According to the chief of crypto division at the leading payment giant Visa, Cuy Sheffield, the stablecoin settlement might just be coming to the platform. In detail, Cuy Sheffield layed down the company’s plans at the StarkWare Sessions 2023. He Reveals that visa is working on a “muscle memory” for settlements.

The settlements will enable its 2.5 billion customer base to easily convert cryptocurrency assets and fiat currencies directly on its platform.

Visa’s attention is now on building upon the worldwide settlements with crypto and fiat currencies. According to Sheffield, this is what Visa is currency engaged in ;

That’s been one of the areas where we want to build muscle memory. The same way that we can convert between dollars and euros in cross-border transaction, we should be able to convert between digital tokenized dollars and traditional dollars.

Sheffield explains that Visa is already testing the process of settlement acceptance, particularly on the Ethereum and Stellar networks. Cuy further added saying:

We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum. So, these are large value settlement payments..

Adoption of stablecoins is going to catapult in so many ways, and value for accepted stablecoins could respond positively after integration.

Visa is no stranger to Crypto

Visa has been on the journey of bringing blockchain to its platform. Although the global payment system SWIFT, is still where all transactions will take place.

He is quoted explaining this to Cointelegraph, saying the following ;

We set all over Swift, so we can’t move money as frequently as we’d like because there are a number of limitations that exist in those networks. And so, we’ve been experimenting, We publicly announced. We’ve been testing how to actually accept settlement payments [with stablecoins].

At a recent annual shareholders meeting, Visa’s former CEO AI Kelly shares some insight details.

Per Kelly’s observations, Visa sees the potential that stablecoins and central bank digital currencies (CBDCs) have if integrated into its platform.

Cuy Sheffield added to these observations, saying that the company is concerned with taking some of the value that Visa already provides on existing banks and rebuilding it on top of blockchain rails. That will in turn facilitate the growth of the potential in that area, if any.

Der Beitrag Large value settlements payments on Ethereum and Stellar Lumens started by Billion-$-company VISA erschien zuerst auf Crypto News Flash.

The world’s second-largest cryptocurrency Ethereum (ETH) has had a solid run-up since the beginning of 2023. During the last month of Jan, the ETH price gained by a strong 40 percent in line with the BTC gains. Also, the price rally in ETH continues further as it went close to the $1,700 level on Thursday, February 2.

It is for the first time in five months since September 12 that the ETH price surged past the $1,700 level. However, Ethereum (ETH) couldn’t sustain for a long time above these levels. One area of resistance that ETH is currently facing over the last few weeks is $1,680. As of press time, ETH is trading 2.26 percent down at a price of $1,638 and a market cap of $200 billion.

On the technical chart, ETH is currently forming an ascending triangle pattern. Also, with the overall improvement in investor sentiment toward ETH, analysts are expecting the price to reach $1,800 or even higher this month in February. However, it will depend on how ETH behaves as it reaches the pattern deadline by mid-February.

Courtesy: TradingView

Retail investors should be cautious here as repeated failures to break past $1,680 levels coupled with negative newsflow could give bears the upper hand to cancel the bullish triangle pattern.

Some bearish indicators for Ethereum

Looking at the Ethereum (ETH) derivatives market, the annualized two-month futures premium should trade anywhere between 4 percent and 8 percent in healthy markets to cover the costs as well as associated risks. Whenever, the futures trade at a discount to the spot market prices, it shows a lack of confidence from leveraged buyers hinting at a bearish sentiment.

The above chart shows that traders of the ETH futures contract have failed to enter the neutral-to-bullish 4 percent threshold. Still, the existing 3.5 percent premium shows a moderate improvement in the sentiment in comparison to two weeks back.

But still, traders are not expecting any immediate positive price action here. Also, the profit-taking hike has also reached the highest levels in two years since February 2021. On-chain data provider Santiment also reports that traders apparently don’t believe that the price will continue to climb from here.

🥳 BREAKING: #Ethereum has just officially surpassed $1,700 for the first time since September 12th. Since the start of February, $ETH is seeing the highest ratio of profit transactionsin 2 years. Traders apparently don't believe this climb will continue. https://t.co/YuakCJP7ZW pic.twitter.com/fPcYApulNv

— Santiment (@santimentfeed) February 2, 2023

In addition to the profit-taking in Ethereum, Santiment pointed out ETH’s Aroon indicator which shows that ETH’s bullish sentiment has significantly weakened over the past few weeks. The Aroon upline is currently at 21.43 percent and approaching the downside suggesting a weak trend going ahead.

