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Bitcoin Breaches Investors King Key Resistance Level, What is Next?

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Bitcoin

Bitcoin Breaches Key Resistance Level, What is Next?

Bitcoin, cryptocurrency most dominant coin, on Monday broke through $10,519 key resistance level to peak at $11,409 on Tuesday.

This is coming a few days after the United States banks’ regulator approved banks in the country to commence cryptocurrency custodial services. The news boosted cryptocurrency outlook and pushed Bitcoin above its long term range of $8998 and $9341 to its present trading value of $10,960 per coin. Its highest since August 2019.

bitcoin breaches $10,000 levelWhile series of economic uncertainties due to the COVID-19 pandemic could have helped bolster the digital currency above Investors King‘s key resistance level, a sustained break is now needed to push the world’s leading cryptocurrency above $12,891 resistance level.

Again, because Bitcoin remained vulnerable to the activities of hackers, its path to stability remains a concern.

For instance, 2,550 Bitcoin valued at about $28 million stolen from Bitfinex, an exchange platform in 2016, was moved on Monday according to Whale Alert, a Twitter handle specializes in tracking transfer of large cryptocurrencies.

This is likely one of the main reasons Bitcoin pulled back this morning from $11.409 per coin as uncertainty surrounding the stolen coins surges.

While we remained bullish on Bitcoin, especially now that it has started establishing characteristics of traditional assets and supply projected to continue to drop substantially, activities of hackers and other unchecked criminals using the coin as a medium to move a huge amount of stolen funds remained an issue.

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

New Survey Shows Two-thirds of Millennials Sees Bitcoin as Safe-haven

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A new survey conducted by the world’s largest independent financial advisory and fintech organisation, deVere Group showed millennials prefer Bitcoin to Gold as a safe-haven asset.

The findings by the Group revealed that more than two-thirds or 67 percent of the 700 plus millennial clients surveyed said they think Bitcoin, the world’s most dominant cryptocurrency, competes better against Gold, the traditional safe-haven asset.

The respondents drawn from North America, the UK, Asia, Africa, the Middle East, East Asia, Australasia and Latin America were all born between 1980 and 1996.

Commenting on the findings, Nigel Green, the CEO, deVere Group CEO said: “From Ancient Egypt onwards gold has always had immense value and has long been revered as the ultimate safe-haven.

“It’s always been a go-to asset in times of political, social and economic uncertainty as it is expected to retain its value or even grow in value when other assets fall, therefore enabling investors to reduce their exposure to losses.

“But, as this survey reveals, Bitcoin could be dethroned within a generation as millennials and younger investors, who are so-called ‘digital natives’, believe it competes better against gold as a safe-haven asset.”

Speaking further he said: “Millennials are to become an increasingly important market participant in the coming years, with the largest-ever generational transfer of wealth – predicted to be more than $60 trillion – from baby boomers to millennials taking place.

“In addition, our world is becoming increasingly tech-driven and cryptocurrencies are, of course, digital by their very nature.

“Another key factor is the historic levels of money-printing as central banks around the world attempt to prop-up their economies following the fallout from the pandemic. If you are flooding the market with extra money, then in fact you are devaluing traditional currencies – and this, and the threat of inflation, are legitimate concerns to a growing number of investors, who are seeking alternatives.

“As such, and in-line with the findings that show that millennials have a preference for Bitcoin over gold, the cryptocurrency is set up for growing prominence as a serious safe-haven asset class.”

This may explain why the cryptocurrency is often referred to as digital gold, because like gold it is a medium of exchange, a unit of account, non-sovereign, decentralised, scarce, and a store of value.

Green concluded by saying “During 2020, a year of unprecedented financial turbulence, the value of Bitcoin has risen by around 170%.

“Bitcoin has been around a little more than a decade, but already accounts for more than 3% of gold’s $9 trillion market cap.

“As the world continues to shift towards tech and as millennials become a more dominant part of the world economy, we should expect Bitcoin to also take an increasingly influential role in financial markets, especially in regard to being a ‘recession-proof’ asset.”

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Pizza Hut Joins Burger King, Church’s Chicken to Accept Crypto Payments in Venezeuela

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Pizza Hut has joined other global fast-food chains like Burger King and Church’s Chicken already accepting crypto payments in Venezuela.

This was confirmed by a crypto services firm, CryptoBuyer, on November 27 after pizza Hut stores in the South American nation partnered with Mega Soft to drive adoption in Venezuela by encouraging crypto payments in its over 20,000 shops and businesses in the country.

Pizza Hut nowadays cannot be detached from these technological advances and all those incorporating new approaches for daily necessities,” said Richard ElKhouri, General Director for Venezuelan operations of the pizza chain, in an interview with local news outlet ElAxioma. “It is important that we accommodate young people, modern adults, and people technologically knowledgeable.”

According to Elkhouri, customers can buy pizza with Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Binance Coin (BNB), Binance USD (BUSD), Ether (ETH), Tether (USDT), Dai (DAI), and its native token XPT.

This will further help deepen cryptocurrency adoption in the country and across the South American region.

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Bitcoin Rebounds; Gained 7 Percent to $18,116 Per Coin Amid Renewed Demand

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Bitcoin recovered most of its lost ground in the last 24 hours after dropping about $3,000 from $19,400 it exchanged a week ago to $16,800 per coin.

The world’s most dominant cryptocurrency gained 7.01 percent to close at $18,116.31 per coin on Monday morning at 8:46 am Nigerian time.

Investors jumped on the digital currency after Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its Macro Opportunities Fund to invest as much as 10 percent or $500 million of its $5 billion net asset in Bitcoin through Grayscale Bitcoin Trust (GBTC).

The news bolstered Bitcoin attractiveness as cryptocurrency investors interpreted as a new capital inflow that could aid the coin above the $20,000 per coin obstacle or resistance.

According to the amendment filed: “The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary.”

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