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Bitcoin (BTC) Tops $28,000 Hitting New All-Time High, Sees Partial Retracement

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1 Tag ago

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Bitcoin (BTC) has registered a path-breaking rally this holiday season by surging more than 20% over the last week. Analysts are expecting that we can possibly see $30,000 in the near term with the falling BTC supply at exchanges.

Nothing can stop Bitcoin (BTC) at this moment as the world’s largest cryptocurrency continues to make historic moves northwards. Within a day of moving past $27,000, Bitcoin price registered its new all-time high of $28,288 on Sunday, December 27.

The Bitcoin price rally has been more than phenomenal over the last week. Bitcoin has made over 15% advancements on the weekly charts and it doesn’t look to be stopping anytime soon. As CoinSpeaker reported, the Bitcoin (BTC) rally could be far from over even at this point. The bullish sentiment is much strong as retail participation continues to rise further.

It is very much possible that the bull run can take BTC further up to $40,000 as per analysts. However, the immediate target for Bitcoin remains $30,000. As per the latest Bloomberg report, Bitcoin (BTC) is all set to register its biggest-ever monthly gains since mid-2019. The BTC returns for December 2020 has already outsized the returns for its previous months of October and November 2020. Speaking to Bloomberg, Vijay Ayyar, head of business development with crypto exchange Luno in Singapore said:

“My sense is we’re very close to a top – we could hit $30,000 though. We should definitely see a pullback, but the magnitude is probably lesser. We might only see 10% to 15% drops.”

However, another report from Bloomberg suggested that Bitcoin (BTC) is likely to face increased regulatory scrutiny going ahead. However, it looks like investors’ aren’t deterred at this point looking at the massive institutional inflows during Q4 2020.

Bitcoin (BTC) Price Retraces Back to $27,000 Levels after Hitting New All-Time High

Soon after BTC crossed $28,000 on Sunday, it soon moved south losing $1000 in quick time. At press time, BTC is flirting around $27,000 with its market cap still holding above $500 billion. We can certainly expect some price volatility going further. Interestingly, PayPal Holdings Inc (NASDAQ: PYPL) has been sucking up all the volume ever since it went live with its trading services in the US.

PayPal is yet to expand its services worldwide in early 2021. On the other hand, institutional giants who have been heavily investing throughout November 2020 are already seeing 30% returns on their BTC investments. Business Intelligence firm MicroStrategy Inc (NASDAQ: MSTR), which purchased over 70,000 BTC at an average price of ~$15,000 has already registered 80% gains on its investment at the current price.

Any price drop for BTC over the last month has followed up with massive liquidity from institutions thereby swallowing the dips. On the other, the net outflow from exchanges continues rising meaning we are going to see a supply shortage very soon.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.





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RIOT Stock Registers Unprecedented Rally, Riot Blockchain Valuation Soars Above $1B

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3 Minuten ago

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Dezember 29, 2020

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Following the Bitcoin all-time high on Sunday, December 27, Riot Blockchain stock registered 20% gains on Monday’s trading session. The stock has already appreciated by 13x this year. Apart from BTC, investors of Bitcoin mining companies are making a bomb in the market.

Bitcoin mining giant Riot Blockchain is making all the news in the market at the moment. On Monday, December 28, Riot Blockchain Inc (NASDAQ: RIOT) stock price surged a massive 20% surging past $15.5 levels. One of the biggest milestones with the Monday rally is that the Riot Blockchain has clocked a $1 billion market cap.

The latest price rally comes as Riot Blockchain hints at going aggressively on its Bitcoin mining business. Last week, the Riot Blockchain added new S19 Pro Antimers to its bitcoin mining arsenal. The company announced the purchase of an additional 15,000 Bitcoin (BTC) mining machines from Bitmain. The recent purchase also pushes Riot’s total fleet to 37,640 Next-Generation Bitmain Antminers.

Riot said that the fresh purchase of Antminers will help the mining company to attain a 65% jump in its mining hash-rate. RIOT stock has registered an unprecedented rally this year in 2020. RIOT stock has multiplied by 13x this year registering a 1200% surge so far.

Riot Blockchain has issued nearly 17 million shares since November 2020 with its total outstanding shares going to 67.5 million. It has been a phenomenal journey for Riot ever since it ventured into the Bitcoin mining business in October 2017. With valuations less than $50 million back then, Riot has grown more than 20x in size as of its latest stock price.

RIOT Stock and Shares of Other Bitcoin Mining Companies Profit from BTC Bull Run

The recent Bitcoin (BTC) price rally during Q4 2020 has also pushed the stocks of Bitcoin mining companies to new highs. Earlier on Sunday, December 28, the BTC price hit its all-time high of $28,000 in a massive bull run followed by huge institutional inflows.

Moreover, along with the BTC price rally, the Bitcoin hash-rate has jumped significantly since November 2020. Over the last two months, the BTC hash-rate has surged nearly 30% and is currently at 132 TH/s. The surge in the hash-rate suggests higher mining activity for Bitcoin.

As a result, Bitcoin mining companies have been making massive purchases of the BTC mining machines. In addition to Riot Blockchain, other giants like the Marathon Patent Group have made aggressive purchases over the last few months. Just like RIOT, the Marathon Patent Group (NASDAQ: MARA) has registered a phenomenal rally of 18% on Monday, December 28. MARA stock has multiplied investors’ wealth by 12x in 2020. It means the MARA stock has also given phenomenal 1100% returns year-to-date.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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How low could XRP go? Watch these price levels next

Published

6 Stunden ago

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Dezember 29, 2020

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XRP price dropped by 30% on Dec. 29 following Coinbase’s decision to suspend trading. 

The market sentiment around XRP has become overwhelmingly negative due to the fear of more exchange delistings.

In the near term, XRP faces three key historical support levels at $0.224, $0.1743 and $0.1471.

Where will the XRP price go next?

The ongoing price trend of XRP is not cyclical nor reliant on technical analysis. It is due to investors selling XRP following the suspension of trading across major cryptocurrency exchanges.

On Dec. 29, Coinbase announced that it is suspending the XRP trading pairs on their platform. Paul Grewal, the chief legal officer at Coinbase, wrote:

“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”

As Cointelegraph previously reported, analysts anticipated Coinbase to suspend XRP trading after the United States Securities and Exchange Commission filed its complaint.

Coinbase plans to undergo an initial public offering, and it is in the firm’s best interest to remain fully compliant with the regulators in the U.S.

Considering the regulatory uncertainty around XRP, traders have emphasized that technical analysis is of less importance in the short term. Scott Melker, a cryptocurrency trader, said:

“A few people have told me that there’s oversold bullish divergence on the $XRP chart. You are doing it wrong. Charts don’t matter here. You cannot trade in a vacuum. Jesus could come down with Biggie and Tupac and put on a concert for Brad Garlinghouse and I still wouldn’t buy.”

In the foreseeable future, XRP has several major support areas it could potentially recover from. However, these are deep support levels on the weekly chart, which shows that it lacks momentum for a major rebound.

XRP/USD weekly candle price chart (Coinbase). Source: TradingView.com

The XRP price has fallen by over 60% in merely two weeks, recording one of its steepest two-week drops in history.

What happens next?

Adam Cochran, a partner at Cinneamhain Ventures, was one of the first to break the story that Coinbase had conversations about suspending XRP trading.

Cochran hinted that the SEC are probably looking into more projects and companies than people realize. He said:

“If you thought my scoop on Coinbase delisting/suspending $XRP was insightful, you’re going to love the next scoop I’m working on, this week. Looks like that SEC is far more active than we thought and sniffing around a number of projects and companies!”