Bitcoin's best case scenario is $25,000 before a correction, one trader believes, as BTC price upside cools.
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Bitcoin poised for another attack on $24K as trader predicts ‘bearish February’
Bitcoin (BTC) rose above $23,000 into the Jan. 31 Wall Street open as markets braced for a fresh macroeconomic reckoning.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader: $25,000 “best case” for BTC/USD
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining around 1% in a single hourly candle before the start of trading, overcoming resistance in place overnight.
With hours to go until the monthly close, the pair remained around $800 short of its weekend highs, which, at $23,950, marked Bitcoin’s strongest performance since mid-2022.
Inspecting the status quo, however, traders were unconvinced that the largest cryptocurrency would produce further gains in February.
January had produced upside of over 40%, making it Bitcoin’s best first month of the year since 2013.
Tesla records $140M Bitcoin net loss in 2022
The electric vehicle maker earned $64 million in profits from Bitcoin trading, which was offset by a $204 million impairment.
Tesla records $140M Bitcoin net loss in 2022
The electric vehicle maker earned $64 million in profits from Bitcoin trading, which was offset by a $204 million impairment.
Crypto Quick Hits: 8 simple steps to multiple weekly winners
Two overlooked indicators are alerting traders to massive potential price increases.
What are reflection tokens, and how do they work?
Arguably the most dynamic segment within the crypto ecosystem, decentralized finance (DeFi) projects have been revolutionizing how cryptocurrency investors can employ their tokens to access capital and even earn additional income on their crypto holdings. However, using DeFi products such as yield farming, liquidity mining and staking pools can often be a cumbersome experience for most crypto investors.
To solve this problem, a new class of crypto tokens was introduced in 2021 that integrated self-generating passive income mechanisms to reward investors with supplementary crypto tokens. Known as reflection or reward tokens, these digital assets are increasingly gaining traction among crypto investors who are looking to harness the long-term potential of holding on to their cryptocurrency portfolio.
Understanding reflection tokens
Apart from the long-term price appreciation potential of cryptocurrencies, crypto investors are often found wanting an option to earn additional income from their tokens during the holding period. Considering that cryptocurrency markets can witness volatile price actions, short-term trading where traders try to record gains by selling high and buying low can be an extremely risky proposition.
Similarly, DeFi products that require investors to deposit their crypto holdings in lieu of daily, weekly or monthly returns are a plausible option but are fraught with concerns, such as suffering from impermanent loss, rebalancing losses and even smart contract hacks that allow scammers to steal investor funds.
In stark contrast, crypto reflection tokens or reward tokens encourage investors to hold on to their tokens, thereby promoting market stability while still offering investors the chance to earn incremental income on all transactions being made on the protocol.
What are reflection tokens, and how do they work?
Describing crypto tokens that generate passive income, reflection tokens redistribute gas using smart contracts by rewarding their investors with extra crypto.
20 wild attempts to create crypto micronations or communities
From repurposed cruise ships like MS Satosh, to the blockchain governed Liberland and Satoshi Island, crypto fans are trying to create utopian new communities built around new rules.
20 wild attempts to create crypto micronations or communities
We can’t blame Elon Musk for dreaming of moving to Mars — the human race has always been curious about finding a better life somewhere else.
But not everyone in crypto is looking up to the stars to find new worlds; others stay on earth and attempt to build a new micronation, or a crypto community, here. There are dozens of projects in development — and a few actually operational — including Liberland, Satoshi Island and Puertopia/Sol attracting interest from the blockchain world.
Liberland
While many head out to sea to build their new communities, another option is to find land left over after conflicts. This is not as crazy as it sounds, and in the shifting territorial landscape after the breakup of the Yugoslavian empire, small pockets of land have turned up. Vít Jedlička, a Czech economist and Libertarian, founded Liberland on April 13, 2015 – on Thomas Jefferson’s birthday – on a small track of terra nullius (unclaimed land) on the banks of the Danube between Croatia and Serbia. At seven square kilometers, it is larger than Vatican City and Monaco and similar in size to Gibraltar.
The tiny nation is not yet habited despite boasting 785,000 citizens, all of whom currently reside abroad.
Jedlička wanted to form a new nation with low taxes and greater freedoms, and he found the land literally by Googling the term “terra nullius.”
20 wild attempts to create crypto micronations or communities
We can’t blame Elon Musk for dreaming of moving to Mars — the human race has always been curious about finding a better life somewhere else.
But not everyone in crypto is looking up to the stars to find new worlds; others stay on earth and attempt to build a new micronation, or a crypto community, here. There are dozens of projects in development — and a few actually operational — including Liberland, Satoshi Island and Puertopia/Sol attracting interest from the blockchain world.