Courtesy: Santiment

Der Beitrag Ethereum hits $1,700 for first time since Sep – Is ETH poised to rally to $2,000 this week? erschien zuerst auf Crypto News Flash.

The Ethereum developers are on track to launch “Zhejiang”, a testnet environment that will help prepare the broader community members ahead of the launch of the Shanghai Hardfork billed to go live later this month. As reported by Coindesk, the Zhejiang public testnet is scheduled to go live on February 1 at 15:00 UTC.

Testnets are very important in the launch of new products on a public blockchain. The testnet environment is supported by the main chains. They are used to test-run any feature, products, or improvements that are on track to be launched on the parent blockchain at a later time.

With the Ethereum Improvement Proposal (EIP)- 4895 which will allow the withdrawal of staked Ether set to be infused into the Shanghai upgrade, the need for Zhejiang has been further highlighted. Once live, users will be able to try out how the withdrawal of stake Ethereum will take place once the feature is activated.

This will enable both the Ethereum developers and the community to expand work on what needs to be done. The developers will be able to improve the user experience, correct any bugs flagged and reposition the underlying fundamentals that will ensure the Shanghai Hardfork is implemented without hassles.

While the testnet is on track to be launched as noted, users will have to wait until February 7 before they can try out the withdrawal feature. By February 7, the Zhejiang testnet will undergo an update that will make the withdrawal possible. However, when the testnet goes live, interested users can deposit ETH to validators on the testnet, and then withdraw them by the coming week when the update has been completed.

Ethereum and the new PoS era

The Ethereum protocol is notably pushing forth its own boundaries with its transition from the Proof-of-Work (PoW) consensus model to Proof-of-Stake (PoS) after the Merge event that went live last year.

The transition spelled a very remarkable turn that saw the energy consumption by its nodes reduce by as much as 99 percent. Ethereum was always bantered alongside Bitcoin (BTC) for its contributions to climate change. While energy consumption was the most visible improvement at this time, the Ethereum protocol is billed to record significant scalability upgrades in the near future.

Following the Merge, Ethereum is still on track to welcome significant upgrades including the surge, the verge, the purge, and the splurge. 

By the time all of these network upgrades, Ethereum would have undergone a unique clean up, and evolution which will make it retain its relevance as the biggest hub for Decentralized Finance (DeFi) applications and smart contracts in the blockchain world.

As noted, each of these further upgrades is billed to be ushered in through a testnet that will be introduced at a later date. Each of these upgrades is billed as fitting to foster ecosystem growth as well as serving as a major push for the price of Ether, the network’s native token.

Der Beitrag Ethereum to launch new testnet “Zhejiang” to push adoption and foster ecosystem growth erschien zuerst auf Crypto News Flash.

• Pentoshi has also predicted that blockchain scaling solutions like Polygon (MATIC) and smart contract protocol Avalanche (AVAX) are set for massive surges.

The crypto market has stabilized a little with Bitcoin trading at stagering $23k. In the last seven days, investors have gained about 1 percent profit on their Bitcoin investment. According to some price prediction platforms, Bitcoin is in a bearish mode as current sentiment has hit a huge low.

According to some experts, investors could make a profit off altcoins as most of them are poised for an incredible run. Pseudonymous analyst Pentoshi with 671,300 followers on Twitter predicted the Bitcoin bull market last year. Pentoshi has also predicted that blockchain scaling solutions like Polygon (MATIC) and smart contract protocol Avalanche (AVAX) are set for massive surges. He believes that these assets look bullish and could surge toward a key resistance level.

Matic is currently trading at $1.12 and is up by 10 percent in the last seven days. AVAX is also trading at $20 and is up by 13 percent in the last seven days.

This one the most important and historical spot on the chart is $1.30. Think that is a great place to focus on the next major move. If able to close three-day [chart]+ above that, then we go into the previous range. Reject and back to the local lows shown.

Pentoshi predicts that AVAX is likely to see a 36 percent surge. 

AVAX prediction could be influenced by the partnership

This prediction could be facilitated by the recent partnership agreement between Amazon Web Services (AWS) and Ava Labs. The partnership is meant to assist individuals to launch and manage nodes on the Avalanche. In addition, it seeks to make the network more stronger and flexible for developers. As part of the deal, AWS will support Avalanche’s infrastructure and decentralized application (dApp) ecosystem, and also deploy one-click nodes using its marketplace. 

