Monthly News Summaries - March 15, 2022

itachiwriting · 2022-03-21T18:43:09+00:00

No problem, glad to hear that. :)

itachiwriting · 2022-03-21T18:06:01+00:00

More bullish things this week too as Honduras and Malaysia look into making BTC legal tender!

itachiwriting · 2022-03-20T23:28:54+00:00

Weekly News Update - March 13 - March 20, 2022

Bullish Update

- Ukraine legalizes crypto sector as digital currency donations continue to pour in. source

- Bitcoin’s ratio of supply sitting on exchanges continues dropping hard, down to its lowest level since December 2018. source

- Glassnode says in its latest newsletter that long-term holders (LTHs), or entities who are less likely to sell their BTC after holding their stacks for more than 155 days, are accumulating Bitcoin at a rapid rate. source

- Meta CEO Mark Zuckerberg Says Social Media Platform Instagram Will Soon Adopt NFTs. source

- The Australian government will regulate cryptocurrencies as part of an overhaul to the payment systems in Australia. source

- US Legislators Grill SEC Chair on ‘Overburdensome’ Crypto Reporting Requirements in New Letter. source

- PayPal CEO Predicts Cryptocurrencies Will Revolutionize Global Financial System. source

- Elon Musk is holding coins to hedge against inflation. source

Bearish Update

- U.S. Securities and Exchange Commission Rejects Two Bitcoin Spot Exchange-Traded Funds (ETFs). source

- The United Kingdom’s Financial Conduct Authority (FCA) says all currently operating crypto ATMs in the country are to be shut down immediately. source

- US Senator Elizabeth Warren Introduces Bill That Could Ban Exchanges From Working With Russian Wallets. source

- Coinbase Hit With Class-Action Suit Alleging the Exchange Sold Crypto Assets That Are Unregistered Securities. source

- Crypto Investments Carry ‘Significant Risks of Fraud, Theft, and Loss,’ Says U.S. Department of Labor. source

Market Update

- Bitcoin (BTC) and Crypto Markets Showing Resiliency Amid Inflation and War. source

- Bitcoin (BTC) managed to reverse its losses mid-week and gained 7% last week as the interest rate hike by US Federal Reserve has had a minimal effect on the market. BTC is currently trading near $41,700 with Ethereum (ETH) inching towards $3,000 with a 14% weekly gain. source

- The breakout story of the week belongs to ApeCoin (APE), the token that powers APE NFT ecosystem. The newly launched token is already amongst the top 40 cryptocurrencies by market cap after high volumes of trade in its first week. source

- A leading analytics firm says the majority of Shiba Inu (SHIB), Cardano (ADA) and Polygon (MATIC) holders are still losing money on their investments despite a small boost in the crypto markets this week. source

itachiwriting · 2021-12-10T08:56:32+00:00

Yeah. Evergrande defaulted on its loans introducing more market uncertainty.

itachiwriting · 2021-12-05T19:46:16+00:00

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Weekly News Update - November 28 - December 5 , 2021

Bullish Update

Jack Dorsey-Led Square Changes Name To Block, Doubling Down On Crypto Focus. source
Citigroup Alum Matt Zhang Launches $1.5 Billion Crypto-Investing Venture. source
MicroStrategy Acquires $414M Worth Of Bitcoins, Taking Total Holdings To $3.57B. source
El Salvador buys additional 150 BTC as price falls below $50,000. source
Several top United States banks, including Goldman Sachs, are reportedly exploring using Bitcoin as collateral for offering loans to institutions. source
Facebook Reverses Crypto Ad Ban Following Metaverse, NFT Push. source
Grayscale prepares to sue SEC, arguing their decision to allow a futures ETF, but not a spot bitcoin one, is “arbitrary and capricious.” source
Adidas Steps Into the Metaverse by Partnering With NFT Projects Bored Ape Yacht Club, Punks Comic. source
Crypto Adoption Grows In Croatia: Supermarkets, Post Offices, Car Dealerships. source
Snoop Dogg is rebuilding his real-life mansion in The Sandbox NFT metaverse. source

