An eclipse like the one on April 8 won’t happen again until 2044, so millions of Americans are paying to get a glimpse of Monday’s total solar eclipse.
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Based on current metrics, the Bitcoin blockchain is set to undergo another difficulty adjustment before the halving, with an anticipated increase of 1.2% to 2.16% around April 11, 2024. Following this adjustment, there will be 1,344 blocks remaining until the reward is halved. Estimated Increase in Difficulty Precedes Halving In April, bitcoin (BTC) miners face […]
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Terraform Labs founder Do Kwon faces possible extradition to either the United States or South Korea, as confirmed by an update on a court website in Montenegro on Nov. 24.
The High Court of Podgorica stated that the necessary legal conditions for Kwon’s extradition to either country had been satisfied. This pertains to his alleged involvement in the collapse of the algorithmic stablecoin UST, leading to criminal proceedings in both nations.
Kwon, currently serving a four-month prison sentence in Montenegro due to traveling with forged documents, awaits a decision from Montenegro’s Minister of Justice regarding his extradition after completing this term. Kwon’s attempt to appeal his conviction earlier this month was rejected as the court determined that his case was “correctly and completely determined.”
Initially, Kwon expressed consent for extradition to South Korea. However, the court couldn’t grant this request as the decision relied on international law. The U.S. authorities’ establishment of the legal basis for extradition influenced the court’s decision on the destination.
Meanwhile, Daniel Shin, the co-founder of Terraform Labs, is currently facing trial in Seoul for fraud, illegal fundraising, and violating capital market laws.
However, he has denied all charges and involvement in the collapse of the crypto company. Shin’s legal representatives argued that Kwon’s “unreasonable” managerial decisions led to Terra’s collapse, emphasizing that Shin severed ties with Kwon at least two years before the company’s failure.
The post Montenegro court clears path for Do Kwon’s extradition to US or South Korea appeared first on CryptoSlate.
Plug Power surprised investors with a “going concern”
warning in a recent
. CEO Andy Marsh sees the added language as an “accounting technicality” and is plotting a way forward for his hydrogen-technology company.
Bitcoin (BTC) has been trading within a narrow 4.5% range over the past two weeks, indicating a level of consolidation around the $34,700 mark.
Despite the stagnant prices, the 24.2% gains since Oct. 7 instill confidence, driven by the impending effects of the 2024 halving and the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.
Investors worry about the bearish global economic outlook
Bears expect further macroeconomic data supporting a global economic contraction as the U.S. Federal Reserve holds its interest rate above 5.25% in order to curb inflation. For instance, on Nov. 6, Chinese exports shrank 6.4% from a year earlier in October. Furthermore, Germany reported October industrial production down 1.4% versus the prior month on Nov. 7.
The weaker global economic activity has led to WTI oil prices dipping below $78 for the first time since late July, despite the potential for supply cuts from major oil producers. U.S. Federal Reserve Bank of Minneapolis President Neel Kashkari’s remarks on Nov. 6 set a bearish tone, prompting a “flight-to-quality” response.
Kashkari stated:
“We haven’t completely solved the inflation problem. We still have more work ahead of us to get it done.”
Investors have sought refuge in U.S. Treasurys, resulting in the 10-year note yield dropping to 4.55%, its lowest level in six weeks. Curiously, the S&P 500 stock market index has reached 4,383 points, its highest level in nearly seven weeks, defying expectations during a global economic slowdown.
This phenomenon can be attributed to the fact that the firms within the S&P 500 collectively hold $2.6 trillion in cash and equivalents, offering some protection as interest rates remain high. Despite increasing exposure to major tech companies, the stock market provides both scarcity and dividend yield, aligning with investor preferences during times of uncertainty.
Meanwhile, Bitcoin’s futures open interest has reached its highest level since April 2022, standing at $16.3 billion. This milestone gains even more significance as the Chicago Mercantile Exchange solidifies its position as the second-largest market for BTC derivatives.
Healthy demand for Bitcoin options and futures
The recent use of Bitcoin futures and options has made media headlines. The demand for leverage is likely fueled by what investors believe are the two most bullish catalysts for 2024: the potential for a spot BTC ETF and the Bitcoin halving.
One way to gauge market health is by examining the Bitcoin futures premium, which measures the difference between two-month futures contracts and the current spot price. In a robust market, the annualized premium, also known as the basis rate, should typically fall within the 5%–10% range.
