Bitcoin price 'top is not in' as Wyckoff model hints at $100K retest
Could Bitcoin be on the verge of another major price rally? According to recent chart patterns, it’s a possibility that can’t be ignored.
In August 2024, Bitcoin experienced a significant surge in price, jumping from $53,400 to $74,000 in just a matter of weeks. And interestingly enough, the current market conditions are showing a striking similarity to that time period.
Looking at the charts, we can see a clear pattern emerging. In both cases, Bitcoin experienced a sharp drop in price, followed by a period of consolidation before the sudden spike. This pattern is known as a “cup and handle” formation, and it has been a reliable indicator of future price movements in the past.
But what does this mean for Bitcoin investors? Well, if history is any indication, it could mean a potential 40% price rally in the near future. Of course, nothing is guaranteed in the volatile world of cryptocurrency, but this pattern is definitely worth paying attention to.
So, why is this happening? There are a few theories floating around, but one of the most compelling is the idea that Bitcoin is becoming more mainstream and accepted as a legitimate asset. With major companies like Tesla and PayPal now accepting Bitcoin as a form of payment, it’s clear that the cryptocurrency is gaining more widespread adoption.
Additionally, the recent market dip and subsequent recovery have shown that Bitcoin is resilient and can bounce back from even the most dramatic drops. This could be a sign of growing confidence in the cryptocurrency, which could lead to more investors jumping on board and driving up the price.
Of course, only time will tell if this pattern will hold true and if Bitcoin will experience another major price rally. But for now, it’s definitely something to keep an eye on for those interested in the world of cryptocurrency. Will history repeat itself for BTC? Only time will tell.
Cipher Mining shares down 17% as 2024 losses mount
Last year, the mining company faced significant expenses that led to operating losses, causing a decline in its stock price and disappointing shareholders. Despite these challenges, the company remains determined to overcome its setbacks and continue its mission of providing valuable resources to the market.
One of the main factors contributing to the company’s expenses was the rising costs of equipment and labor. As the demand for resources increased, so did the prices of the necessary tools and workforce. This put a strain on the company’s budget and ultimately led to operating losses.
However, the company’s management team has taken proactive measures to address these challenges and improve its financial standing. They have implemented cost-cutting strategies and streamlined operations to reduce unnecessary expenses. Additionally, the company has invested in new technology and equipment to increase efficiency and productivity, ultimately reducing costs in the long run.
Despite the financial setbacks, the company has continued to prioritize its commitment to sustainability and responsible mining practices. It has implemented various initiatives to minimize its environmental impact and promote ethical and safe working conditions for its employees.
Furthermore, the company has also been exploring new opportunities for growth and diversification. It has expanded its operations to new regions and invested in research and development to discover new resources and technologies. These efforts have not only helped the company to mitigate its losses but also positioned it for future success.
In conclusion, while the mining company faced challenges and incurred expenses last year, it has taken proactive steps to overcome them and emerge stronger. With a focus on sustainability, responsible practices, and innovation, the company is determined to continue providing valuable resources to the market and delivering value to its shareholders.
Bitwise raises $70M to invest in team, onchain solutions
The world of cryptocurrency is constantly evolving, with new developments and innovations emerging every day. One of the latest exciting developments in the industry is the recent announcement by an asset management firm of a $70 million funding round. This news has sent ripples of excitement throughout the cryptocurrency community, as it signals a growing interest and investment in the digital asset space.
The funding round was led by Electric Capital, a venture capital firm that focuses on blockchain and cryptocurrency investments. Other notable investors include MIT Investment Management Company, which manages the endowment of the prestigious Massachusetts Institute of Technology, and several other prominent names in the finance and technology industries.
This significant investment is a strong indication of the growing confidence in the potential of cryptocurrency and blockchain technology. It also highlights the increasing interest from traditional financial institutions and investors in this emerging market. With the backing of such reputable and established investors, the asset management firm is well-positioned to continue its growth and success in the cryptocurrency space.
The firm has not disclosed how the funds will be used, but it is expected that a significant portion will go towards expanding their portfolio of digital assets. This could include investing in new and promising cryptocurrencies, as well as supporting the development of innovative blockchain projects.