Liberland
While many head out to sea to build their new communities, another option is to find land left over after conflicts. This is not as crazy as it sounds, and in the shifting territorial landscape after the breakup of the Yugoslavian empire, small pockets of land have turned up. Vít Jedlička, a Czech economist and Libertarian, founded Liberland on April 13, 2015 – on Thomas Jefferson’s birthday – on a small track of terra nullius (unclaimed land) on the banks of the Danube between Croatia and Serbia. At seven square kilometers, it is larger than Vatican City and Monaco and similar in size to Gibraltar.
The tiny nation is not yet habited despite boasting 785,000 citizens, all of whom currently reside abroad.
Jedlička wanted to form a new nation with low taxes and greater freedoms, and he found the land literally by Googling the term “terra nullius.”
20 wild attempts to create crypto micronations or communities
From repurposed cruise ships like MS Satosh, to the blockchain governed Liberland and Satoshi Island, crypto fans are trying to create utopian new communities built around new rules.
20 wild attempts to create crypto micronations or communities
From repurposed cruise ships like MS Satosh, to the blockchain governed Liberland and Satoshi Island, crypto fans are trying to create utopian new communities built around new rules.
20 wild attempts to create crypto micronations or communities
From repurposed cruise ships like MS Satosh, to the blockchain governed Liberland and Satoshi Island, crypto fans are trying to create utopian new communities built around new rules.
20 wild attempts to create crypto micronations or communities
We can’t blame Elon Musk for dreaming of moving to Mars — the human race has always been curious about finding a better life somewhere else.
But not everyone in crypto is looking up to the stars to find new worlds; others stay on earth and attempt to build a new micronation, or a crypto community, here. There are dozens of projects in development — and a few actually operational — including Liberland, Satoshi Island and Puertopia/Sol attracting interest from the blockchain world.
Liberland
While many head out to sea to build their new communities, another option is to find land left over after conflicts. This is not as crazy as it sounds, and in the shifting territorial landscape after the breakup of the Yugoslavian empire, small pockets of land have turned up. Vít Jedlička, a Czech economist and Libertarian, founded Liberland on April 13, 2015 – on Thomas Jefferson’s birthday – on a small track of terra nullius (unclaimed land) on the banks of the Danube between Croatia and Serbia. At seven square kilometers, it is larger than Vatican City and Monaco and similar in size to Gibraltar.
The tiny nation is not yet habited despite boasting 785,000 citizens, all of whom currently reside abroad.
Jedlička wanted to form a new nation with low taxes and greater freedoms, and he found the land literally by Googling the term “terra nullius.”
Bitcoin 7-month high 'dominance' has BTC price eyeing $25K — Will Ethereum spoil the rally?
The Bitcoin dominance index could start falling again if the price of Ethereum can pare its 5% losses versus BTC year-to-date.
Bitcoin 7-month high 'dominance' has BTC price eyeing $25K — Will Ethereum spoil the rally?
Bitcoin (BTC) is rapidly regaining its lost dominance in the crypto market so far into 2023.
On Jan. 30, Bitcoin accounted for 44.82% of the total crypto market capitalization, the highest since June 2022. In September 2022, Bitcoin's dominance index was as low as 38.84%.
The index typically rises when most crypto investors reduce their exposure to smaller tokens and seek safety in Bitcoin. The reasons include Bitcoin's better liquidity and lower volatility than alternative cryptocurrencies, or altcoins, primarily in a bear market.
Bitcoin's market dominance to grow further?
As of Jan. 31, Bitcoin is up 38% year-to-date (YTD) at around $23,000. In comparison, the second-largest cryptocurrency, Ether (ETH), gained 30% in the same period, showing most investors remain gravitated toward Bitcoin so far in 2023.
From a technical perspective, the Bitcoin dominance index may rise further in the coming weeks as it reclaims its 50-week exponential moving average (the red wave in the chart below) as support.
Top 5 Bitcoin documentaries to add to your watchlist
Bitcoin documentaries can serve as a tool for advocacy, helping to promote the adoption and acceptance of Bitcoin and other cryptocurrencies.
Top 5 Bitcoin documentaries to add to your watchlist
Bitcoin documentaries can serve as a tool for advocacy, helping to promote the adoption and acceptance of Bitcoin and other cryptocurrencies.
Bitcoin miner Greenidge cuts NYDIG debt from $72M to $17M
Despite restructuring into a hosting firm for Bitcoin mining, Greenidge still owns about 10,000 miners, maintaining a capacity of 1.1 EH/s.
ADA-backed algorithmic stablecoin Djed launched on Cardano
The algo-stablecoin Djed from DeFi service provider COTI deployed on the Cardano mainnet after its successful security audit.