Author: StanNordFX   |   Latest post: Wed, 20 Sep 2023, 10:36 AM


CryptoNews of the Week

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– Michael Saylor, the CEO of MicroStrategy, conducted a Twitter poll on the importance of the U.S. presidential candidates supporting cryptocurrencies for the upcoming 2024 elections. As of May 29, the poll had garnered participation from 31,200 users. Nearly 84% of the respondents answered "yes," while only 16% voted against it.
It is worth noting that in recent times, some American politicians have increasingly expressed their willingness to foster the development of the crypto industry if elected as president. Governor Ron DeSantis of Florida recently stated his opposition to the implementation of a digital dollar and voiced his support for Bitcoin. He criticized the approach of the Joe Biden administration towards crypto assets, believing that overly stringent regulatory measures could stifle the industry's growth in the country.
Robert F. Kennedy Jr., the Democratic Party candidate, is also convinced that Bitcoin can save people from financial collapse. The politician pledged to protect the rights of Bitcoin owners and miners if he becomes president.

– After significant and tumultuous events in the crypto space in 2022 and early 2023, such as the FTX crash in November and numerous other bankruptcies including Celsius, Voyager Digital, and Three Arrows Capital, bitcoin managed to reduce its losses and grow by over 60% since the beginning of this year. Business Insider gathered expert opinions on what could happen to the leading cryptocurrency by the end of 2023.
Charmyn Ho, Head of Analytics at the crypto exchange Bybit, believes that bitcoin won't be able to reach a new all-time high until the macroeconomic environment becomes clearer. This depends on the forecast of a potential recession in the US, Europe, and other major economies due to an inverted yield curve combined with a range of other unfavourable macroeconomic factors such as inflation. Another factor to consider is the halving, although it is expected to occur in April 2024.
According to Jagdeep Sidhu, President of the Syscoin Foundation, despite several crypto storms, the ecosystem's resilience remains evident. The market has recovered from the FTX debacle, showcasing its ability to absorb shocks and evolve. If inflation in the US decreases and there is more regulatory clarity regarding digital assets, bitcoin could reach $38,000 by the end of the year, roughly 40% higher than the current value.
Based on Tim Shan's scenario, Chief Operating Officer of the crypto exchange Dexalot, bitcoin will trade in a range of $25,000 to $32,000 by the end of 2023. However, if inflation remains high, it may return to the lows seen earlier this year.
David Uhryniak, Director of Ecosystem Development at TRON, is confident that bitcoin will finish the year above $35,000. According to him, traders are not rushing to invest significant amounts of money and want to assess the direction of the leading cryptocurrency and the market as a whole. By the fourth quarter of 2023, much of the uncertainty should dissipate.

– According to analysts at JPMorgan, the price of bitcoin is expected to rise to $45,000. This is indicated by the current price of gold, which is nearly $2,000 per ounce. Analysts state that these two assets typically move in tandem. JPMorgan strategists estimate that the value of physical gold held outside central banks is currently valued at approximately $3 trillion. This implies a price of digital gold around $45,000 per coin, assuming that the volume of bitcoin in private investor portfolios aligns with the volume of the precious metal.
However, the $45,000 price is considered by JPMorgan analysts as the upper limit for bitcoin, suggesting limited potential for the asset. Nevertheless, this calculation does not take into account the halving event and the increased costs for miners. The upcoming halving in 2024 will automatically double the cost of bitcoin mining to around $40,000, and historically, this figure has served as the lower bound for the asset's price.
Regarding Ethereum, JPMorgan notes that the altcoin may face some selling pressure and is expected to lag behind bitcoin in terms of growth in the near term.

– Renowned cryptocurrency analyst, Tone Vays, believes that bitcoin is exiting its consolidation phase, with many investors having already "bought the bitcoin dip," indicating that the leading cryptocurrency is gearing up for further growth. However, in order to continue this upward trajectory, bitcoin needs to overcome resistance at the $30,000 level. If the bulls manage to do so, BTC is poised to reach new price highs.
"It is indeed time for bitcoin to rise," says Vays. "Although, when looking at the weekly chart, the bulls lack strength. [...] There is still time to overcome resistance. We need to surpass $30,000, reverse the Lucid SAR indicator, and then we will rise to $34,000, where another resistance level awaits."
For reference, the Lucid SAR indicator is a variation of the Parabolic SAR indicator. It is a trend-following indicator that combines price and time to calculate trends and determine entry and exit points.