This news comes at a time when the cryptocurrency market is experiencing a surge in popularity and value. Bitcoin, the most well-known and valuable cryptocurrency, recently reached an all-time high of over $60,000. This has sparked renewed interest and investment in the industry, with many experts predicting even further growth in the coming years.
Overall, the $70 million funding round is a significant milestone for the asset management firm and the cryptocurrency industry as a whole. It not only provides a strong vote of confidence in the potential of digital assets, but also serves as a reminder of the constantly evolving and exciting nature of the cryptocurrency world.
Do nation-state Bitcoin reserves align with the original mission of BTC?
Bitcoin, the world’s first decentralized digital currency, has been making headlines recently as more and more countries are considering adding it to their state reserves. This trend has sparked debates among the crypto community, with some arguing that it goes against Bitcoin’s original mission.
However, it is important to note that Bitcoin’s growing popularity as a state reserve asset does not necessarily contradict its original purpose. While it is true that Satoshi Nakamoto, the mysterious creator of Bitcoin, may not have envisioned it being used as a reserve asset, the core principles of the cryptocurrency remain unchanged.
Bitcoin was created as a decentralized alternative to traditional fiat currencies, with the aim of giving individuals more control over their own money. It was designed to be a peer-to-peer electronic cash system, allowing for secure and direct transactions without the need for intermediaries such as banks.
The fact that governments are now considering adding Bitcoin to their reserves is a testament to its growing legitimacy and acceptance as a legitimate form of currency. It also highlights the potential of Bitcoin to serve as a hedge against inflation and economic instability, which are major concerns for many countries.
Moreover, the use of Bitcoin as a reserve asset does not necessarily mean that governments will have complete control over it. Bitcoin’s decentralized nature means that no single entity can manipulate its value or supply. This ensures that it remains a truly independent and transparent currency, in line with its original mission.
In conclusion, while it may seem contradictory at first, Bitcoin’s increasing adoption as a state reserve asset does not go against its original purpose. Instead, it showcases the potential of this revolutionary currency to bring about positive change in the global financial system.
South Korea sanctions Upbit with a 3-month ban on servicing new clients
Upbit, one of the leading cryptocurrency exchanges in South Korea, has recently been hit with sanctions by the country’s Financial Intelligence Unit (FIU). The FIU, which is responsible for monitoring and preventing financial crimes, has imposed these sanctions due to concerns over Upbit’s compliance with anti-money laundering regulations.
The sanctions, which were announced on February 1st, include a fine of 25 million won (approximately $22,700 USD) and a suspension of operations for six months. Upbit has responded to these sanctions by stating that they are taking the matter seriously and are committed to addressing any issues raised by the FIU.
However, Upbit has also emphasized that these sanctions are not final and may be subject to change through proper procedures in accordance with relevant regulations. This means that Upbit has the opportunity to appeal the sanctions and potentially have them reduced or lifted.
This news has caused concern among Upbit’s users and the wider cryptocurrency community. Many are worried about the impact these sanctions may have on the exchange’s operations and the safety of their funds. However, Upbit has reassured its users that their assets are safe and that they will continue to provide a secure and reliable platform for trading cryptocurrencies.
This is not the first time that Upbit has faced scrutiny from regulators. In 2018, the exchange was investigated for alleged fraud and was later cleared of any wrongdoing. Despite this, Upbit has continued to grow and has become one of the largest cryptocurrency exchanges in South Korea.
The FIU’s sanctions serve as a reminder to all cryptocurrency exchanges to prioritize compliance with anti-money laundering regulations. As the cryptocurrency industry continues to grow and gain mainstream adoption, it is crucial for exchanges to maintain high standards of security and compliance to ensure the safety and trust of their users. Upbit’s response to these sanctions will be closely watched by the community, and it is hoped that they will take the necessary steps to address any issues and continue to provide a reliable and secure platform for trading cryptocurrencies.
