Why one Bitcoin analyst expects sudden ‘hell’s candle’ plunge to $11.3K

Why one Bitcoin analyst expects sudden ‘hell’s candle’ plunge to $11.3K

An abrupt u-turn in liquidity is apt to take the Bitcoin spot price almost $2,000 lower, on-chain analyst Cole Garner predicts.

Published on October 26, 2020

Bitcoin (BTC) stayed above $13,000 on Oct. 27, but one analyst is warning that the largest cryptocurrency is due for a major correction.

In a tweet on Tuesday, on-chain analyst Cole Garner forecast that BTC/USD could soon end its bull run and suddenly move lower in a “Hell’s candle” event on the daily chart.

Garner eyed Brave New Coin’s Bitcoin’s liquid coin index (BLX), a price calculator designed to assess at which price points liquidity should enter and exit the market, and the result was firmly bearish.

After its run to $13,370 over the weekend, Bitcoin is ripe to lose investor liquidity, in line with events that followed its return to $10,000 and $12,000 this year.

In each case, a certain price point triggered a sell-off, followed by a slow grind back to higher levels.

“Hell candle’s coming for ya. Watch your ass,” he commented.

According to Garner’s chart, the potential bottom level for the resulting price losses this time appears to be at $11,300 — a drop of 15.4% from the local high.

BTC/USD chart with BLX entry and exit points highlighted. Source: Cole Garner/Twitter

Bitcoin has retained $13,000 as broad support for almost a week, with only brief dips below that level contrasting the general bullish market atmosphere.

As Cointelegraph reported, network fundamentals have begun to trend downwards from all-time highs, something that could potentially signal a brief reshift of miner sentiment and associated price pressure.

Among network participants, however, the overall sense is one of a maturing market, with hash rate still an order of magnitude higher than just two years ago. To manage risk, miners should thus turn to derivatives products dedicated to the hash rate as the industry becomes larger and more competitive.

Currently researching this new format of derivative product is asset manager Fidelity, a company famous for its Bitcoin support.

“We are researching and experimenting with a range of novel difficulty and hashrate derivative contracts to learn how miners can incorporate the contracts into their strategies to reduce risks associated with unexpected increases in network hashrate,” an update on the company’s website published on Monday confirms.

The research and development is being undertaken by dedicated spinoff, the Fidelity Center for Applied Technology.

Source: news.iobanker.com

Author: ByioBanker

bitcoin and blockchain in Las Vegas – World Crypto Con

bitcoin and blockchain in Las Vegas – World Crypto Con

Stan is in the gambling capital Las Vegas which has also become a blockchain capital these days! He is going to ask the hottest questions about bitcoin and cryptocurrency to the most extravagant trading and mining experts.

Celebrate BTC 10th birthday together with NakamotoJedi at World Crypto Con! Listen why the attendees of the conference find bitcoin currency valuable, and what they think about bitcoin price and its future.

Such prominent btc and block chain gurus as Brock Pierce from Bitcoin Foundation , Charlie Lee from litecoin , Maxine Ryan from Bitspark and a lot more, have gathered in the heart of the desert. Your best crypto news channel is going to show you everything!

To always keep finger on the pulse, follow NakamotoJedi on social media and discuss crypto news within our community:

Source: coin4world.com

Singapore’s largest bank reportedly launching crypto trading and custody

Singapore’s largest bank reportedly launching crypto trading and custody

Another global bank believes that digital assets are the future of the global economy.

Published on October 26, 2020

DBS, Singapore’s largest retail and commercial bank, seems to be entering the cryptocurrency space with three new offerings.

According to information seen by Cointelegrpah, DBS is launching cryptocurrency trading and custody as well as a platform for conducting security token offerings.

According to a description of the platform seen by Cointelegraph, DBS’ upcoming crypto service — the DBS Digital Exchange — will support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC).

Supported fiat currencies include the United States dollar, the Singapore dollar, the Hong Kong dollar and the Japanese yen.

DBS Digital Exchange will not hold any assets itself, instead, “all digital assets are kept at DBS Bank, which is globally recognised for its custodial services.”

The DBS Digital Exchange will also allow small- and medium-sized enterprises as well as large corporations to issue security tokens.

As a company regulated by the Monetary Authority of Singapore, DBS noted that its upcoming crypto service will offer “distinct advantages such as the assurance of institutional-grade security.” The upcoming bank-backed exchange also aims to also provide robust measures to prevent fraudulent activities and maintain strict compliance with Anti-Money Laundering and Counter Terrorist Financing regulations, according to the document.

DBS did not immediately respond to Cointelegraph’s request for comment.