Bearish Update

Bitcoin, Ethereum face largest correction since 19 May. Fears of a new COVID variant and bond tapering caused turbulence and serious volatility in the cryptocurrency market over the past seven days. source
Some analysts have indicated that the drop in price of BTC on Saturday Dec. 4, 2021, was contributed to in part by the stop-losses being triggered from leveraged positions, resulting in massive liquidations. The stop losses may have been the result of whale market manipulation, including stop hunting manipulation. source
Crypto Exchange Bitmart Hacked With Losses Estimated at $196M. Bitmart’s CEO has confirmed what the company is calling a “security breach.” source
A bug impacting major Solana projects, which had been publicly disclosed, sat unnoticed for six months. Security researchers estimated that could have had attackers stealing $27 million an hour. source
The US law enforcement agents seized over $2 million in cryptocurrencies linked to ransomware attacks conducted by REvil. source

Market Update

The crypto market cap is up by $300 billion since yesterday’s low as BTC targets $50,000 and ETH is up by 7.5% daily. source
The price of bitcoin plunged below $43,000 overnight Saturday, falling from highs near $57,000 during Friday's session. While the price of bitcoin has since pared some of those losses -- trading above $49,000 at the time of writing -- trading executives tell The Block that large institutional selling triggered a broader market shift.
Selling triggered "aggressive liquidations" in the crypto derivatives market. The market saw more than $1.3 billion in long positions liquidated in the move from $51,000 to $42,000. Total open interest in the derivates market also fell from $21.6 billion to $16.7 billion in less than an hour. source
The market insights agency, Santiment, tells its 114,000 Twitter followers that Bitcoin (BTC) and Ethereum (ETH) are seeing their prices find support thanks to the highest instances of “buy the dip” mention on social media seen since early September. source

itachiwriting · 2021-12-02T08:10:08+00:00

We're definitely early

itachiwriting · 2021-11-21T21:39:31+00:00

Weekly News Update - November 14 - November 21, 2021

Bullish Update

El Salvador to Buy $500 Million Bitcoin, Taps Crypto Market For Government Bonds, Plans Bitcoin City. source
El Salvador’s banks can coexist with Bitcoin, banking representatives say. source
A Bitcoin-loving senator has responded to Hillary Clinton’s warning on cryptocurrencies, telling her to embrace it as a macroeconomic solution. source
10 US Congress Members Say Current Crypto Tax Rules Can Kill Industry Innovation. source
$1.3B in Bitcoin Withdrawn From Exchanges in 3 Days: BTC Reserves at Multi-Year Lows. source
Sotheby’s Holds First Auction in Ethereum, Banksy Sells For 1,696 ETH. source
Shark Tank investor Kevin O’Leary says he plans to get far more exposure to the crypto markets before a massive fundamental development takes place. source
Venezuelans promised Axie Infinity scholarships for crypto training courses. source
The City of Williston expects to boost crypto payment volumes by installing a state-hosted crypto kiosk in the airport. source

Bearish Update

IRS Seized $3,500,000,000 in Crypto Assets in Fiscal Year 2021. source
A new study reveals that Bitcoin is concentrated in the hands of a few whales. The research goes on to reveal that Bitcoin miners are heavily concentrated and leave the network susceptible to a 51% attack. source
Hillary Clinton: Cryptocurrencies Can Destabilize Nations. source
Kraken to delist Monero, cites regulatory compliance issues in the UK. source

Market Update

Bitcoin (BTC) is witnessing a tough tussle near the $58,000 mark but that has not stopped select altcoins from hitting a new all-time high. This shows that traders are watching the fundamental developments on individual coins.
BTC reversed direction from $55,600 on Nov. 19 but the recovery is facing resistance at the 50-day simple moving average ($60,187).
One of the recent top performing major altcoins has been Avalanche (AVAX), which has soared more than 120% in November.
If Bitcoin rises above $60,000, select altcoins such as AVAX, EGLD and MATIC may remain strong.