Notice how this indicator has reached its highest level in over a year, at 11%. This indicates a strong demand for Bitcoin futures primarily driven by leveraged long positions. If the opposite were true, with investors heavily betting on Bitcoin’s price decline, the premium would have remained at 5% or lower.
Another piece of evidence can be derived from the Bitcoin options markets, comparing the demand between call (buy) and put (sell) options. While this analysis doesn’t encompass more intricate strategies, it offers a broad context for understanding investor sentiment.
Related: Bitcoin Ordinals see resurgence from Binance listing
Over the past week, this indicator has averaged 0.60, reflecting a 40% bias favoring call (buy) options. Interestingly, Bitcoin options open interest has seen a 51% increase over the past 30 days, reaching $15.6 billion, and this growth has also been driven by bullish instruments, as indicated by the put-to-call volume data.
As Bitcoin’s price reaches its highest level in 18 months, some degree of skepticism and hedging might be expected. However, the current conditions in the derivatives market reveal healthy growth with no signs of excessive optimism, aligning with the bullish outlook targeting prices of $40,000 and higher by year-end.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Dogecoin (DOGE) continues its remarkable ascent in the cryptocurrency market, garnering attention from investors and enthusiasts alike. Over the past two years, DOGE has exhibited a strong affinity for an ascending trendline, which has played a pivotal role as a dynamic support mechanism.
This trendline, indicative of the coin’s consistent upward trajectory, has become a defining feature of the meme coin’s journey.
In the last six months, the price of Dogecoin has entered a consolidation chapter, repeatedly rebounding off the ascending support trendline situated in the $0.055-$0.06 range.
The significance of this pattern lies in the coin’s resilience to market fluctuations, bolstered by the unwavering support from its community of investors.
As of the latest data from CoinGecko, DOGE is currently trading at $0.068750, with a 0.6% gain in the past 24 hours and an impressive 10.8% surge over the past week. This upward momentum reflects the coin’s resilience and growing appeal among traders and investors.
Dogecoin Potential Upsurge
A notable technical pattern that has emerged is the formation of a double bottom, signifying a potential bullish trend. This pattern suggests that DOGE’s price could experience a substantial 20% rally, contingent on buyers maintaining support above the immediate threshold of $0.067.
The recent surge in meme coins, including DOGE, Shiba Inu (SHIB), and Floki Inu (FLOKI), has added to the excitement in the cryptocurrency sphere.
The growing enthusiasm can be attributed to the buzz surrounding the Bitcoin Exchange Traded Fund (BTC ETF), which has sent ripples across the crypto market and turned it a vibrant shade of green.
Understanding The Ascending Trendline
The significance of DOGE’s affinity for the ascending trendline cannot be overstated. This trendline serves as a visual representation of the coin’s consistent bullish trajectory over the past two years.
As the price of DOGE hovers in the $0.055-$0.06 range, it reaffirms the coin’s resilience and stability, making it an attractive option for both long-term and short-term investors.
The formation of a double bottom pattern in DOGE’s price chart is a promising development for traders. This pattern typically suggests that the coin is on the verge of a bullish trend reversal.
If buyers manage to uphold the immediate support level of $0.067, there is a potential for DOGE to embark on a significant 20% rally, offering traders an enticing opportunity for profits.
DOGE’s sustained journey along its ascending trendline, coupled with the potential of a double bottom pattern, paints an optimistic picture for the coin’s future.
As the broader cryptocurrency market experiences a surge in meme coin popularity, driven by the BTC ETF hype, DOGE enthusiasts eagerly await what the future holds for this beloved meme-inspired cryptocurrency.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock
Bitcoin, the leading digital asset in terms of market cap and adoption, recent activity on its price chart has led to speculation and predictions about its future trajectory.
Acclaimed cryptocurrency trader, known as Mags on the X (formerly known as Twitter) platform, recently shared his analysis on Bitcoin, suggesting a significant price surge for Bitcoin soon.
The Bitcoin ‘Head And Shoulders’ Insight
According to Mags, Bitcoin’s journey to a $70,000 price tag is foreseeable. His deduction stems from observing an inverted ‘Head and Shoulders’ pattern on Bitcoin’s price chart. Notably, this is a predictive tool in technical analysis that indicates potential price reversals based on prior movements.
Mags highlighted that Bitcoin’s price is currently at the so-called ‘neckline’ of this pattern. If the pattern holds and Bitcoin breaks out from this neckline, it could be a bullish indicator for the flagship cryptocurrency.
