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Bitcoin Price Surged to 16-Month High, Call for Increased Adoption?

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Usually, when Bitcoin is making impressive moves, many who has FOMO may take a dive into storing up on the coin, while this may complement the recent moves, its impacts may not be long-lasting.

Bitcoin (BTC) price has a surge that raises its price to a 16-month high following the announcement that PayPal Holdings Inc (NASDAQ: PYPL) has launched its long-anticipated crypto payment service that will aid merchants to receive payments for goods and services in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

Bitcoin price has seen a series of fluctuations this year with the coin dipping down to $5,084.20 as of March 17, 2020, when the entire crypto market experienced a crash. Today, the coin is has traded at $13,184.39 dollars briefly before retracing to $12,760.51 at pixel time (09:12 AM UTC) which it is currently trading at according to CoinMarketCap. Accordingly, the market capitalization of the coin has soared from the March lows of $92,908,698,293 to the $236,362,148,447 it is today.

As expected, key Bitcoin enthusiasts or figures have expressed optimism for an increased rally in the price of Bitcoin. Chief amongst these is Tyler Winklevoss who noted that the influence of PayPal will stir a “flippening” as Bitcoin and crypto will likely take over the role of fiat currencies. He tweeted:

“PayPal is an important bridge between the mainland and the island of crypto. The diaspora from legacy finance is happening and this is the kind of infrastructure that will help make that happen. Soon there will b a flippening and crypto will b the mainland & fiat the island.”

He also made a new case that Bitcoin may be on its way to $14k saying, “And we’ve breached 13k #Bitcoin. Here we go 14k!” 

Bitcoin Price Surge Has Strong Technical Backing

The upward surge in the price of Bitcoin has a strong backing when analyzed using technical analysis provided by TradingView. On the BTCUSD chart, the Relative Strength Index is at 84.07 as at the time of writing showing the intense buying action of the market bulls. A look at the Bollinger Bands also lends credence to the upward momentum as the BTC price movement as shown by the candlesticks is wrapping the upper bands, a sign for a massive bullish momentum.

BTCUSD Crypto Chart by TradingView.

Bitcoin price has initially broken past the $12,800 support line when it shot up above $13,000 earlier and should if the technicals are anything to go by, this may turn out to be the new support for a while.

Increased Adoption Imminent?

Usually, when Bitcoin is making impressive moves of this nature, many who has Fears of Missing Out (FOMO) may take a dive into storing up on the coin, while this may complement the recent moves, its impacts may not be long-lasting.

As noted earlier the influence of PayPal may drive increased adoption among merchants and users may switch to the supported coins as a means to try new intriguing alternatives. This adoption by merchants will complement the bet most institutional investors are already placing on Bitcoin.

For this article, we’ve used BTCUSD chart by TradingView.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.





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What is it and why is Kim Kardashian pumping it?

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They weren’t thinking about Kim Kardashian when the official website for Ethereum described Ethereum as the “Foundation for our digital future.” 

Her Instagram account to over 200 million followers received her advertisement for Ethereum Max. This made it the single biggest piece of social media crypto promotion ever in terms of absolute reach. The only one to have more influence over crypto via social media is Elon Musk. 


“Are you guys into Crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max Token! A few minutes ago Ethereum Max burned 400 trillion tokens – literally 50% of their admin wallet giving back to the entire e-max community.” Followed of course by obligatory hashtags: #emax, #disrupthistory, #ethereummax #wtfemax #giopemax, #AD


In a youtube video, CoinDesk analysts claimed this might be the ‘biggest crypto shill of all time.’

We know Kim was paid for her post. She has to claim so with the hashtag #AD, meaning the post is for advertising purposes. The details of just how much she charged for the post is another story. We do know Kim Kardashian can begin to ask for sums starting from $858,000 US per Instagram post. This isn’t her first time either! She also once promoted Bitcoin at a charity event. 

So what’s wrong with advertising Ethereum Max on Social media?


The real harrowing thing? Kim is not the only social media influencer with their claws in young people. Beauty queen influencer Loren has 21.8 million followers and delivered the news to her fans about her partnership with crypto exchange Gemini. Her affiliate campaign offers users 10 free dollars (We assume USD) in BTC for signing up to Gemini. 


She’s not the only one either. NBA great Paul Pierce shouted out EthereumMax or ’emax.’ Boxing king Floyd Mayweather wore an EthereumMax t-shirt during his weigh-in for the fight against Logan Paul. In fact, the Ethereum-based token was the only crypto accepted for online ticket purchasing for the Mayweather/Paul fight on pay-per-view. 