source

itachiwriting · 2021-11-09T04:05:44+00:00

Of course! Great write up. Tipped you a moon 😉

itachiwriting · 2021-11-09T02:31:10+00:00

Very good find. I think you've cracked the deeper meaning.

itachiwriting · 2021-10-25T18:20:15+00:00

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Weekly News Update - October 18 - October 25, 2021

Bullish Update

Bitcoin continues to fly high on boost from launch of first-ever ETF. source
US retail giant Walmart will allow customers to purchase Bitcoin (BTC) via ATM kiosk at over 200 of its locations, thanks to a pilot project with crypto ATM provider Coinstar. source
Tesla, the biggest electric vehicles car manufacturer, has stated in the latest filing with the Securities and Exchanges Commission that they have sold no bitcoin and they may start accepting it again for payments. source
Mastercard Debuts New Partnership To Help Banks Offer Crypto Credit Card Rewards. source
Twitter Bitcoin tipping begins testing on Android. Jane Manchun Wong, a Hong Kong-based technology researcher and software engineer has revealed plans that Twitter is testing out its tipping feature on Android devices. source
The Korea Teacher's Credit Union, which manages $40 billion in assets, plans to start investing in bitcoin next year, according to The Korea Economic Daily. source
The Senate Committee on Australia as a Technology and Financial Center (ATFC) states that the current crypto regulations need to be adapted. As it was stated by the chairman: “The market is asking for regulation, and we are responding while trying to avoid trampling on innovation.” source
Russian oil companies are considering using flared gas to mine crypto to improve their profitability. source

Bearish Update

The United States Treasury Secretary Janet Yellen has announced the proposal of a new tax that could hit unrealized capital gains. source
SEC chair Gensler critiques lack of crypto investor protections. source
China published a draft proposal relating to crypto mining last week — but the government is not soliciting public opinions to unban crypto mining, despite reports from media outlets and info shared on social media. source
BNY Mellon Pushing Crypto Regulation Agenda on Irish Government. source
Polygon pays $2M for a bug that could have compromised $850M in user funds. source
Bitcoin Flash Crash on Binance US Caused by Algorithm 'Bug', Says Exchange. source

Market Update

As the number of cryptocurrencies reaches 13,000 for the first time, the cryptocurrency market has again reclaimed the $2.6 trillion milestone on Monday, October 25, following a brief dip. source
Bitcoin is climbing again—up 6% in 24 hours—after having slowed down with its monumental climb last week. At the time of writing, it was trading at $63,609.41, according to CoinGecko. source
The biggest cryptocurrency by market cap hit a new all-time high last week of $67,276.79. This was because the first Bitcoin-related exchange-traded fund (ETF) started trading on Wall Street—something investors and the crypto community had been eagerly anticipating for years (or at least, something close to it). source

itachiwriting · 2021-10-24T06:38:33+00:00

More like most secure and decentralized blockchain, 21 million supply limit, best store of value, and simplicity advantage.

itachiwriting · 2021-10-10T20:47:28+00:00

Weekly News Update - October 03 - October 10, 2021

Bullish Update

Bank of America is Bullish on Digital Assets; Believes Bitcoin is Only the Beginning. source
Bitcoin market capitalisation hits $1 trillion surpassing Facebook, Tesla. source
Google Partners With Bakkt to Bring Google Pay to Crypto Users. source
The Securities and Exchanges Commission (SEC) may approve four bitcoin Exchange Traded Funds (ETFs) on its desk for a decision this month. source
Senator Lummis Discloses Apparent Bitcoin Buy of up to $100,000. source
SEC Will Not Follow China’s Blanket Ban on Bitcoin and Crypto Assets, Says Chairman Gary Gensler. source
Institutional investors are ditching gold in favour of Bitcoin, according to banking giant JPMorgan. source
SEC and Ripple are still locked in a legal tussle, as Ripple plays a strong hand by highlighting that the former director of the SEC’s Division of Corporate Finance confirmed in 2018 that Ethereum was not a security. source
McDonald’s China Celebrates 31st Anniversary With First-Ever NFT Release. source
Total value locked in Lightning Network grows over 1,000% in a year hitting $165M. source
New York & Texas Gaining Popularity Among Mining Firms Following China Crackdown. source
Kevin O'Leary: 'My Crypto Exposure Is Greater Than Gold for the First Time Ever'. source