John Wu, president of Ava Labs said:

For us, this means, a lot of things. We have over 500 applications on the chain and we would love to give them a better experience now we have a real partnership that we can direct to the Activate program. On top of that, our users are always looking for a better experience. The one-click node is an incredible way to do it.

AVAX is still 85 percent down from its all-time high of $144. In the last 30 days, it has surged by 82 percent. Crypto predicting platform Bitnation predicts that AVAX could hit a minimum of $24 this year and a maximum of $36. 

Pentoshi wrote:

So Amazon comes to crypto, partners with AVAX, and then announces an NFT [non-fungible token] initiative, (but not confirmed if with Avax). They are making moves. Think this can run to $28 in the next month or so.

Interestingly, he believes Ethereum should not be ignored as it could pull up a big surprise. According to him, the ETH/BTC is setting up for a rally. He presented a chart that hints that the asset could hit ($1,677) for ETH/BTC. Ethereum is currently trading at $1,580.91. 

Der Beitrag Expert predicts massive rally for this altcoin and Ethereum to outperform Bitcoin – Report erschien zuerst auf Crypto News Flash.

Following the recent market selloff, two prominent personalities in the cryptocurrency community have given insights into where they believe the market is headed.

For Ethereum (ETH), current prices are primed to potentially surge and are likely to be sustained, after the commencement of the upcoming Ethereum Shanghai upgrade scheduled for March, according to Weiss Crypto ratings.

#Bitcoin market cap dominance cools down, signaling a potential #altcoin rally. Keep an eye on #Ethereum's Shanghai upgrade in March for potential price pressure. #crypto

— Weiss Crypto (@WeissCrypto) January 24, 2023

Bitcoin is also similarly expected to increase in the weeks ahead. Cryptocurrency analyst Kaleo is extremely bullish and has taken to Twitter to express his positive sentiments.

I've never been so bullish on Bitcoin in my life for a window of what I think will happen over the next several weeks than I am right now.

— K A L E O (@CryptoKaleo) January 25, 2023

I don’t think this rally leads to new ATHs (more likely top out and distribute in the $40K – $45K range for a couple of months before retracing back to the mid to high $20Ks later this year), but I really think it’s about to accelerate rapidly.”ded.

Mirroring his sentiments, Ki Young Ju, the CEO of Cryptoquant claims that Bitcoin has entered an early bullish phase.

He further stated that the Market Capitalization versus Realized Capitalization (MVRV) on-chain indicator shows that investors are still underwater, and very unlikely to sell their Bitcoins. Any recorded sale at this time from investors might be due to bankruptcy or coins that have been seized by the government, he remarked. He explained.

Of course Bitcoin still has contagion & macro risks, and we may see more bankruptcies, M&As, and capitulations in the next few months. But, from an on-chain perspective, $BTC whales haven’t moved Bitcoins despite the recent price surge. The market might have yet to reach its target.

Crypto market turns red, causing Bitcoin and Ethereum to shed prices

Bitcoin and Ethereum, despite having a positive run for the most part of January 2023, have dipped below newly attained price levels following a recent market sell-off. A massive crypto sell-off took place in the cryptocurrency market this week, with over $27 billion exiting the market within the last 24hrs.

The selloff was reflected in the market, with Bitcoin and the majority of altcoins slipping below newly attained price levels. Bitcoin has since lost stamina, to now trade at a press time price of $22,994.

Bitcoin has also lost $5.33 billion in market cap. Going from $436.03 billion to $441.36 billion. The decline has also interrupted Bitcoin’s attempt at testing $24,000, as the asset had just hit an ATH of $23,722 before the selloff.

Just like Bitcoin, Ethereum (ETH) had shaved off some of its price value. After managing to clutch $1,632 for the first time since November 2022, ETH’s market cap lost almost 5% in value. ETH is trading at $1,606 at the time of this report.

Der Beitrag Is the current Bitcoin and Ethereum pump sustainable? Experts weigh in erschien zuerst auf Crypto News Flash.

In a blog post published over the weekend, Ethereum co-founder Vitalik Buterin proposed a new system that gives blockchain users privacy protection by generating obfuscated addresses and also receiving funds privately on the network.

Dubbed “stealth address system”, it would provide users with greater privacy for financial transactions as well as non-fungible token (NFT) transfers. Users can create their own “stealth addresses” and thus conduct private transactions using a special code.

Users can generate such stealth addresses by wallets as well as muddle public key addresses if they want to transact in a private way. Later, they can access these transactions with a special key dubbed “spending key”.