US authorities seize $31M of crypto tied to 2021 Uranium Finance hack
In a recent development, US officials have made a major breakthrough in the investigation of a 2021 hack of Uranium Finance, a decentralized finance (DeFi) platform on the Binance Smart Chain. The hack resulted in a loss of $50 million worth of cryptocurrency, making it one of the largest DeFi hacks in history.
According to reports, the US authorities have seized $31 million worth of crypto assets that were linked to the Uranium Finance hack. This includes various cryptocurrencies such as Bitcoin, Ethereum, and Binance Coin, which were allegedly used by the hackers to launder the stolen funds.
The hack, which took place in April this year, saw the attackers exploit a vulnerability in Uranium Finance’s smart contract, allowing them to drain the platform’s liquidity pools and steal users’ funds. The platform was forced to shut down following the attack, leaving many investors in a state of panic and financial loss.
The seizure of these crypto assets is a significant step towards recovering the stolen funds and bringing the perpetrators to justice. It also serves as a warning to other hackers and cybercriminals that the US government is actively monitoring and taking action against illegal activities in the crypto space.
This incident highlights the need for stronger security measures in the DeFi industry, as it continues to attract more users and investments. With the growing popularity of DeFi platforms, it is crucial for developers to prioritize security and regularly conduct audits to prevent such attacks.
In the meantime, the seized crypto assets will be held by the US government as evidence in the ongoing investigation. The authorities are also working closely with Binance and other exchanges to track down the hackers and freeze any accounts linked to the stolen funds.
This latest development is a positive step towards protecting the integrity of the crypto industry and ensuring the safety of investors’ funds. It also serves as a reminder for users to be cautious and do their due diligence before investing in any DeFi platform.
OKX pleads guilty, pays $505M in penalties to settle DOJ charges
OKX, a leading FinTech company based in Aux Cayes, has recently made headlines for agreeing to pay over $500 million in fines for operating an unlicensed money-transmitting business. This news has sent shockwaves through the financial industry, raising questions about the company’s practices and compliance with regulations.
The company, which offers a range of financial services including money transfers, has been under scrutiny by regulatory authorities for some time. It was discovered that OKX had been operating without the necessary licenses, putting its customers at risk and violating laws designed to protect consumers.
The fines, which are among the largest ever imposed on a FinTech company, serve as a warning to others in the industry. It is a clear message that regulatory bodies will not tolerate non-compliance and will take swift action to protect consumers and maintain the integrity of the financial system.
This incident also highlights the importance of proper licensing and regulation in the FinTech sector. As the industry continues to grow and evolve, it is crucial for companies to adhere to regulations and obtain the necessary licenses to operate. This not only ensures the safety and security of customers’ funds but also helps to build trust and credibility in the industry.
In response to the fines, OKX has stated that it takes full responsibility for its actions and is committed to working closely with regulatory authorities to rectify the situation. The company has also implemented stricter compliance measures to prevent similar incidents from occurring in the future.
While this news may be concerning for OKX and its customers, it serves as a reminder of the importance of transparency and compliance in the financial industry. As technology continues to advance and new players enter the market, it is crucial for companies to prioritize regulatory compliance to maintain the trust and confidence of their customers.
Superchain will reach 80% of Ethereum L2 transactions in 2025 — Optimsm exec
Optimism, a leading layer-two scaling solution for Ethereum, has been gaining traction in the crypto world with major players like Sony, Coinbase, Kraken, and Sam Altman’s World all building on its OP Stack. This is a significant development for the Ethereum ecosystem as it aims to address the network’s scalability issues and improve user experience.
Optimism’s OP Stack is a suite of tools and protocols that enable developers to build decentralized applications (DApps) on Ethereum with faster transaction speeds and lower fees. This is achieved by processing transactions off-chain and then batching them onto the Ethereum blockchain, reducing the load on the network and increasing its capacity.
One of the most notable companies utilizing Optimism’s OP Stack is Sony, a multinational conglomerate known for its electronics and entertainment products. Sony has been exploring the potential of blockchain technology and has chosen Optimism as its preferred scaling solution for its upcoming DApps. This move by Sony further validates the potential of Optimism and its OP Stack in the mainstream market.