However, that’s for Bitcoin. Ethereum Max might be something completely different…

So, what is Ethereum Max? 



Courtesy of Coinmarketcap.com



 

According to the project’s official website, Ethereum Max is a yield-based token providing 3% distribution of every transaction to existing eMax wallet holders. The project also considers itself to be a ‘lifestyle’ token offering access to ‘VIP Experiences, lifestyle brands, sporting events, concerts and more.’

The fundamental most important points about Ethereum Max are: 

  • No one knows who actually built Ethereum Max, except for maybe Kim Kardashian West (And anyone else involved!).
  • Ethereum Maxi s an ERC-20 token. It is not an upgrade of the Ethereum token. ERC-20 tokens require little technical skill to create.
  • It was launched in April or May of 2021. Ethereum Max’s novelty should be one reason to be wary of it.
  • There is no whitepaper, no development roadmap, and no one actually knows who made it.
  • ERC-20 tokens create value by operating secondary software systems, and have no real function. No one knows what Ethereum Max is actually for.
  • There is no About Us on the website, nor do we know anyone of the players involved.

The bottom line is to be careful

It’s scary to think just how much influence celebrities like Kim K have in a world where more and more young people are becoming retail crypto investors. For all we know, the 3% financial incentive touted by Ethereum Max is going to just fall through if the token’s value plummets. 

Just like that, its the small-time investors at the mercy of whale wallets that will be left holding the bag. One Youtube personality and billionaire crypto investor Alex Becker said that retail investors are the ‘blood sacrifice’ for whales seeing massive returns. Maybe that’s why Ethereum Max’s logo is red?

Pundits who have investing experience might be right when they compare many cryptos to ponzi schemes. Meanwhile, Instagram influencers get to enjoy the revenue from paid posts, no matter what happens to the markets or to people’s savings as a result.  

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Why Elon Musk is Pushing Renewable Energy for Cryptomining

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San Francisco / USA – Mar, 2020: Elon Musk, CEO of SpaceX, founder of Tesla. Famous entrepreneur. Vector portrait illustration.

The ‘Dogefather’ Elon Musk  delivered his ultimatum on Sunday, essentially. 

It’s pretty easy to see why. When the goal of your business is to reduce fossil fuel consumption, it’s important to take a lead. Elon Musk’s tweets about Bitcoin are the all-time best example of just how much power he holds. 

There are many things we can admire Elon Musk for, and chief among them is this move. Regardless of what our personal opinion is, he purposely took a risk in order to take a stance.

Also, he’s not wrong. It is stated that Bitcoin production (or mining) is estimated to generate 22 to almost 23 million metric tons of carbon dioxide emissions per year. According to this report, that’s somewhere between the amounts produced every year by Jordan and Sri Lanka. 

So it makes sense why the owner of an electric car company, which was made to cut down emissions, would want to stop receiving payments in something that causes such emissions. 

While thinking about that can give us a headache, it’s important to realize one important thing: This is good news. 

After all, when was the last time a billionaire actually did something about the environment? Just like Elon’s support for Doge, maybe it’s part of a longer game, one that is nestled in Musk’s future plans with renewable energy. Perhaps his wrestling with the price of Bitcoin, causing so many others to become wannabe crypto bull wranglers has a deeper purpose… 


The Real Reason Why Elon Musk Might Be Cracking Down on Bitcoin Miners 



Seeing the fallout from Elon Musk’s tweets leads down a rabbit hole. Eventually, you discover his plan to build the world’s largest virtual power plant. Musk unveiled an ambitious plan for 2022 and beyond to power 50,000 homes in South Australia over four years with free solar panels and Tesla batteries. It is estimated that this will produce 20 percent of the entire state’s daily energy requirements. This could lower energy bills for the households involved by 30%. 

What do lower energy bills mean? Increased savings, more consumer spending power, and a more efficient economy – especially in times of such staggering inflation. While this is great news in concept, so far, it’s going to be conducted in South Australia. Are we going to see more places getting the Magic Musk Energy Booster Shot? 

Is it so farfetched to believe that Elon Musk’s tweets about crypto mining emissions might be to prepare for something bigger? Could we see a future tweet from Musk launching a sustainable-only  crypto mining company? Perhaps he will lobby with governments using his company’s products as leverage. It’s almost like he’s saying Be sustainable or else! 