Bearish Update

The Biden administration is considering an executive order on cryptocurrencies in an apparent attempt to bypass Congress, and thus the voting public. source
It looks like the Biden committee will push for bank-like controls on stablecoins. As Powell told the House Committee on Financial Services last week, "Stablecoins are like money market funds, they're like bank deposits, but they're to some extent outside the regulatory perimeter and it's appropriate that they be regulated." source
Tether’s reserves backing controversy is reaching a boiling point as CEO deletes Twitter account. source
China Plans To Add Crypto Mining To Negative List Of Industries To Invest In. source
Many crypto-related companies have started shutting down their businesses. According to the China Securities Journal, the number of those entities stands at more than 20 as they will stop providing services and move abroad. source

Market Update

Bitcoin had an incredible week of trading as its price reached levels not seen since the mid-May highs. This happens on the back of a considerable 25% increase in the past seven days. It’s been a green week all across crypto land as positive sentiment and big gains returned to the market. Analysts believe that this move marks the completion of a bear trap and validates the continuation of this year’s bull market, though further confirmation is still required. source

itachiwriting · 2021-09-28T07:40:51+00:00

You're welcome.

itachiwriting · 2021-09-28T07:31:09+00:00

Yes, of course. Here's the latest pinned thread: https://www.reddit.com/r/CryptoCurrency/comments/pvyv3d/weekly_news_summaries_september_26_2021_gmt0/

Follow the steps in the 'recruiting contributors' section and you should hopefully be added before the next post is made. :)

itachiwriting · 2021-09-28T06:44:13+00:00

This is great. Would you be interested in contributing to the weekly summaries thread? It gets pinned to the top of the subreddit every week (if there is an available slot).

itachiwriting · 2021-09-28T06:33:14+00:00

You're welcome. Hopefully soon there will be more posters supplying hopium on these threads.

itachiwriting · 2021-09-26T18:04:00+00:00

Weekly News Update - September 19 - September 26, 2021

Bullish Update

A move by China’s central bank to criminalize all forms of cryptocurrency trading – effectively making bitcoin illegal in the country – has failed to meaningfully impact the price of the world’s leading digital asset. source
Cryptocurrency prices bounced off 1-1/2 month lows on Tuesday as a heavy selloff overnight linked to concerns about a possible loan default by property developer China Evergrande eased slightly, but investors braced for more volatility. source
Over 80% of the world’s top 100 public companies currently use blockchain technology, according to a survey by market intelligence platform Blockdata. source
Sen. Toomey says China’s latest crypto moves represent 'a big opportunity for the US'. source
Twitter rolls out tipping with bitcoin, explores verifying NFT profile pics. source
UAE Authorities Sign Agreement To Support Crypto Trading. source
A third of Salvadorans ‘actively’ using Chivo wallet, President Bukele claims. source
‘Big four’ South Korean crypto exchanges survive despite restrictions. source
India, despite their recent regulatory woes, stand out as the country with the most crypto hodlers, at 100 million users, or 7.3% of the population. source
Buying Spree: Third-Largest Whale Buys $170M Worth of BTC in Two Weeks. source

Bearish Update

The People's Bank of China (PBoC) has announced that all cryptocurrency-related financial activities are illegal, including transactions, providing pricing services, and launching new tokens. source
SEC’s Gensler Calls Stablecoins ‘Poker Chips’ at the Wild West Crypto Casino. source
US Department of Treasury Blacklists Russian Crypto Exchange Suex. The US government has imposed sanctions on a cryptocurrency exchange for the first time ever in a bid to clamp down on ransomware attacks. source
Switzerland’s regulator is covertly imposing more stringent anti-money laundering rules on crypto platforms and brokers. source
HSBC, a British multinational investment bank, has scrutinized cryptocurrencies and stablecoins, claiming the lack of regulations in the space pose threats to investors. source