Coinbase, one of the largest cryptocurrency exchanges in the world, has also announced its plans to integrate Optimism’s OP Stack into its platform. This will allow Coinbase to offer its users faster and cheaper transactions, making it more competitive in the market. Similarly, Kraken, another major exchange, has also joined forces with Optimism to improve its trading experience for users.
Sam Altman’s World, a decentralized virtual world platform, has also recognized the potential of Optimism’s OP Stack and has chosen to build its platform on top of it. This will enable Sam Altman’s World to offer a seamless and efficient experience for its users, making it a strong competitor in the growing metaverse market.
With these major players backing Optimism’s OP Stack, it is clear that the solution is gaining significant traction and is set to revolutionize the Ethereum ecosystem. This is a promising development for the crypto industry as a whole, as it paves the way for more mainstream adoption and usage of blockchain technology.
Crypto startups can’t just rely on solid tech to win VC funding: OKX
Jeff Ren, the founder of OKX Ventures, believes that the key to success for crypto startups lies in their ability to adapt to the ever-changing market while also having a strong technological foundation. In an exclusive interview with Cointelegraph, Ren shared his insights on what makes a crypto startup worthy of investment.
According to Ren, the crypto industry is constantly evolving and it is crucial for startups to be able to keep up with these changes. This requires a combination of solid technology and a flexible mindset. Startups that are able to pivot and adjust their strategies according to market trends are more likely to succeed in the long run.
Ren also emphasized the importance of having a strong technological foundation. With the increasing competition in the crypto space, startups need to have a unique and innovative technology that sets them apart from others. This not only attracts investors but also helps in gaining a competitive edge in the market.
When asked about the criteria for selecting potential investments, Ren stated that OKX Ventures looks for startups that have a clear and well-defined business model, a strong team with relevant experience, and a solid track record of execution. He also mentioned that the team at OKX Ventures conducts thorough due diligence to ensure that the startups they invest in have a sustainable and scalable business model.
In addition to these factors, Ren also highlighted the importance of regulatory compliance. With the increasing scrutiny from regulators, it is crucial for startups to have a clear understanding of the legal landscape and ensure compliance with relevant laws and regulations.
In conclusion, Ren believes that the key to success for crypto startups lies in their ability to adapt, have a strong technological foundation, and comply with regulations. With the right combination of these factors, startups have a higher chance of attracting investment and achieving long-term success in the competitive crypto industry.
Strategy's Michael Saylor hints at resuming Bitcoin buying spree
As the world of cryptocurrency continues to evolve and gain mainstream acceptance, one company is making bold moves to secure its position in the market. MicroStrategy, a business intelligence firm, has been making headlines with its aggressive approach to investing in Bitcoin. In fact, the company has recently announced its plans to purchase even more BTC as part of its 21/21 strategy.
This strategy, which was first introduced in December 2020, involves purchasing a total of 21,454 BTC over the course of 21 years. This ambitious plan was initially met with skepticism, but MicroStrategy has proven its commitment by consistently adding to its Bitcoin holdings. In fact, the company has already acquired over 90,000 BTC, making it one of the largest institutional holders of the cryptocurrency.
MicroStrategy’s latest move to purchase more BTC comes on the heels of its successful $2 billion convertible note offering. This offering, which was completed in February 2021, was oversubscribed and allowed the company to raise funds to purchase even more Bitcoin. This decision has been met with praise from the cryptocurrency community, with many seeing it as a strong vote of confidence in the future of Bitcoin.
But why is MicroStrategy so bullish on Bitcoin? According to the company’s CEO, Michael Saylor, Bitcoin is the best store of value and the most liquid asset in the world. He believes that it has the potential to outperform traditional assets like gold and stocks, making it a smart investment for the company’s long-term strategy.
MicroStrategy’s bold moves in the world of cryptocurrency have not only solidified its position as a major player in the market, but also sparked a conversation about the role of Bitcoin in the future of finance. With more and more companies and institutions showing interest in Bitcoin, it’s clear that the cryptocurrency is here to stay and will continue to shape the financial landscape in the years to come.