#Bitcoin is going to $70,000 ??
BTC is forming a massive Head and Shoulder pattern on the inverted chart price is currently testing the Neckline
The Technical target of the pattern, if measured from the neckline, is around $70,000 pic.twitter.com/owLPorGK5j
— Mags (@thescalpingpro) October 13, 2023
Mixed Reactions In The Community
Sergey Stolyarov, a user on X, expressed skepticism over the said pattern’s significance. In Stolyarov’s view, the construction and structural reasons don’t qualify the observed pattern as a ‘Head and Shoulders.’
Stolyarov added that such formations could be discerned at any time and any part of the Bitcoin chart, implying the ubiquitous nature of pattern formation in volatile markets.
Another user criticized Mag’s interpretation of Bitcoin’s price chart, emphasizing that a genuine “Head and Shoulders” pattern exists on the regular chart that predicts a price decline to 20,000. The user noted:
nope – bitcoin actually formed a picture head and shoulders on the NOT inverted chart but you were so biased that you have to hunt for head and shoulders that it’s a shitty one on inverted bitcoin chart so you don’t have to look at the head and shoulders. It is also very large and points to a target of 20,000 short term.
However, while some users sided with Mags, others took a more critical approach. Resham Singh, another member of the X platform, voiced appreciation for Mags’ analytical approach, deeming it “impressive.” Singh seemed to align with Mags’ projection, hinting that such a price movement would mark a milestone for Bitcoin.
Featured image from Unsplash, Chart from TradingView
In order to achieve financial success, it’s important to make smart decisions with your money. Jaspreet Singh, widely known as ‘Minority Mindset’ on YouTube, is a respected expert in financial planning who is dedicated to spreading financial knowledge and helping people reach their financial goals. Through his brand Minority Mindset, Singh has positively impacted many lives by providing free financial newsletters through Market Briefs and educating people about investing through the Market Insiders app.
One crucial piece of advice that Singh strongly advocates is the significance of prioritizing personal wealth before focusing on outward displays of affluence. While many people strive to appear rich by wearing expensive brands like Lululemon, sporting a Gucci belt or owning the latest iPhone, Singh emphasizes that the true beneficiaries in this scenario are the companies and their shareholders, not the individuals aspiring for prosperity. Singh encourages a different approach, urging people to concentrate on building personal wealth through investment before indulging in luxury purchases.
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Singh outlines three fundamental steps to wealth creation that may seem simple but require steadfast commitment. First, spending less than what you earn is crucial. It’s essential to resist the temptation of overspending on material possessions, a common pitfall. Although desires for fancy cars, extravagant vacations, and luxurious clothing are natural, excessive spending without saving impedes the path to wealth.
Next, he says increasing your income is vital. Singh emphasizes that there is no limit to how much money you can earn, regardless of how frugal you are. Platforms like YouTube have made financial education accessible to everyone, allowing people to learn strategies for boosting their income without any cost.
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Last, investing the money you save is key for achieving wealth. Saving without investing won’t yield substantial results. Singh advises diversifying investments into stocks, rental properties, businesses and personal education. Investing can start with as little as $100, making it accessible to people from all walks of life.
While traditional options like a 401(k) or an individual retirement account (IRA) provide avenues for wealth growth, there are alternative investment opportunities for those seeking more dynamic and potentially rewarding ventures. StartEngine is a platform that offers an exciting alternative by allowing people to invest in startups during their early stages before they become available on the stock market. This opens doors to potential significant returns on investment and enables individuals to participate in the growth and success of innovative companies.
Singh also addresses the pressing issue of inflation, emphasizing its negative impact on consumers while benefiting asset owners. To counter the effects of inflation, he suggests diversifying investments. For instance, Singh allocates 2% of his investment portfolio to physical gold. During periods of high inflation, when the value of the dollar declines, the price of gold tends to rise. Singh advises conducting thorough research and consulting licensed financial advisers before making any investment decisions.
According to Singh, the most significant mistake people make regarding their finances is inaction. Time is invaluable, and building wealth requires taking action and putting in the effort. Failing to take that initial step hampers progress and allows time to slip away. Singh strongly encourages people to start their financial journey, emphasizing that experience is the best teacher, and true success can only be achieved by taking that first step.
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This article Financial Expert Reveals The Surprisingly Simple Path To Wealth That Can Make Anyone Rich – ‘You Won’t Become Wealthy By Saving All Your Money’ originally appeared on Benzinga.com
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