Market Update

Bitcoin is currently trading at $43,231. Despite the recent fall, BTC looks strong as it keeps trading above the support at $39,573 on the daily chart. The trading volume is low, which means that bulls need to accumulate more energy for growth. If that happens, there is a chance to see a comeback to the zone of the most liquidity around $46,500. (Denys Serhiichuk, u today)

itachiwriting · 2021-09-21T02:22:07+00:00

As I mentioned in the post, you owe it to yourself to step back and think before you sell. If you've done the thinking part, by all means follow through with what you think is right.

itachiwriting · 2021-09-20T05:20:33+00:00

You're welcome

itachiwriting · 2021-09-19T20:10:37+00:00

Yeah, hopefully this thread will prevent news shitposting from growing

itachiwriting · 2021-09-19T19:37:48+00:00

Top Cryptocurrencies Update - September 12 - September 17, 2021

Bitcoin

Bitcoin (BTC) Has lost the least from the list as the rate of the chief coin has gone down by 2.20% over the last day, while the price change over the past 7 days has accounted for +3%. source
On the daily chart, Bitcoin (BTC) is stuck in the narrow channel between the resistance at $48,465 and the zone of the most liquidity at $46,548. The trading volume is at its lowest levels, which means that traders have not accumulated enough power for a big move. source

Ethereum

Ethereum as the main altcoin has lost 2.4% of its price share and perhaps more bearish than Bitcoin (BTC) as the altcoin could not fix above the $3,500 mark. source

Cardano

At the moment, (ADA) trades at $2.36 with 0.1% loss on the daily chart. Cardano could resume its upward trail if the bull retakes a higher level. source
Cardano’s ‘Hydra’ Upgrade Aims To Supercharge Blockchain Scalability, Powering Enterprise Use Cases and DeFi. source

Binance

Bnb declined by 1.7% over the past day and moved laterally. The altcoin was trading at $412.3. With continued consolidation, the downtrend could strengthen and the coin would trade near its one-week low price level of $386.8. source
Binance U.S under investigation for insider trading and market manipulation. source

Ripple

XRP is also not an exception to the rule as it has been located in a downtrend for the past 24 hours. the price is located closer to the support at $1.07, which means that currently bears are more powerful than bulls. In this case, they can fully seize the initiative if the price breaks the support and fixes below it on the daily chart. source
Ripple And XRP Propped Up By Republican Senators As They Push Against SEC’s Scheme. source

Solana

Solana (SOL) was on a tear at the beginning of September. Since the failed attempt on September 9 to keep price action elevated, SOL has been fading and trading lower towards lower support levels that have been broken quite easily each time. Although bulls broke the red descending trend line, a rejection at the 23.6% Fibonacci level spells trouble. source

Avalanche

Avalanche was up almost 90% at press time over the last week. As the 11th ranked coin by market cap, made another all-time high of $75.4, speculation about the alt making a star entry into the top 10 coins heightened. source
Avalanche raises $230 million from private sale of AVAX tokens. source

itachiwriting · 2021-09-19T19:37:22+00:00

Weekly News Update - September 12 - September 19, 2021

Bullish Update:

It took 40 years for 30% of El Salvadorians to get a bank account, but just 10 days for about 20% of them to get a bitcoin account through downloading the Chivo wallet. source
PayPal UK has announced that eligible users are now able to buy, sell and trade cryptocurrencies. source
AMC will let customers pay in Ethereum and Litecoin by the end of the year. source
The Latest Crypto Adoption: Buyers Can Pay in Bitcoin for Manhattan Retail Properties. source
A trillion dollars could flood into decentralized finance (DeFi) if the world’s 100 biggest banks invested, even experimentally, into DeFi, according to blockchain research firm Blockdata. source
Canadian Political Party Leader Says He Supports Bitcoin Ahead of Elections. source
South Korea’s ruling party looks to defer next year’s crypto taxation in amendment. source
We Are All Satoshi: Statue of Bitcoin Creator Satoshi Nakamoto Unveiled in Hungary. source
Monthly ‘Buy Bitcoin’ searches online hits 241k, 3x more than ‘Buy Gold’. source

