbath
2019 was a rough year for XRP, with the cryptocurrency posting intense yearly losses totaling at over 40%, which came as Bitcoin and many other major altcoins posted notable gains over the same time period.
This bearishness didn’t end here, however, as the crypto was unable to match the momentum seen by the aggregated market in early-2020, with the subsequent downturn seen throughout the past few weeks leading it to trade below its yearly open.
This macro technical weakness doesn’t appear to be ending anytime soon either, as one analyst is now noting that XRP’s long-term bottom is still yet to be established.
XRP Gearing Up for a Notable Downtrend, Claims Analyst
At the time of writing, XRP is trading up just under 1% at its current price of .187, which marks only a slight increase from daily lows of roughly .18 that were set yesterday.
It is also underperforming Bitcoin by roughly 2% at the moment, which is a trend that has unfortunately become commonplace for the digital asset.
The near-term resistance that XRP needs to surmount if it is to see any further upwards momentum rests firmly at .20, as this is where it has been rejected at on multiple occasions throughout the past several days.
One popular trader on Twitter recently offered a grim analysis of XRP in a tweet, explaining to his followers that he believes the token is caught within a corrective uptrend that will be followed by a strong decline.
Furthermore, he notes that this plunge may not end anytime soon, as the embattled cryptocurrency may have not yet established a long-term bottom, despite dropping as low as the sub-.10 region in early-March.
“I haven’t looked at XRP in ages! Its price action is similar to BTC in that its rising in a corrective fashion. The bottom isn’t in imo. We missed the boat with shorting .20. The next setup would be waiting for a reaction around .21. Will post further if/once we get there,” he noted.
Image Courtesy of Murfski
Could Ripple Help Boost the Crypto’s Price?
Fintech company Ripple could have some sway over this potential downtrend, as the company has significantly eased up on their quarterly XRP sales.
According to data from Messari, their Q3 2019 sales were the lowest they have been since 2017, with this potentially being emblematic of a new trend in which the company limits how aggressively they offload their massive token holdings.
Image Courtesy of Messari
This could allow the crypto’s future price action to begin developing organically, with the lack of incessant selling pressure bolstering its buyers.
Featured image from Unsplash.
NewsBTC
Bitcoin’s “Insane” Funding Rate is a Grave Sign for the Crypto Market
Bitcoin’s recent price action has done tremendous damage to the bullish market structure that the cryptocurrency was able to form throughout the past couple of months, with many analysts now noting that the crypto could be poised for significantly further downside.
One top analyst is now noting that one technical indicator that spells trouble for where the benchmark cryptocurrency is going next is its funding rate on major margin trading platforms.
If BTC begins a notable near-term downtrend, it is highly likely that this will send shockwaves throughout the aggregated crypto market, leading many major altcoins that have seen some intense bullishness to post massive losses.
Bitcoin’s Funding Rate Spells Trouble for Where the Crypto is Heading Next
This past Sunday, just minutes after Bitcoin’s weekly close, the crypto rallied all the way up to highs of ,000 before finding a significant amount of resistance that halted its uptrend and sparked a notable near-term selloff.
One byproduct of this bearishness is the fact that Bitcoin’s funding rate for long positions on major margin trading platforms is incredibly high at the moment, which is not a bullish sign.
Jacob Canfield, a top cryptocurrency analyst and trader, spoke about this in a recent tweet, telling his followers that the long-position funding rate spiking while BTC’s price is dropping is “not bullish at all.”
“Funding is actually insane right now for bitcoin. How do we drop 7% and funding spikes for longs. This…is not bullish at all.”
Funding is actually insane right now for #bitcoin.
How do we drop 7% and funding spikes for longs.
This shit is not bullish at all.
— Jacob Canfield (@JacobCanfield) February 25, 2020
At the time of writing, Bitcoin’s funding rate on BitMEX is a positive 0.0404%, meaning those currently in long positions have to pay out those in short positions. This suggests that bulls are overly confident, with their positions potentially acting as fuel for a major long squeeze.
The Next Major BTC Selloff Could Send Shockwaves Throughout Altcoin Market
Throughout Bitcoin’s firm 2020 uptrend, there are countless examples of smaller cryptos that have significantly outperformed Bitcoin, which isn’t an uncommon occurrence within bullish market conditions.
