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Blockchain

MicroStrategy Outperformed Nasdaq After $175M Bitcoin Foray

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Microstrategy outperformed Nasdaq after its $175 million Bitcoin foray suggesting that the asset class is luring in more traditional investors. Microstrategy made its second BTC purchase and pushed the total cash holdings to more than $425 million as we are reading more in today’s bitcoin news.

The company’s stocks increased by more than 9.3% after the news emerged so the investors responded as well and this could indicate a positive sentiment towards crypto assets. Microstrategy outperformed Nasdaq as the stocks increased by more than 9 percent and their CEO revealed the company purchase another $175 million in BTC. The investment makes up the part of the company’s strategy to diversify into crypto.

The company made a huge purchase of Bitcoin which marks the second time in two months. The first purchase was in August when it diverted more than $250 million worth of cash holdings to assets such as gold, silver, stocks, and Bitcoin. With the latest $175 million BTC purchase, the Delaware-based software company showed even more trust in BTC as a store of value as the company holdings stand at 38,250.

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Public filings with the SEC show that the company could exceed holdings into Bitcoin above $250 million. Microstrategy’s move into bitcoin seems to be pleasing the market participants as the company’s stocks jumped by 9 percent while Nasdaq Composite sat a one percent gains. The competitor IT services companies saw slight movements. Cognizant increased by 1.2 percent, Infosys was up by less than one percent as well as Citrix System that was up under one percent as well.

The intention of the company was capital preservation with the company CEO Michael J. Saylor saying that the first bet on BTC was:

 “A dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”

The famed investor Paul Tudor Jones, the investment in Bitcoin futures in May by Tudor BVI, the money managers and corporations are swimming in cash and this could have been the reason for the given green light to make investments in BTC for the capital preservation properties. Jones’ approval provides cover to institutions to make such similar moves. There has yet to be large-scale migration to digital assets but the market’s response to MicroStrategy could show that betting on Bitcoin could be appealing to investors that never actually openly bet on BTC.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/uncategorized-en/microstrategy-outperformed-nasdaq-after-175m-bitcoin-foray/

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Analyst Expects Bitcoin to Fall by $2K Despite Bullish Fundamentals

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As Bitcoin attempts a breakout move above $11,000, an analyst sees the cryptocurrency moving in the opposite direction.

TradingView contributor Vince Prince placed the latest BTC/USD moves inside a descending channel. The chartist wrote in his Thursday analysis that the pair is heading into a so-called distribution zone inside the Channel. The area earlier clipped Bitcoin’s upside attempts twice.

That led Mr. Prince to expect a third climb rejection.

bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency, Euro, EURUSD, cryptocurrency, dollar, dxy

Bitcoin eyes an extended upside towards $11,500 while risking a sharp pullback towards $9,000. Source: TradingView.com

The chart above illustrated the bearish outlook. It showed that BTC/USD could extend its upside retracement to as far as circa $11,500. But then, the pair could undergo a sharp bearish correction towards the first downside target near $10,200, followed by an additional plunge towards $9,000.

The level serves as the bottom of the so-called Accumulation Channel, an area that, according to Mr. Prince, could renew Bitcoin’s bullish bias.

“When Bitcoin bounces again in the accumulation channel after the next markdown, the possibility for a bullish breakout increases,” the analyst added. “Nevertheless, it needs to gain substantial strength to move above the upper boundary. Otherwise, a bounce-back can already set in as the distributional channel still remains.”

Bitcoin Fundamentals

Mr. Prince’s statements followed a retracement rally in the Bitcoin market.

The cryptocurrency broke out of a tiring $10,000-10,400 range ahead of the Federal Reserve’s September meeting on Wednesday. It formed a cyclical top near $11,099 right after the US central bank’s chairman, Jerome Powell, committed to keeping inflation rates near-zero until 2023, as well as targetting inflation above 2 percent.