Source: news.iobanker.com

Author: ByioBanker

EU Court Confirms Cash Is a Constitutional Freedom

EU Court Confirms Cash Is a Constitutional Freedom

With states discussing the possibility of creating entirely digital currencies, the debate over the place of cash in society has only intensified. That is why the opinion given recently by Giovanni Pitruzella, the advocate general of the Court of Justice of the European Union (CJEU), is of such interest to people concerned with state encroachment on individual freedoms. The main takeaway was that the court found that an individual’s right to pay for services in euro banknotes should be protected, with very limited exceptions to the rule.

Freedom through cash

While the CJEU opinion is non-binding, Pitruzella’s words reinforced arguments around the importance of cash as an emblem of and instrument through which to express personal freedom within the European Union (EU).

“The concept of legal tender as regards euro banknotes […] must be understood as entailing in principle the mandatory acceptance of euro banknotes by the creditor of a payment obligation,” Pitruzella writes.

The ideas that underpin the advocate general’s words concern the importance of cash in protecting individuals from undue controls, as well as the substantive link between cash and the notion of legal tender.

The case under review pertained to a company refusing to accept payments in cash, an issue that has been discussed in different forms across the EU and beyond. Ultimately, Pitruzella argued that in current EU law there is “an obligation on public authorities to accept euro banknotes if they are intended to meet statutorily imposed payment obligations.”

Crucially, he highlighted that although exceptions can be based on grounds of “good faith” or for reasons of the public good, they cannot be based “merely on reasons of administrative practicability or cost savings.”

Pitruzella’s opinion went in favor of two individuals who had been charged late payment fees for refusing to pay a German broadcasting company through one of its preferred forms of payment. The advocate general’s decision has dealt a blow to arguments in favor of eradicating cash, calling into question the imposition of state controls on how and in what form consumers make payments.

Why this opinion is significant

In recent years, public debate has been forced to address the issues which have risen since the emergence of technologically facilitated payment methods, such as debit cards, digital payments and digital currencies.

“Regardless of technological developments and payment method variety, the only truly private transaction, in which no third party (public or private) has a prying eye, is cash,” writes one web journalist.

To understand this, we must acknowledge that there are clear differences between cash and digital means of payment. Cash is not digitally trackable like online payments. Cash requires no intermediary for a transaction to function, nor an infrastructure through which to process that transaction. To use cash is to make a financial choice that requires no ratification from any public or private authority.

Simmel on money and freedom

“Money is really that form of property that most effectively liberates the individual from the unifying bonds that extend from other objects of possession,” argues Georg Simmel, the 19th-century German philosopher in his magnum opus, The Philosophy of Money.

What Simmel asserted is that money uniquely empowers individuals to self-define through their choices – their freedoms. Rather than having an identity solely and forcefully thrust upon them as a consequence of their specific trade or station in life, money gives them an unmonitored opportunity to craft their own self-image through the economic decisions they make.

Alternatives to the cash that Simmel’s theories handle, such as digital payments, while allowing some of this freedom, can never be true cash equivalents as they necessitate one form of third-party control or another.

These alternatives provide freedom of choice regarding what services and products one purchases with the rewards of one’s labors. However, they lack that second dimension, that of protection from unreasonable surveillance and control freedom that goes hand in hand with the democratic principles that underpin the EU.

Society maintains a tension between order – the unifying force – and personal freedom – the rights of the individual. If we move too far one way, things will not function effectively, and if we go too far the other way, individuals must endure oppression. This balance is delicate and in constant flux. Cash is one of the bedrocks of the modern society, which stabilizes this flux. For this reason, EU citizens should be pleased that the CJEU has confirmed cash as a constitutional freedom.

Luke Moriarty

Canadian fellow, who worked three decades for local and national administrations. I am now retired and closely follow issues related to cash and digital currencies.

Source: dailyhodl.com

Author: –

BREAKING: Google Cloud Just Released the Cryptocurrency Bulls in October 2020 | Cryptocurrency News

BREAKING: Google Cloud Just Released the Cryptocurrency Bulls in October 2020 | Cryptocurrency News

BREAKING: Google Cloud just signed on to become an EOS cryptocurrency Block Producer! Plus, the FCA bans bitcoin and cryptocurrency derivatives in the UK after BitMEX charges! Plus, Vechain getting into NFTs! Things are happening! Let’s discuss the latest cryptocurrency news!

What do you think? What impact will this decision have in 2021?

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Source: sgbitcoin.com

Why one Bitcoin analyst expects sudden ‘hell’s candle’ plunge to $11.3K

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