When BTC enters downtrends, however, altcoins tend to significantly underperform the benchmark cryptocurrency, which is already something that is being seen today.
Currently, Ethereum, XRP, Litecoin, and Bitcoin Cash are all trading down just under 5%, while BTC is only trading down 2.5%.
Some of 2020’s best performing cryptocurrencies – including Tezos and Chainlink – have been hit hard by today’s selloff, trading down 10% and 8% respectively.
If Bitcoin continues expressing bearishness as it moves down towards its key support within the lower-,000 region, it is highly probable that altcoins will soon see sizeable losses that outpace that of BTC.
Featured image from Shutterstock.
NewsBTC
Top Bitcoin Trader Offers Grave Warning to Investors Amidst Sharp Selloff
Bitcoin (BTC) has seen some intense selling pressure over the past several days, with its recent flash crash from ,200 to lows of ,200 doing damage to the cryptocurrency’s technical strength, subsequently sparking what appears to be a short-term downtrend.
This downtrend was further confirmed when the cryptocurrency faced a swift rejection at ,000 this past Sunday, with its subsequent price action favoring sellers.
One top Bitcoin trader who is historically bullish recently offered a grave warning for BTC bulls, with his current bearishness being a sign that the benchmark cryptocurrency could soon see significantly further downside.
Bitcoin Begins Plummeting Towards ,000 as Top Trader Issues Grave Warning
At the time of writing, Bitcoin is trading down over 3% at its current price of ,400, which marks a notable decline from daily highs of ,800 that were set around this time yesterday.
Bitcoin’s ongoing downtrend has come as the result of its recent rejection at ,000, with its recent visit to this level occurring in the minutes following its weekly close this past Sunday.
In the time following this rejection, the crypto has been slowly grinding lower, and today’s ongoing selloff seems to suggest that BTC’s bullish market structure is beginning to degrade.
Flood – a mysterious yet highly prominent Bitcoin trader who is historically bull-biased – recently offered a warning to buyers, noting that “triple bottoms almost never fair well.”
“Bitcoin triple bottoms almost never fair well. Stay safe bulls,” he warned in a recent tweet.
Bitcoin triple bottoms almost never fair well. Stay safe bulls.
— Flood [BitMEX] (@ThinkingUSD) February 25, 2020
This warning led Romano – another prominent trader – to comment that “whenever flood isn’t bullish, you may have to reconsider your long position.”
Analyst: BTC Bound for a Dip to ,000 as Bearish Confluence Grows
In the near-term, analysts do believe Bitcoin will soon visit its support that exists around ,000, which is partially due to its recent break below its previous support at ,560.
Smokey – a well-respected cryptocurrency analyst on Twitter – spoke about this in a recent tweet, telling his followers that the chances BTC dips to ,080 are “fairly high.”
“BTC: I think chances that we’ll retest 9080 are fairly high. Lot of confluence around that level, and 9560 is being tested frequently, and if there’s one thing we all learned in 2018, support becomes weaker the more often it’s tested,” he explained.
$BTC
I think chances that we'll retest 9080 are fairly high. Lot of confluence around that level, and 9560 is being tested frequently, and if there's one thing we all learned in 2018, support becomes weaker the more often it's tested. https://t.co/BcQHbJDZpB pic.twitter.com/HVuzxYz0Wy
— TraderSmokey (@TraderSmokey) February 25, 2020
If buyers are able to defend Bitcoin from dipping below ,000, this could be enough to catalyze a relief rally that sends it back into the mid-,000 region, but a break below this level could be dire.
Featured image from Shutterstock.
NewsBTC
Bulls Beware: Bitcoin’s Response to This Key Level May Be a Grave Sign
Bitcoin and the aggregated crypto markets have had a bullish start to 2020, with BTC surging from its recent lows of ,800 that were set when bulls attempted to spark a sharp sell off earlier this week.
Buyer’s ability to absorb the immense selling pressure that was behind this movement is certainly a bullish sign, although analysts are now noting that how the crypto is currently responding to a key resistance level could spell trouble for what’s to come next.
Bitcoin Remains in Short-Term Uptrend as Bulls Push it To Key Resistance Level
At the time of writing, Bitcoin is trading just under 3% at its current price of ,500, which marks a notable climb from its daily lows of ,300 that were set yesterday.
