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Bitcoin’s bullish run: Will it continue in 2023?

Bitcoin’s bullish run: Will it continue in 2023?

Bitcoin is a digital currency that operates in a decentralized manner, meaning that it does not rely on a central authority or financial institution to operate. It was created in 2009 by an individual or group of individuals who used the pseudonym Satoshi Nakamoto. Bitcoin’s unique feature is that it uses blockchain technology, a distributed ledger that records all transactions in the network.

One of the advantages of Bitcoin is that it provides a high degree of privacy and anonymity. Transactions are recorded on the blockchain and are visible to anyone, but the parties’ identity is not revealed. This has made Bitcoin a popular choice for people who want to keep their financial transactions private.

Bitcoin has experienced significant price swings, with periods of rapid growth followed by sharp declines. In late 2017, Bitcoin’s price peaked at nearly $20,000, attracting significant media attention and mainstream interest. However, the bubble eventually burst, and the price fell dramatically, leaving many investors with losses.

Since then, Bitcoin’s price has been on a rollercoaster ride, with significant price fluctuations happening over short periods. The cryptocurrency market is notoriously volatile, and the price of Bitcoin is no exception. In recent years, Bitcoin’s price has been influenced by several factors, including regulatory developments, adoption by institutional investors, and media coverage.

The cryptocurrency market has been experiencing significant growth over the past year, with Bitcoin leading the way. According to Coinmarketcap, Bitcoin’s market capitalization increased from around $560 billion in January 2021 to over $1.2 trillion in March 2023.

I believe the current state of the cryptocurrency market and its potential future performance is worth considering. Bitcoin has had an impressive year-to-date performance, with a 42% increase, but its price has also been volatile, with significant fluctuations happening over short periods. Bitcoin’s price has been volatile, with significant price fluctuations occurring within short periods, leading many investors to question whether the rally is over or if Bitcoin’s price will continue to rise.

Several factors could impact Bitcoin’s price in 2023. I believe that one of the significant factors is the performance of US and Chinese stocks. As of March 2023, the US and Chinese stock markets exhibit different trends. The S&P 500, representing the top 500 US companies, has risen by around 3% year-to-date, while the Shanghai Composite, representing the top 300 Chinese companies, has risen by around 7.5%. However, the recent price signals from the US macro landscape warrant more caution in the short term. For instance, the recent spike in inflation and the US Federal Reserve’s tightening monetary policy could negatively affect the stock market and, consequently, Bitcoin’s price. In my perspective, if either US or Chinese stocks perform well, investing in Bitcoin could be attractive.

Another factor that could positively affect Bitcoin’s performance is the annual parliament session in China, which is scheduled to open on March 5, 2023. The government will likely announce a growth target of 5% to 6% for this year, which could further boost the ongoing rally in Asian stocks. Additionally, Hong Kong has positioned itself as Asia’s crypto hub, which may benefit Bitcoin’s price.

I also observe that Bitcoin and Nasdaq’s correlation is trading near its lowest level since December 2021. This breakdown in correlation means that holding long crypto exposure may be more beneficial than holding US-listed technology shares, which are more impacted by macroeconomic data. However, recent price signals from the US macro landscape warrant more caution in the short term.

In conclusion, I think that various factors, such as the performance of US and Chinese stocks, policies in China, and Hong Kong’s rise as Asia’s crypto hub, could influence Bitcoin’s performance in 2023. I believe exercising caution and using stop-level strategies to minimize potential losses when investing in the cryptocurrency market is essential. These are my opinions on the cryptocurrency market and its potential future performance.

 

Source: https://blockcast.cc/editors-picks/bitcoins-bullish-run-will-it-continue-in-2023/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Crypto community reacts as Bitcoin bear market fears continue

Crypto community reacts as Bitcoin bear market fears continue

The crypto market saw a sharp decline at 12 am UTC on March 3. The price of Bitcoin (BTC) fell by over 5% from around $23418 to $22163, according to CryptoSlate data. Most of the drop occurred within an hour as the BTC price fell by over $1,000 in seconds.

The price of the second-largest cryptocurrency followed suit with a 5.4% decline from around $1,643 to $1,554 around the same time.

Many other cryptocurrencies also suffered losses as Dogecoin (DOGE) slipped 5.8% over the past 24 hours, while Cardano (ADA) and XRP (XRP) are down 3.78% and 2.73%, respectively.

The fall in crypto prices triggered liquidations that crossed $251 million over the past 24 hours, most of which were triggered after the sharp dips in prices, according to Coinglass data.

Binance saw the most liquidations, around $90 million over the past 24 hours, the data indicates. OKX followed at a close second with $75.83 million of liquidations over the past day.

Over $222 million worth of long positions were liquidated, while short positions made up a little over 8% of the total liquidations over the past 24 hours, Coinglass data shows.

Total Ethereum (ETH) positions liquidated over the past day stood at $49.24 million. BTC liquidations stood at $84.06 million, according to Coinglass.

What caused the dip

Crypto bank Silvergate is owned by Silvergate Capital Corporation, whose share price dropped 49% upon the announcement that it will delay its annual report to the Securities and Exchange Commission. The firm said it needed more time to complete its audit.

Silvergate bank said that it may file for bankruptcy owing to a massive sell-off. It is also unable to repay its debts. Many firms, including Coinbase, Circle, and Paxos severed all ties with the troubled bank.