– Arthur Hayes, the former CEO of BitMEX, believes that 2023 will be highly volatile for bitcoin due to the actions of the US Federal Reserve, but he does not expect the cryptocurrency to reach new records. "I don't think bitcoin will reach $70,000 this year. It is more likely that we will surpass this level next year, after the halving. Bitcoin will continue to grow in 2025 and 2026. And then, I expect an apocalypse. This situation will not occur when everyone expects it... We are currently sitting on a powder keg - the US has printed a huge amount of money, there is no trust in it, and people are trying to earn a living," muses Hayes.
It's worth noting that these are the personal opinions and speculations of Arthur Hayes, and they do not represent a guaranteed forecast for the future performance of bitcoin. Cryptocurrency markets are inherently volatile and subject to various factors, making it challenging to predict their exact trajectory.

– Researchers from VanEck have presented three price scenarios for Ethereum in 2030. In the base case scenario, the coin would be valued at $11,849. In the bullish scenario, the ETH price would reach $51,006, while in the unfavorable bearish scenario, the coin would plummet to $343. "Our estimates are based on the assumption that Ethereum will become the dominant global open-source settlement network. A significant portion of the commercial activity of high-profit potential business sectors will be conducted on the platform. The dominant platform is likely to capture the lion's share of the market," write VanEck analysts.
The report also notes that Ethereum is likely to become a store of wealth similar to bitcoin but with some differences. "We argue that ETH goes beyond being a transactional currency or a commodity similar to oil or gas. We believe that the coin is not a full-fledged store of value like Bitcoin due to the potential for code changes in Ethereum and the overall utility-focused nature of the project. However, this cryptocurrency can become a savings asset for government organizations seeking to maximize human capital.".

– The government of Bali, Indonesia, implemented strict measures at the end of May against cryptocurrency payments for goods and services, reminding tourists that the Indonesian rupiah is the only legal tender. Crypto tourists will face severe consequences, including administrative sanctions, deportation, and even criminal prosecution. As a result, some members of the crypto community have reconsidered their plans to visit Bali.
Tourism plays a crucial role in the island's economy, contributing 28% of its revenue. If a portion of tourists stops visiting the resort, it could lead to various economic problems, including increased unemployment and a decline in people's income.

– Michael Saylor, CEO of MicroStrategy, believes that the bitcoin network can be an effective tool in combating bots and fake accounts. The businessman cited the use of bots on social media as an example. According to him, the digital "civil war" in modern society is fuelled by billions of fake accounts that sow hatred among real users. With the rapid development of Artificial Intelligence, creating deepfakes has become much easier, while detecting them has become more challenging.

The head of MicroStrategy believes that decentralized identity (DID) solutions can address this issue, increase trust, and ensure secure and independent data exchange. For example, if someone wants to launch billions of bots on Twitter, it would cost them billions of transactions. By integrating cryptocurrencies into social networks and leveraging the capabilities of the decentralized bitcoin network, such actions would become costly and have serious consequences, according to Saylor.

– According to popular analyst Credible Crypto, bitcoin could replicate the impulse waves of growth observed in previous bull cycles and set a new price record as early as 2023. "I keep hearing that it's unrealistic for Bitcoin to set a new price record this year. But I think we need to compare it to the last impulse in 2020. Remember, it took Bitcoin about three months to surpass the $10,000 level. But within the following two months, it grew by an additional 90%. And just four months later, it set a price record, increasing fivefold from $10,000. So don't tell me that anything is impossible for Bitcoin. We'll likely see it at new highs, possibly even this year," wrote Credible Crypto.

– Nova, a specialist in tracking crypto whales' activities, has discovered an average trader who has become a major holder of digital assets in just five months. Trader 0x743 has executed successful trades since January of this year and now boasts a record realized profit of over 10,000%, with their current portfolio valued at approximately $578,345. Nova noted that the crypto whale's success is attributed to a successful trading strategy rather than mere luck. 0x743 did not make reckless purchases and demonstrated "discipline and good trading behaviour."
It's worth noting that the crypto market is highly volatile, and extraordinary profits come with inherent risks. Individual trading outcomes can vary, and it's important for traders to exercise caution, conduct thorough research, and make informed decisions when engaging in cryptocurrency trading.

Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

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