Bitcoin comes from the dead and whales are coming to play, making it the new Gold 2.0
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IT— The shadow trader
May 20
This week we can see that the crypto markets continued its uptrend and saw total market capitalization rising further to 249 billion, with most coins seeing gains in the ~5–50% range.
24-hour volume hit ~$106.4 billion last Tuesday on the 14.5, which is the highest ever recorded in the history of the crypto space!
BTC dominance was at that day at ~60%, a level it has not touched since mid-Dec 2017. Now it is at ~57% after we saw a correction it the price and money flowing into alts from btc.
Last week, I mentioned after the price breached the 6000$ that the best strategy is to “by the deep” = meaning, every time the price is correcting its a buying opportunity. In the chart below we can see that this strategy worked time after time until the price hit 8,000$, and even when the price made a sharp correction to 7,000$ (which is -15%) after the market calmed down, it became a buying opportunity once again. The hard and fast fall was on the table as well, because after a quick run up like that we saw in bitcoin price, it can become dangerous, as the investors realized their profits.
so what is the news that helped Bitcoin price jump so much???
1) China-U.S. Trade War — There is some speculation that the escalating trade dispute between China and the U.S. is playing a role in driving investors toward BTC. The fall in the global market and the search for a “safe haven” place to invest the money add to the Bitcoin momentum and could make him Gold 2.0 (Until today, gold is considered as a “safe haven” investment when the stock falls, which is why its price rises when indices fall).
“There does seem to be a correlation between increased Chinese trade tension, and higher Bitcoin prices. Some Chinese investors move into Bitcoin at times where they’re worried about US-Chinese trade relations,” said Lars Seier Christensen, former CEO of Saxo Bank.
2) Whales Coming Out to Play.
We can see the adoption of bitcoin and the cryptocurrency market by big players that are entering into the field. Alex Frenkel, VP of product at Kin, says the continuous investment into crypto by big VCs like Andreessen-Horowitz and investment by tech giants such as IBM and Facebook is behind this recent rise. According to
www.dcforecasts.com, Facebook just Launched its Cryptocurrency “libra” Network In Switzerland.
The project was extraordinarily secretive, but it has just risen from the shadows. The Social media giant turned to the perfect crypto-hub country-Switzerland earlier this month to register the “Libra” Network subsidiary firm. The firm will follow Facebook’s blockchain payments data and will provide investing services.
The term “whales” are used to describe holders of huge cryptocurrency positions, and they are the large institutional players that are entering into this space and driving the most popular tokens higher.
Back to the project that we are reviewing, TWINS, which aims to introduce a truly decentralized exchange platform and proof-of-stake blockchain network with cross-chain atomic-swap capabilities to facilitate the direct transacting of value between network users. There will be no fees for the direct peer-to-peer exchanges, as these transactions are performed directly between user wallets.
when we here about the problems with Binance hacking (we mentioned in last week), and now about the issues with Cryptopia exchange that Goes Into Liquidation because it’s been hit by a major hack, according to
www.coindesk.com, ( Back in January, Cryptopia went offline for a couple of days before stating mid-month that it had “suffered a security breach which resulted in significant losses.” A blockchain data analytics firm estimated after the attack that as much as $16 million in ether and ERC-20 tokens could have lost. Later, in March, the exchange restarted trading services but still had banking issues. Now they are going into Liquidation = closing the exchange.) We understand the need for a project like Twins to neutralize the third factor, which is the exchanges and make transactions between the traders themselves.
From the technical point of view, we can see the uptrend line still holds after the correction at a price from 22 Satochi to current price.
The RSI indicator is at 50 and supports buying opportunities as long as the price holds above the uptrend line.
The market cap of the project increased to 1,680,137.32 USD, and the total masternode stand in 1087.
This project is still in its early stages and growing from week to week.
As a result, it has great potential.
Discord Channel:
https://discord.gg/GcyNCgcNew Capital website:
https://new.capital/