Market observers noted that Powell’s dovish approach could have Bitcoin aim for higher price levels. Jim Cramer, the founder of the Street, indicated that the central bank’s policy to aid the US economy by printing money makes Bitcoin an attractive hedge against fiat-led inflation.

“The $3 Trillion the FED printed changed everything that I believe in. I am concerned that I am not being prudent,” said Mr. Cramer. “And I now think that Bitcoin is prudent.”

Morgan Stanley’s Head of Emerging Markets and Chief Global Strategist Ruchir Sharma also pitched Bitcoin as an alternative to stocks amid central banks’ quantitative easing policies.

“To have about 5% or so of your portfolio in gold is not a bad idea, and if you’re a bit more adventurous, and I guess it’s more to do with demographics, then obviously search for bitcoin and other cryptocurrencies.”

Technical Outlook

Against Mr. Prince’s $9K target, other analysts expected Bitcoin to drop further but while eyeing a pullback from $10,500.

bitcoin, btcusd, btcusdt, xbtusd, cryptocurrency, Euro, EURUSD, cryptocurrency, dollar, dxy

Bitcoin trade setup by Posty. Source: TradingView.com

“BTC rejected at the $11.1k we marked out yesterday,” said one analyst. “It was always going to be a tough ask to break that on the first attempt. Could possible retest ~$10,550 before attempting $11.1k again. If bullish, no reason why this level wouldn’t hold as support.”

Meanwhile, another analyst extended his downside target towards $10,000-$10,200 should Bitcoin fails to hold $10,500 as support.

Source: https://bitcoinist.com/analyst-expects-bitcoin-to-fall-by-2k-despite-bullish-fundamentals/?utm_source=rss&utm_medium=rss&utm_campaign=analyst-expects-bitcoin-to-fall-by-2k-despite-bullish-fundamentals

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CREAM Shoots 54% After Binance Listing, Are We Reaching A Dump?

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CREAM shoots 54% after the Binance listing in a sharp reversal rally, as we are looking into it some more in the latest altcoin news.

The Malta-based trading platform will list the CREAM/BNB pair as well as the CREAM/BUSD trading pair according to the announcement. This will enable the users to deposit and trade their CREAM tokens against Binance Coin and the US-regulated stablecoin BUSD. The trading pair surged by about 54% in the past three hours of trading after the announcement was made. The pair hit an intraday high of $120 and the gains also came after the prolonged price action on the market. CREAM shoots up after the weekly rally of the lows at $0.001 to as high as $279. The upside move took cues from the market craze in the DeFi space.

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CREAM/USD hits fresh intraday high after Binance listing. Source TradingView.com

CREAM is a part of the decentralized lending platform named Cream Finance and serves as a governance token for the protocol that users are able to use as a permissionless borrow or lend service. Rather than the interest rates being set by individuals, CREAM determines them “algorithmically based on the proportion of assets lent out.” The project grew into the conscience of yield hunters after binance decided to support the protocol of the newly launched blockchain Binance Smart Chain. This protected CREAM finance from the ETH gas fees.

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CREAM 24-hour price (Source: Coingecko)

Despite the strong fundamentals, the drop started appearing on the Defi market due to the bad technicals. The CREAM/USD pair became the first victim of the massive dump which started during the $279 high. The profit-taking spree started and crashed by 73 percent at 0600 GMT today. It rebounded sharply after the news of the listing emerged which left many in the crypto space worried about the pump-and-dump movements. Micahel van De Poppe said:

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 “I sincerely don’t understand the fact of projects needing months to get a potential listing on Binance,” he said. “But, then, complete garbage like $CREAM and $SUSHI gets listed instantly with a bullshit reason of ‘becoming obsolete’. A complete sh**show for crypto and space.”

In the meantime, traders argued that binance was attempting to compete with the emerging decentralized exchanges such as Uniswap. The concerns got bigger when Cream finance confessed about facing a bug in the software in its source code. The DeFi platform commented that it paused staking due to the input error.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/uncategorized-en/cream-shoots-54-after-binance-listing-are-we-reaching-a-dump/

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