In his blog post, the Ethereum co-founder wrote that assuring privacy remains one of the biggest challenges to date. Buterin added that “improving this state of affairs is an important problem”. The interesting thing is that Buterin’s proposal comes just at a time when the regulators have already ramped up the scrutiny on obscured transactions across several different blockchain platforms.

Last year in August, the US Treasury Department banned Tornado Cash, the popular crypto mixer which allowed users to mask their transactions on Ethereum. However, Buterin believes that solutions like Tornado Cash have limitations since it can only hide “mainstream fungible assets such as ETH [ether]or major ERC-20s”. In his Jan 20 research blog post, Vitalik Buterin wrote:

In practice, using the entire suite of Ethereum applications involves making a significant portion of your life public for anyone to see and analyze. Improving this state of affairs is an important problem, and this is widely recognized.

Stealth addresses can provide greater privacy

Unlike other privacy coin mechanisms, the stealth addresses can offer privacy protections to different asset types such as the non-fungible tokens (NFTs) and Ethereum Name Services (ENS) domain names.

Upon reviewing Buterin’s blog post, Ethereum researcher Toni Wahrstätter noted users can use stealth addresses in every transaction wherever the interaction between the two parties need not be revealed. Besides, Wahrstätter also emphasized the use of a stealth address system for everyday crypto use.

They can be particularly useful in situations of donations or simply payroll checks wherein users might not want to see their personal transactions on a public blockchain network. Speaking to CoinDesk, the Ethereum researcher further added:

For example, when I buy a coffee at the supermarket, I might not want the supermarket to know my employer, how much I earn and what I spend it on. Stealth addresses are yet another, quite straightforward tool to increase the overall privacy in the network.

However, some of the Ethereum developers have raised concerns about regulatory surveillance on adopting such a stand.

Der Beitrag Ethereum to become privacy coin like Monero or ZCash with stealth addresses for enhanced privacy erschien zuerst auf Crypto News Flash.

The crypto community’s focus is back on the Ethereum network as it continues preparation for its next update after the success of its switch to a proof-of-stake (PoS) network, known as the Merge upgrade. Through the upgrade, there was a fusion between the Ethereum mainnet and the beacon chain. The latter was previously a pos version of the network launched in 2020.

Known as the Shanghai update, this new update aims to reward Ethereum users participating in the network’s staking program. However, the network’s core developers are at loggerheads regarding the timing of the upgrade implementation. Since the launch of the beacon chain, Ethereum users have been staking their ETH to earn rewards, but they haven’t been able to withdraw their earnings.

However, the Shanghai update will enable these stakers to access their rewards, including their initial ETH deposits.

Long-term ramifications

The Shanghai upgrade could be live within the next two months based on available information. However, a few of the network’s core developers claim that the network is releasing the upgrades too quickly to avoid public criticism. They argue that the upgrades are causing technical expenses that could have huge ramifications on the network in the long term.

On Thursday, one of the core developers, Micah Zoltu, remarked,

it seems we are not concerned about the future wellbeing of this network, and we are only thinking about the public’s requests or desires.

Zoltu and 30 other core developers are concerned that neglecting a technical adjustment to the Shanghai update could lead to technical debt that would have huge consequences on the network in decades.

Zoltu and his supporting core developers argue that the implementation of the adjustment won’t exceed four weeks. However, other developers claim that the implementation time is too long as they won’t want to keep the public waiting. Technical debt is the coder’s term for future tweaks that could have been implemented before the release of a code, but the developers chose to release the code quickly and make the tweaks later.

In this case, the technical debt is the Ethereum developers’ decision not to make staking withdrawals compatible with SSZ (simple serialize). Developers refer to this new and flexible encoding technique as the future of Ethereum encoding. For Shanghai, Ethereum is maintaining the use of the RLP (Recursive-Length Prefix) serialization encoding technique.

However, some developers opine that this encoding technique will likely be discontinued soon. Meanwhile, many of Ethereum’s core developers counter Zoltu’s arguments saying it is better to introduce the SSZ encoding method during the Cancun upgrade, the upgrade after Shanghai.

The problem with this suggestion is that any withdrawal request between Shanghai and Cancun would have been done with the RLP technique, and the withdrawal request may never receive approval due to the immutability of the Ethereum ledger. Hence, developers must move all the encodes from the RLP to the SSZ, a grueling task they could have avoided before releasing the Shanghai update.

Furthermore, the mismatch between the two withdrawal methods could be a huge problem.