It’s similar to the old concept of having a monopoly on something, and offering it only to those who meet certain requirements for saidpurchase. So in essence, this makes Elon Musk the world’s first ‘Robinhood Baron’. 

But hey, what about Lithium?  

Salinas Grandes Salt Desert, Jujuy, Argentina

US-based auto manufacturers are going all in on EVs. The real fuel behind the world’s best electric cars like Tesla (NASDAQ:TSLA), Nio Inc (NYSE:NIO) ? 

 Even the fictional Robinhood wasn’t a complete saint (We’re talking about the story, not the trading platform made infamous after they vetoed retail investor’s positions in Gamestop Corp (NASDAQ:GME). The EV boom, Elon’s tweets and the crypto craze all over shadow the biggest and least-spoken-of elephant in the living room of modern history: Lithium.  

The Lithium Triangle, an area spanning portions of Bolivia, Chile and Argenita contains more than half the world’s supply of metal under salt flats that make it look like an alien world. Miners drill a hole in the salt flats, then wait for brine to surface, and after 12-18 months extract filtered lithium carbonate. It’s cheap, effective, but uses 500,000 gallons of water per tonne of lithium mined. 

In Chile’s Slar de Atacama, lithium mining consumed 65% of the area’s water supply. The farmers there relied on this. Not sure Elon can fix that with a tweet. 

This leads us to another point… Could Elon Musk be cracking down on Bitcoin miners because of the damage the lithium boom is causing?

Elon Musk might be an easy scape goat, yet the need for lithium carbonate existed long before he was coding in his tiny apartment in San Diego. 

The Conclusion

Ultimately, the golden rule seems to be to follow the money. Dips in crypto like BTC can be a good thing, especially when it means more people get access to the crypto markets. 

Elon Musk is completely right. By discouraging pollution from cryptomining, he sets a precedent for others to hopefully do the same. 

Investors looking to diversify into standard markets can look to Lithium stocks as the EV boom continues to gain ground. Maybe TSLA (NASDAQ:TSLA) won’t be the first electric car sold for a cryptocurrency. 

 

Featured Image & Other Images: Megapixl, DepositPhotos

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Tim Draper Says Bitcoin to Hit $250K in 2022

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Bitcoin price remains volatile with the swing in any direction possible but Draper is confident the overall trend will be bullish in the foreseeable future.

Two billionaires with a vested interest in cryptocurrency and decentralized finance have expressed optimism about bullish trends continuing in the future. Tim Draper, a venture capitalist with a substantial but undisclosed amount of Bitcoin, has chosen to stay by his predictions that BTC will reach a price of $250,000 at the end of 2022. He maintains this stand despite the volatility of the market in recent months and the contention about the coin’s huge energy usage.

Draper bases his predictions on three facts. Primarily, he is encouraged because more retailers will embrace Opennode as a means of payment in the coming years. Currently, only a few companies like Home Depot, Microsoft, PayPal and Starbucks (to mention a few) accept BTC as a means of payment.

Also, Draper considers the limited number of BTCs (only twenty-one million) that can be mined as a plus. He also believes the fact that there are engineers constantly working to improve the Bitcoin platform making it even more likely that the platform will remain sustainable, unlike some others.

BTC reached a peak price of $64,829 in April before the price crashed to around $30,000. However, on Monday, it rose by over 7%. However, Bitcoin price remains volatile with the swing in any direction possible but Draper is confident the overall trend will be bullish in the foreseeable future.

He isn’t alone in his convictions. Another billionaire investor Mark Cuban is also bullish about the future of decentralized finance (DeFi) and decentralized autonomous organizations (DAOs).

Cuban believes that DeFis and DAOs pose enough threat to traditional banks and financial institutions. In his blog post published on Sunday, he said, ”banks should be sacred.”

By incorporating cryptocurrency into the traditional financial system, DeFi applications are helping us rethink the way we carry out financial transactions. DAOs help to govern and oversee DeFi applications and other projects.

Cuban believes the decentralized protocol behind the system makes DeFi and DAOs a tremendous competition to banks. In addition, DeFi exchanges do not require a lot of capital when scaling operations. This is particularly true because liquidity providers (LP) can step in to fill that gap.

Of course, there are risks and technicalities to DeFi and DAO that need to be addressed and Cuban acknowledges them but retains his confidence that “this approach is the future of personal banking.”

Despite these obvious risks, DeFi has been gaining ground recently with over $60 billion currently locked in DeFi protocols, according to DeFi Pulse.

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An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.



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