Bitcoin’s ability to continue climbing higher in the time since its recent drop to the upper-,000 region is certainly a good sign for bulls, although the crypto has been struggling to push above the ,500 region over the past day, which could signal that it is an insurmountable resistance level.
Teddy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes the cryptocurrency will once again retrace its recent gains and drop back towards ,300, which is currently a support level that could continue holding strong in the near-term.
“#BITCOIN | $BTC There are two type of people: FOMO BUYERS: Buys the breakout’s the top in hope that if pumps even further – LOL its not 2017 buddy. BORING BUYERS: Waits for a retrace to previous resistance for confirmation of support – Every retest so far failed on 4h,” he said while pointing to the chart below.
#BITCOIN | $BTC
There are two type of people
FOMO BUYERS: Buys the breakout's the top in hope that if pumps even further – LOL its not 2017 buddy
BORING BUYERS: Waits for a retrace to previous resistance for confirmation of support
__
Every retest so far failed on 4h pic.twitter.com/KRNwyxiyuP
— TEDDY (@teddycleps) January 5, 2020
Rejection At ,600 Could Spark Another Large BTC Sell-Off
Although Bitcoin is currently pushing up against its next key resistance level, it is possible that it will climb slightly higher until it reaches ,600, which could be where enough selling pressure exists to spark a sell off that leads the crypto as low as ,200.
Livercoin, another popular crypto analyst, spoke about this in a tweet, in which he points to a chart that shows the levels referenced above.
“Considering it’s Sunday and we’ll have a decent gap to fill once CME opens, I wouldn’t be surprised to see something like this,” he noted.
Considering it's Sunday and we'll have a decent gap to fill once CME opens, I wouldn't be surprised to see something like this. $BTC #Crypto pic.twitter.com/vsiwc8XqU4
— Livercoin (@livercoin) January 5, 2020
It remains unclear as to whether or not the support that exists within the lower-,000 region will be enough to stop Bitcoin from dropping back towards ,800, but it is clear that another rejection around BTC’s current price levels will mean that the crypto will remain range bound for the foreseeable future.
Featured image from Shutterstock. The post appeared first on NewsBTC.
NewsBTC
Ripple CEO Has Grave Warning for Crypto Markets; Will XRP Survive a Market-Wide Purge?
Brad Garlinghouse, the CEO of Ripple – the FinTech company that has close ties to XRP – explained in a recent interview that he believes the vast majority of cryptocurrencies that are currently on the markets will eventually plummet to zero.
Naturally, XRP does have its fair share of naysayers who believe that it will be one of the cryptocurrencies that ends up going to zero, but Garlinghouse remains adamant that the utility that is currently being created around XRP will be enough to propel it higher in the months and years to come.
Ripple CEO: Majority of Cryptos to Die in Coming Years
During a recent interview with Bloomberg, Garlinghouse explained that the sheer amount of digital assets currently circulating within the cryptocurrency markets is primarily the result of the hype surrounding the nascent technology.
As this hype fades, however, he anticipates the majority of these cryptocurrencies to plummet to zero due to their lack of actual utility and their inability to meet customer needs.
“Anytime there is a new market, there are a lot of people that run into that market and try to show that they can solve a problem, they can deliver a customer need,” he explained, going on to say that 99% of these assets “probably goes to zero.”
Will XRP Avoid the Market-Wide Purge?
There are many analysts and investors who believe that the utility surrounding XRP – the native token to Ripple’s xRapid cross-border settlement system – is fabricated and that the token will ultimately be included in the event that Garlinghouse believes will bring many cryptocurrency’s value towards zero.
Despite this, Garlinghouse did explain that XRP does have significant utility, especially while considering the inefficiencies of SWIFT, including its “transaction volatility,” which Ripple believes is solved by XRP.
It is important to note that XRP has been stuck in a period of consolidation for the past couple of weeks, and it has been unable to break above its resistance at .30 despite the on-going Ripple Swell conference – which is where positive news surrounding the adoption of XRP is often announced.
Assuming that Ripple doesn’t incur its annual “Swell pump” in the coming few days, it may face further downside in the near-term. Ultimately, however, its long-term success will likely be largely dependent on how much real-world utility is generated around the crypto.
Featured image from Shutterstock.
The post Ripple CEO Has Grave Warning for Crypto Markets; Will XRP Survive a Market-Wide Purge? appeared first on NewsBTC.