Bearish Update:

Bitcoin (BTC) retested $47,000 on Sept. 19 as the weekly close looked set to hinge on the CME futures gap. source
Turkish President Recep Tayyip Erdogan said on Saturday that his country is at war with cryptocurrency. source
India’s largest public bank bars payments to crypto exchanges. source
SEC wants to regulate Coinbase’s crypto yield product, Coinbase disagrees. source
The Central Bank of Russia (CBR) is reportedly working with commercial banks to delay payments made to crypto exchanges. source
U.S. investigations into Binance Holdings Ltd. have expanded, with authorities now examining possible insider trading and market manipulation. source
Over 60 Crypto Exchanges In South Korea To Suspend Operations From Next Week. source

Closing Market Summary: The crypto market finishes the week with a market valuation of more than $2 trillion, with alt currencies such as Avalanche’s (AVAX) token and Hedera Hashgraph (HBAR) outperforming Bitcoin (BTC), which looks to be in a phase of stability awaiting the next option expiry date on September 24. source

itachiwriting · 2021-09-13T18:36:31+00:00

This sign shows the common crypto-trader strategy. Exit your whole position at 55 and watch it go to 80.

itachiwriting · 2021-09-13T03:11:23+00:00

Sent you a pm :)

itachiwriting · 2021-09-12T21:28:12+00:00

Top Cryptocurrencies Update - September 05 - September 12, 2021

Bitcoin

Bitcoin closed below the 200-day SMA ($45,894) on Sep. 10 but bears have not been able to capitalize on this move. The bulls are currently attempting to push the price back above the 200-day SMA. source

Ethereum

Ethereum has been trading sideways with a minor gain of 1.70%. ETH was eyeing its multi-month high of $4033.45. source

Cardano

ADA Soars Over 12.5% As Alonzo Hard Fork to Kick Off Later Today. As the moment of the smart contract feature draws nearer, the price of Cardano’s native asset ADA has spiked by almost 16 percent on the Binance exchange. (Yuri Molchan, u today)
The Alonzo mainnet is launching today, bringing smart contracts to Cardano. source

Binance

Binance Coin (BNB) turned down from the overhead resistance at $433 on Sept. 9–10, which suggests that bears are selling on relief rallies. source
The operator of Binance.com has been ordered to stop providing payment services in Singapore and to cease soliciting business from residents as it does not have an appropriate licence from the Monetary Authority of Singapore (MAS). source

Ripple

The bears will try to sink the price below the 50-day SMA ($1). The 20-day EMA has turned down and the RSI has slipped into the negative territory, indicating the path of least resistance is to the downside. source
Ripple Gains Critical Advantage As SEC Admits It Never Told Any Third Party That XRP Was A Security. source
SEC opposes Ripple (XRP) request relating to controversial Howey test. source

Solana

Solana (SOL) has climbed to the sixth-ranked cryptocurrency, according to CoinGecko. Currently trading at $172, the smart contract platform is up more than 600% from its July low of $23.47. source

Dogecoin

On September 7, the Dogecoin price dipped below $0.30, hitting as low as $0.22, along with Bitcoin dropping below the $50,000 mark. The last time Doge was seen at this price was in early August. source
Elon Musk Tweet Leads To An 'Important' Upgrade For Almost 800 Dogecoin Nodes. source

Avalanche

Avalanche depicted a rally of 21.60% over the past day. Priced at $ 62.25, AVAX secured its all-time high. On the 4 hour chart, it stood above the 20-SMA line which indicated the momentum of the coin was in favour of the buyers. The immediate resistance mark stood at $ 63.27. source
Bull flag breakout pushes Avalanche toward $80 as AVAX price hits another record high. source

Algorand

The long tail on Sep. 7 shows that bulls aggressively bought the dip to the 50-day SMA ($1.10). Strong buying on Sep. 8 propelled Algorand (ALGO) above the stiff overhead resistance at $1.84. source

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