Preventing history from repeating itself

During their last meeting, one of the core developers, Tomasz Stanczak, invalidated Zoltu’s worries, saying the network hasn’t decided to move from RLP. To SSZ. He further said this specific tweak requires a different thought and design process. Hence, he suggested that a better option is for the developers to take their time and be better prepared for Cancun.

However, Zoltu counter-argued that Tomasz’s claim that the network hasn’t decided whether to switch to SSZ is false. He said it is a given that Ethereum will switch to SSZ sooner or later. Meanwhile, another core developer, Matt Nelson, explained that most Ethereum developers aren’t willing to wait a few weeks to implement the SSZ tweak due to their bad experience before the Merge upgrade.

According to him, discussions regarding the Merge upgrade took place in 2018, but the upgrade didn’t happen until 2022 due to the leadership’s desire to satisfy investors and community members. Hence, Nelson reckons that the developers don’t want history repeating itself as it prepares for Shanghai. The disagreements show the pressures and responsibilities of being one of the developers of the second most prominent blockchain.

Der Beitrag Ethereum: Will it be possible to withdraw staked ETH after Shanghai? Developers disagree erschien zuerst auf Crypto News Flash.

China is still on the path of increasing adoption for its country’s central backed digital currency (CBDC). In its most recent attempt to further usage, the country has launched interactive smart contracts for its CBDC ; the digital yuan.

China kicks off the new year with a recent smart contact functionality launch. It took place on the 17th of January 2023, and runs on one of the country’s most popular application Meituan.

The smart contract launch comes four months after the country’s PBOC’s Digital Currency Institute teased the integration of a smart-contract functionality. Shortly after, the announcement was followed up with the launch of a smart contract-based function. It was designed to halt the collection of funds from payees, who might be making away with prepaid funds.

In a bid to attract users, the smart contract is giving users a daily price for usage. Users can take in as much as 8,888 RMB (1,312) on a daily basis.

However, the offer is only open to users who make a purchase for payment on the application, using China’s digital yuan.

As reported by a local media platform, users are able to earn a portion of the 8,888 RMB.  When the smart contract tracks and finds specific keywords from the users’ items and purchases that tally with the words it generated for that day.

If both the words generated by the smart contract, and the words on the users’ items and name matches, the user will win some of the money up for grabs. The cash prize will be transferred into their digital yuan wallet.

Is China’s new smart contract relevant enough to outperform Ethereum’s?

Meituan is a leading E-commerce shopping application. Formerly known as Meituan-Dianping, the application helps users local customer products and other retail services.

According to data from the statistics platform expandedramblings, Meituan had a monthly merchant count total of 8.3 million. The application also had an active monthly user count of 290 million and 600 million registered users as of April 2018.

With a large number of users on the platform, adoption for the digital yuan is likely going to surge in the near future. The added daily benefits are also attractive to users, and is poised to increase usage of the newly integrated smart contract.

However, Ethereum’s smart contract platform might not be severely affected by the digital yuan’s smart contract. This is particularly because the demand for Ethereum smart contracts is still notably high.

Additionally , statistics from Web3 dev platform Alchemy, revealed that Ethereum smart contract deployment surged by an outstanding 293% in 2022. During the fourth quarter of the same year, smart contract deployment on Ethereum surged by 453%.

Der Beitrag Digital Yuan to offer Smart Contracts – Is this the End for market leader Ethereum (ETH)? erschien zuerst auf Crypto News Flash.

Another Australian ‘Big Four’ bank is set to adopt blockchain technology to launch a stablecoin. National Australia Bank (NAB) revealed that it has created an Australian dollar-pegged stablecoin on the Ethereum and Algorand blockchain networks called AUDN.

NAB plans to launch AUDN sometime in mid-2023 according to reporting from an indigenous news outlet Australian Financial Review (AFR). The stablecoin is aimed at streamlining cross-border remittances and carbon credit trading, per the report.

NAB’s chief innovation officer Howard Silby notes that the bank believes strongly in blockchain technology. According to Silby, NAB is convinced blockchain infrastructure will play a key role in the future of finance. Silby said.

We certainly believe there are elements of blockchain technology that will form part of the future of finance […] From our point of view, we see [blockchain]has the potential to deliver instantaneous, transparent, inclusive, financial outcomes,

Silby adds that NAB is planning to offer stablecoin versions of other currencies the bank has licenses to transact in. NAB intends for the 1:1-backed stablecoins to become an alternative to SWIFT for its customers. This is because the stablecoins will offer real-time cross-border remittances which will outpace the slower and more costly legacy financial messaging platform.