Regarding the crypto market, Sora Ventures CEO Jason Fang told CryptoSlate:

Obviously there’s the current fud surrounding Silvergate and Binance, and we think that the market isn’t in a clear bull yet, but there are some certain sectors that outperform everytime the market dumps, it could be sectors surrounding L2, LSDs, zk rollups, etc. Since the narrative is different every time, we think keeping an eye on the market during these drops is definitely worth it, and its a good metric to observe which sectors the smart money is betting on.

Alex Kuptsikevich, FxPro senior market analyst, believes the crypto market tumbled in reaction to Silvergate’s uncertain future. He told CryptoSlate:

“The plunge into this area came as a market reaction to the potential bankruptcy of Silvergate. The news triggered a wave of stop orders on fears that the situation could cause a domino effect in the industry.”

Kuptsikevich said that the dip pushed Bitcoin’s price below its 50-day moving average, “which does not bode well for the short-term outlook, although this signal will only be reliable at the close of the day.”

He added that the market sentiment is “moderately positive” and supports the “buy-the-dip” mood. Many Twitter users claimed to have bought Bitcoin and taken advantage of the price fall.

But many investors panicked and, per Kuptsikevich, were scared that the Silvergate crisis could soon escalate to the FTX level.

In response to the latest events, investor Anndy Lian told CryptoSlate:

“Silvergate Bank’s share price has fallen by more than 50% to an all-time low after it announced it would review its books with auditors and warned of several headwinds. A vast majority of the bank’s crypto-friendly industry clients have left or are leaving the company, including Coinbase, Circle, Paxos, Crypto.com, Galaxy, and Gemini which have all suspended business with the bank. The bank’s clients leaving was reported to have happened less than a day after the announcement of the audit review.

This means that it is now harder for crypto companies to sustain relationships with a U.S. bank. Many institutional clients will not be able to transact big amount of crypto until they find better safer solutions to work around. As we speak, I know some of my friends are moving their funds out of some banks in Puerto Rico.

There will be a big vacuum in the short term. I know many of the crypto organisations are now looking for offshore solutions and the more adventurous ones are shifting to Asia to run their trading desks.”

Many analysts claim the recent dip is a signal for the BTC price to keep going down, but others are more optimistic. Quantum Economics CEO Mati Greenspan told CryptoSlate:

“Including yesterday’s sudden dip, Bitcoin and crypto are having one of their strongest years ever. No major support lines have been broken and the long term chats look bullish as ever.”

 

 

Source: https://cryptoslate.com/crypto-community-reacts-as-bitcoin-bear-market-fears-continue/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

With bitcoin price hovering around the $20,000 mark, market observers expect its trading to continue between $18,000 and $22,000

With bitcoin price hovering around the $20,000 mark, market observers expect its trading to continue between $18,000 and $22,000

According to market observers and its volatile conditions, cryptocurrency trading has maintained the range between $18000 and $22000 for a month. Additional thoughts were shared.

Bitcoin price has a lot to do with the supply and holders too. If you have looked at Glassnode’s data, over 80% of the total USD-denominated wealth invested in bitcoin has been moved for at least three months. When supply is dormant, the price is dormant, and this means that holders are unwilling to spend at a lower price.

Another possible reason is that SEC chair Gary Gensler said in an interview with Yahoo Finance on 15 July 2022 that they will continue to speak to the crypto industry, saying that they may suggest rules that apply to traditional brokerage to protect investors in the event of crypto failure. This piece of news in a timely manner, and gives more confidence to the investors at large.

The news of South Africa will go all in to regulate crypto as a financial asset is another plus point for this week. With all the news today alone, many people on Twitter turned bullish upon seeing the crypto market cap was traded closer back to the $1 trillion mark. Investors have to look at the following dates:

1) 27 July- Federal Reserve Interest Rates;

2) 28 July- US GDP Figures.

These are important dates to note as they can drive the crypto prices up or down.

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With bitcoin price hovering around the $20,000 mark, market observers expect its trading to continue between $18,000 and $22,000

According to market reports, volatility in cryptocurrency markets is because of factors such as the global pandemic, world governments, and Web3.0’s bullish nature.

After a topsy-turvy ride, it seems bitcoin has stabilised with it being predicted to trade between $18,000 and $22,000, based on its price range for the last couple of months. On July 17, cryptocurrency bitcoin’s price fell below the $21,000 mark. At the time of writing (12.19 pm, Indian Standard Time), the global cryptocurrency market capitalisation reached a $1.01 trillion valuation while bitcoin traded close to the $22,000 value, according to cryptocurrency assets price-tracking website CoinMarketCap. “Bitcoin is hovering close to the $20,000 mark because of the community and investors who still believe in the currency. Due to the cryptocurrency’s nature and limited supply, its price is expected to increase in the future,” Agam Chaudhary, a serial entrepreneur and investor in Web3.0 space, told FE Digital Currency.

Various market reports stated that volatility in cryptocurrency markets is because of factors such as the global pandemic, influence of stock markets, decisions by governments, and the bullish nature of Web3.0 space. According to the Twitter handle of blockchain analytics firm Glassnode, over 80% of the total United States Dollar (USD) denominated wealth has been held on by investors for around 3 months, irrespective of market volatility. “Rules must be suggested for traditional brokerage to protect investors in the event of cryptocurrency failure. Investors need to follow the Federal Reserve Interest rates and US gross domestic product (GDP) figures, as they can drive cryptocurrency prices up or down,” Anndy Lian, chief digital advisor, Mongolian Productivity Organisation, a governmental organisation, stated.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j