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Why Bitcoin Fails to Sustain $10,000 Level Despite Activities of Whales

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Bitcoin at Record High; Breaches $6,000 Level

Here is Why Bitcoin Can’t Sustain $10,000 Level 

Since Bitcoin, the flagship cryptocurrency broke through a globally anticipated $10,000 resistance level on May 8, 2020, it has failed to sustain that level despite Bitcoin Halving of May 12.

Even with the reports of Whales accumulating substantial bitcoins and a recent report by Santiment that the number of wallets holding more than 100 BTC has been on the rise in the past week, the dominant cryptocurrency remained deviant.

In May, Investors King perused why the digital currency may not attract enough buyers to sustain the expected bullish run.

Here is Why Bitcoin continues to disappoint even with the projected supply short-fall that normally trailed Bitcoin Halving.

Regardless of what Bitcoin traders and investors think, the demand for the coin has always been bolstered by retail traders and investors, among which it is the most popular.

The activities of these retail traders and investors are presently limited given the current price of a unit Bitcoin. Meaning, even though the Bitcoin supply has dropped following halving, the number of miners exchanging their rewards to fund operation and the available Bitcoin within the system is more than the present demand.

Therefore, while the ongoing acquisition by Whales will help establish strong support for the coin above $9000, it won’t be enough to force a bullish run and sustain it above $10,519 resistance levels until institutional investors or outside fund flow into the system.

However, with the surge in global uncertainty, the expected fund may not flow into the system in the near-term as predicted in our analysis in May. Also, with the renewed interest in US assets following the surprise rebound in the job market and the 12 percent of GDP worth of stimulus being pumped into the US economy, institutional investors may not look the way of Bitcoin or the entire crypto market uncertain global risk normalise.

BTCUSDDaily 2Still, we are long-term bullish on Bitcoin and expect a sustained break of $10,519 resistance level to open up $11,463 before the $12,900 needed to confirm bullish continuation.

On the downside, a break of $8,730 support level will open up $8,231 and turn the momentum bearish as shown above.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Cryptocurrency

Bitcoin Hits Record $19,259 a Coin on Tuesday as Demand Jumps Through the Roof

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Demand for the world’s most dominant cryptocurrency, Bitcoin, rose to a record high on Tuesday amid Trump’s renewed attack on China and general global uncertainty.

Bitcoin rose by 5.2 percent to $19,259.64 or N9.471 million per coin as of 2.24 pm Nigerian time on Tuesday.

Ripple rose by 25.05 percent to 0.00003271 BTC or N233.25 per coin, representing over 100 percent increase in the last one week.

Similarly, Bitcoin Cash advanced to fourth place among the most capitalised cryptocurrencies after gaining 16.90 percent in the last 24 hours to 0.00154 BTC or N129,101 per coin with N2.36 trillion market capitalisation and N170.29 billion volume of trade in the last 24 hours.

Demand for cryptocurrencies rose late on Monday after President Trump renewed his trade war with China, in a move that suggested he is out for revenge.

Few reports have said China was supporting the President-elect, Joe Biden, prior to the US presidential election, and as such was using cyberspace to push that agenda like Russia did in 2016.

The surged in global tension despite COVID-19’s three different vaccines led to an increase in demand for cryptocurrencies by institutional investors in the last 24 hours.

Also, demand for crypto assets on both PayPal and CashApp platforms has exceeded the entire supply of newly minted bitcoins, suggesting a serious supply pressure and likely surge in price above the current level in the near-term.

Bitcoin could set a new all-time record high in few days if demand remains high.

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Paypal Bullish on Bitcoin But as a Currency

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bitcoin to Nigerian Naira

Dan Schulman, the Chief Executive Officer, PayPal, said he is positive about bitcoin’s usefulness as a currency and believed that single fact will prevail over the buy and hold ethos.

According to Schulman, there will be more use cases for cryptocurrencies over time. This, he said would boost cryptocurrency acceptability, growth and stability.

He said “I think that there’ll be more and more use cases for cryptocurrencies,” that make bitcoin more widely accepted, more stable and probably “more valuable” over time.

Schulman further explained that at this stage, central bank digital currency is now a global inevitability. As that happens, “you’ll have more and more utility happen with cryptocurrencies,” he said.

“Both may play important roles going forward,” he said.

PayPal got into cryptocurrency space as an exchange two months ago after pulling out of Facebook’s Libra Group following parliament’s rising scrutiny into Facebook businesses.

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Cryptocurrency

Symatri Launches Kala Pro Wallet With Enhanced Cryptocurrency Protection

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Kala Wallet, which is used by over 30,000 people, has today launched its Pro Wallet, which comes with enhanced security features and three levels of theft insurance cover: Bronze, which covers up to $1,000; Silver, up to $10,000; and Gold, up to $100,000.

The new Kala Pro Wallet is protected through a partnership with Coincover, creators of the safety standard for crypto, which provides theft cover underwritten by Lloyd’s of London.

While cryptocurrency continues to grow in popularity, a constant concern for anyone that holds – or is considering holding – crypto is the potential to lose access to their assets, whether through an accidental loss of their keys, or a malicious attack.

With Coincover in place, the Kala Pro Wallet provides peace of mind by offering financial protection should a user’s cryptocurrency be inaccessible or stolen. It also notarizes the insurance policy on the Kala blockchain for further proof of coverage.

Darren Olayan, CEO of Symatri, said, “Our community of 30,000 Kala Wallet users already benefit from Kala blockchain’s inherent value and asset verification capability within the Symatri ecosystem, and with the launch of our Pro Wallet they can access enhanced protection against theft and loss.

“We aim to provide the most versatile, secure and usable cryptocurrency and platforms, and our partnership with Coincover supports this ambition.”

David Janczewski, co-founder and CEO of Coincover, added, “As more people benefit from their crypto assets being protected, the popularity of cryptocurrency will continue to grow, and we’re delighted to help companies like Symatri make cryptocurrency an important and useful part of people’s daily lives.”

Kala Pro Wallet offers coverage at three levels, paid annually: Bronze, up to $1,000 coverage for $45; Silver up to $10,000 for $195; and Gold up to $100,000, for $1,020.

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