Another use case NAB is also looking at for the stablecoin is to transact tokenized real-world assets. NAB’s announcement comes about nine months after Australia and New Zealand Banking Group (ANZ) launched its AUD-pegged stablecoin.

Australia rapidly approaching blockchain technology mass adoption

ANZ’s stablecoin with the ticker A$DC is also used for remittances and carbon credit trading. AFR notes that before the launch of ANZ’s stablecoin, all four of Australia’s biggest banks planned to co-launch a nationwide stablecoin.

ANZ and NAB were to team up with the Commonwealth Bank of Australia and Westpac. However, the plan failed due to competition concerns. The banks were also at different stages of developing a blockchain technology adoption strategy, the report notes.

The government of Australia is not left out in exploring blockchain technology adoption in the financial sector. The Reserve Bank of Australia is currently carrying out a pilot of its central bank digital currency (CBDC), the eAUD.

At present, it remains to be seen how the private AUD-pegged stablecoins will coexist with the CBDC when it officially launches. Although, the banks remain confident that their tokens will continue to find unique use cases along with the CBDC.

Meanwhile, the Australian government is also working on providing regulatory clarity for the local crypto industry in 2023. The Department of Treasury revealed last year that it would unveil its full suite of crypto policies after it completes a ‘token mapping’ it is conducting. The token mapping will help guide it on which crypto assets should be its financial services laws.

Der Beitrag Ethereum: National Australia Bank to launch new stablecoin on ETH network erschien zuerst auf Crypto News Flash.

The bullish sentiment of Bitcoin is all green as the asset breaks multiple key support points to record a 23 percent increase in the last 7 days and a 26 percent increase in the last 30 days to trade at $21,170. Bitcoin is hovering around this price point for the first time since November 2022. Also, the Bitcoin short liquidation is said to have set an 18-month record.

About $125 million of shot liquidation was recorded on January 14 according to Coinglass. This brings the total to $300 million from January 11. Over the three days, there was a total liquidation of nearly $775 million for altcoins. Dylan LeClair, senior analyst at UTXO Management noted that this is their highest daily level since mid-2021. 

July 2021 saw Binance USDT-denominated futures going extremely short BTC and paying an arm & a leg to do it.

USD-denominated shorts getting liq’d is the opposite effect of crypto-denominated longs unwinding. 30k summer bottom was set day of FTX fresh raise.

In the last couple of days, analysts observed that BTC/USD had shown signs of going past the $19,000 mark following the start of the United States equities trading. However, it was not clear whether this was a breakout or a fakeout. Material Indicators, an on-chain analytics resource, noted that Bitcoin was imitating the strength of Ethereum in a short timeframe. 

A popular trader identified as Bluntz also disclosed that the asset has broken a key resistance at 200 Day Moving Average. 

2 days to go but this weekly BTC candle is solid AF breaking very key trendlines and low timeframe momentum is still going strong.

Bitcoin could record a decent upside this year, says Rekt Capital

The Bitcoin market went into a long bearish mode after an impressive late 2017 and early 2018 bull run. A trader and analyst, Rekt Capital, has also analyzed the event in 2019 that triggered the post-2020 bull run. 

Current BTC Weekly Candle is very close to equaling the Weekly Candle from April 2019 that confirmed a new BTC Bull Market.

Rekt Capital has strong hopes that Bitcoin could deliver gains that are stronger than what people think. They analyzed the four-year cycle of Bitcoin with the halving as a focal point. 

According to them, 2023 is the final deadline for its bottoming candle. In Bitcoin’s current cycle, 2023 is the third candle with 2024 being the fourth. This means there should be a price floor this year according to the analysts. They also stated that candle 3, which represents this year, can still generate a decent upside as shown in historical data. 2015, which was a candle 3, saw over 234 percent surge for Bitcoin. 2019, which was another candle 3, saw over 316 percent surge for the asset. Based on this, 2023 could be a decent year. 

Reventure Consulting founder and CEO, Nick Gerli has, however, cautioned that deflation could affect sentiment in the market. 

The Savings Rate just collapsed down to 2.2%, the lowest level ever. Means Americans are running out of money. Last time it was this low was 2006-07. Right before GFC. Major Recession Warning. Expect a big decline in consumer spending in 2023.

Der Beitrag Bitcoin blasts past $21,000 as millions of 3-day-shorts get liquidated in massive rally erschien zuerst auf Crypto News Flash.