
- List of United States Marine Corps battalions
Source: en.wikipedia.org
Bitcoin whale clusters pinpoint critical levels BTC must hold to rally
Bitcoin (BTC) whale clusters point toward three critical price levels to maintain a bullish market structure in the near term.
Whale clusters form when large investors purchase Bitcoin and do not move it, making it an unspent transaction. These clusters typically indicate where crucial support levels exist and the logic is that BTC needs to maintain this level to see a prolonged rally.
According to data from Whalemap, the three important support levels marked by whales are $10,407, $10,570, and $10,667.
Macro Bitcoin support levels represented as whale clusters. Source: Whalemap
Whales, or individual investors holding large amounts of Bitcoin, usually seek significant liquidity to buy or sell. This is because they deal with substantial buy or sell orders and manage this need by targeting highly liquid price points.
Whale accumulation often takes place as weak hands capitulate and typically a retail sell-off amidst peak fear in the markets coincides with whale purchases because there are large sell volumes to absorb.
In the past five days, there were many reasons and unexpected events that could have pushed retail investors to sell.
On Oct. 1, the U.S. Commodities and Futures Trading Commission (CFTC) charged BitMEX with violating the Bank Secrecy Act. Almost immediately after, BTC plunged by 4.1%.
Then, on Oct. 2, U.S. President Donald Trump tested positive for COVID-19. The President’s unexpected COVID-19 contraction temporarily shook financial markets and added some selling pressure on Bitcoin.
The two events caused fear in the cryptocurrency market to intensify and Bitcoin price fell from $10,900 to $10,500.
Over the following days the price recovered to $10,670 and this new found resilience corresponds with the whale clusters that formed on Oct. 2.
In addition to the activity of whales, there are two technical catalysts that could buoy the sentiment around BTC.
First, the Bitcoin futures funding rate across major exchanges are either negative or neutral. When a funding rate is low, it signifies that the majority of traders on futures exchanges are betting against BTC.
A prolonged period of negative rates raises the likelihood of a short squeeze, which could cause BTC to increase. A pseudonymous trader known as “Byzantine General” said:
“We’re getting closer to Monday and funding has gone more negative. Especially Binance, where most of the fish are.”
Furthermore, since the CFTC’s charge against the exchange, market data provider Glassnode reports that investors pulled 45,000 BTC from BitMEX.
Many industry experts foreshadowed regulatory action against BitMEX and the resulting Bitcoin outflow is not terribly surprising.
One could argue that the outflow of funds from BitMEX to more reliable two exchanges could benefit the overall market sentiment. Particularly because Gemini is considered to be one of the strongest exchanges in the crypto sphere in terms of regulatory compliance.
Source: otcpm24.com
Author: News Bureau
Fibre Channel – Wikipedia
Topology diagram of a Fibre Channel point-to-point connection
Fibre Channel is a layered technology that starts at the physical layer and progresses through the protocols to the upper level protocols like SCSI and SBCCS.
FC topologies and port types: This diagram shows how N_Ports can be connected to a fabric or to another N_Port. A Loop Port (L_Port) communicates through a shared loop and is rarely used anymore.
A Port has a physical structure as well as logical or virtual structure. This diagram shows how a virtual port may have multiple physical ports and vice versa.
Fibre Channel predominantly uses the SFP module with the LC connector and duplex cabling, but 128GFC uses the QSFP28 module and the MPO connectors and ribbon cabling.
The SFP-DD module is used in high-density applications that need to double the throughput of traditional SFP ports.
The Fibre Channel SAN connects servers to storage via Fibre Channel switches.
Dual port 8Gb FC host bus adapter card.
Dual port 16Gb FC host bus adapter card.
- Clark, T. Designing Storage Area Networks, Addison-Wesley, 1999. ISBN 0-201-61584-3
Source: en.wikipedia.org
China’s Interest Is Centered Around Bitcoin, Signals Next Bull Run
Over the last week, Bitcoin has been consolidating around $10,700 levels. Interestingly, the world’s largest cryptocurrency has been holding its position resiliently despite some negative news like BitMEX’s CFTC charges leading to an erosion of 32,000 BTC from the exchange.
However, there’s been a spike in new participants coming to Bitcoin clearly indicated by a spike in new Bitcoin addresses. We are typically seeing 5-10K new Bitcoin addresses every day. However, there was an interesting breakout last week with a new BTC address shooting above 22k. Well, if this has to indicate something, Bitcoin might be setting up the stage for its next bull run.
While this is certainly an interesting development for the Bitcoin community, there’s something more to it than what meets the eye. An interesting analysis presented by Cole Garner suggests that all these Bitcoin addresses are coming from CHINA. Yes, there seems to a healthy purchase volume coming from China that has been supporting the BTC price last week despite not so positive news in the market.
You might be wondering that China has banned crypto for a long time and why this move suddenly? In fact, the recent actions by the Chinese governments suggest that there coordinated effort and marketing campaign to tickle Chinese investors’ minds towards crypto. Meaning the Chinese government is looking to trigger the next bull run.
Hmm this is an interesting propaganda vibe from CCP’s official media outlets as “参考消息”, Xinhua and CCTV2
the headline “cryptoasset is the best performing asset YTD” was featured on all avenues, news paper, online media and TV
It’s rare for such a coordinated effort pic.twitter.com/2g6VDsV5SE
— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) September 25, 2020
It’s a known fact that China is home to some of the largest Bitcoin mining activity in the world. Since it controls Bitcoin mining, it also holds the largest BTC than any other country on the planet. Mr. Garner notes that the Chinese leadership will promote any narrative that suits their interests in the best possible manner.
We also know that China is looking at just one big opportunity that can make it the global economic leader topping the U.S. So if Bitcoin can help it to get the position of economic power, why not? Moreover, global financial institutions have been leaning towards Bitcoin with an uncertain economic outlook. Hence, China won’t be willing to lose the place where it has a strong footing.
Besides, Garner also attributes the latest surge in Tether’s USD printing to China’s marketing campaign.
10/ The recent explosion in #Tether printing might have been a leading precursor to China’s marketing campaign.
China dominates $USDT volume globally — and #Tether dominates their fiat onramp liquidity. pic.twitter.com/wPoCl7z2qZ
— Cole Garner (@ColeGarnerBTC) October 5, 2020
Thus, Garner suspects that China’s latest retail buying interest has helped Bitcoin sustain last week’s bearish news. While retail buyers are not the market movers, the offer clear signals of big moves in the bull market.
BTC price prediction is nothing new to the market. However, there’s a growing chorus among analysts for Bitcoin’s next bull run. Blockstream analyst Adam Back recently said that Bitcoin will hit $1 trillion in the next two years by 2020. With the current market cap around $200 billion, the BTC price will fivefold from here somewhere around $50,000.
Conservative. I’d say #bitcoin likely sees $1trillion market cap within 2years, probably sooner. $1trillion is about BTC $50k. https://t.co/LJeq53DXgM
— Adam Back (@adam3us) October 5, 2020
Bloomberg’s latest crypto outlook report also suggests that the Bitcoin price will touch the $100,000 mark in the next years i.e. $2 trillion in market cap. Bloomberg Intelligence analyst Mike McGlone said:
“Considering normal maturation, about double the time frame from $1,000 to $10,000 would come in around 2025, for Bitcoin to potentially add another zero.”
The post China’s Interest Is Centered Around Bitcoin, Signals Next Bull Run appeared first on Coingape.
Source: cryptomoneyteam.co
Author: By TeamMMG