Technical analyst John Bolinger says that the price of Bitcoin is trying to move up. He pointed out that the first real target is the bottom side of the prior. This means the $48k to $50k range.
This was in response to a tweet from BigCheds on Twitter which posted a candlestick chart showing Bitcoin’s progression.
The account tagged John in a follow-up tweet and the later replied that bitcoin was going up to the $50k range.
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At the end of the tweet, he says to “play it as it lays.”
Related Reading | Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022
John Bolinger created Bolinger Bands. A technical indicator that is used widely across industry. The tool uses a set of trendiness plotted two standard deviations, positively and negatively, away from a simple moving average (SMA) of a security’s price. While the tool works great with its standard settings, it can also be calibrated to a user’s preferences.
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“Bottom in place, prices trying to move higher, first real target is the bottom side of the prior range, call it 48 to 50k.”
– Tweet from John Bolinger from his Twitter account @bbands.
Calling the price of Bitcoin is never an exact science. Forecasts are mostly just opinions and educated guesses made by analysts. They do this through analyzing past prices and movements of an asset over a period of time to try to gauge where the asset will go next.
When a reply to the tweet said that they were having a hard time being bullish on Bitcoin when it still hasn’t broken the $43k range, John Bolinger replied, “The market will let us know what to do, the rest is just opinion.”
Bitcoin Price Crash
The price of Bitcoin crashed in response to the Chinese government cracking down on crypto mining in the country. With mining facilities being closed down in Xinjiang, Inner Mongolia, and Qinghai provinces.
Bitcoin price surged after the Tesla announcement in February | Source: BTCUSD on TradingView.com
Bitcoin seems to be on a path to correction since then but not without some bumps along the way.
Elon Musk Tesla Comments
Elon Musk had announced that Tesla would stop accepting payment in Bitcoin for cars in May due to environmental concerns related to mining.
As expected, market reaction to this announcement was not favorable as the coin took a downturn. There was a prompt sell-off of coins in reaction to this news, dragging the price down, although not by a large margin.
Tesla’s announcement that they were accepting Bitcoin for cars back in February gave the market a huge boost. Pushing the coin into the $40k range. An uptrend that would continue until Bitcoin hit its all time high.
So it’s no surprise that the announcement that they will not be accepting Bitcoin payments had the opposite effect on the coin.
Related Reading | MicroStrategy Sells $500 Million Notes To Buy Bitcoin
The electric automotive manufacturer has stated that they will resume Bitcoin payments when mining operations transition to more sustainable energy.
Bitcoin Adoption Could Help Get It Back To $50k
Last week, the crypto space was abuzz with the news of El Salvador accepting Bitcoin as a legal tender. The country recorded an exponential increase in the amount of Bitcoin remittances from citizens overseas sending money back home to loved ones.
Following this, other South American countries like the Bahamas has said that they are considering making Bitcoin a legal tender.
Tanzania’s president has also called for the central bank to start developments for crypto adoption.
Faith in the market is going back up as institutional investors are continuing to buy Bitcoin.
A culmination of these events has led to a price increase but not much as the coin is still struggling to break $41k.
Featured image from Blockchain News, chart from TradingView.com
Bitcoin’s price (BTC) turned down from just above the $41,000 mark on June 15, suggesting that traders are halting their purchases at higher levels. Traders seem to be hesitant to take large bets until the U.S. Federal Reserve releases its latest economic projections and the timeline of the proposed rate hikes today.
However, Jurrien Timmer, the director of global macro at Fidelity Investments believes that Bitcoin has bottomed out.
Another positive sign comes from a Q2 retail investment survey of high-frequency traders by the crypto firm Voyager Digital that shows 81% of the participants are confident about the future of cryptocurrency.
Another survey of 100 chief financial officers at hedge funds by Intertrust Global shows that about 98% of the respondents expect hedge funds to invest 7.2% of their assets in cryptocurrencies by 2026.
Related:Within five years, US hedge funds expect to hold 10.6% of assets in crypto
Given that there are large amounts of funds ready to flow into cryptocurrencies, another massive fall is unlikely. However, that does not mean a new bull market will start in a hurry. Most major cryptocurrencies may enter a bottoming formation before starting the next trending move.
Let’s analyze the charts of the top-10 cryptocurrencies to determine the critical levels to watch out for.
BTC/USDT
Bitcoin has been sustaining above the 20-day exponential moving average ($38,274) for the past three days but the bulls have not been able to thrust the price above the 200-day simple moving average ($42,678). This suggests a lack of demand at higher levels.
BTC/USDT daily chart. Source:TradingView
The flattish 20-day EMA and the relative strength index (RSI) near the midpoint suggest a balance between supply and demand. If bears pull the price below the 20-day EMA, the BTC/USDT pair could drop to $31,000 where buying may emerge.
A strong rebound off $31,000 will indicate that the pair may extend its consolidation for a few more days.
This neutral view will invalidate if the price rebounds off the current level and buyers drive the price above the 200-day SMA. Such a move will be the first sign that the correction may be over. If bulls sustain the price above the 200-day SMA for three days, the pair could rally to $51,483.
Alternatively, a break below $31,000 will suggest that bears have overpowered the bulls and the downtrend may resume.
ETH/USDT
Ether (ETH) has been trading inside a symmetrical triangle for the past few days, indicating indecision among the bulls and the bears. The bulls are buying near the support line of the triangle while the bears are selling near the resistance line.
ETH/USDT daily chart. Source:TradingView
A break above or below the triangle may result in a strong trending move but it is difficult to predict the direction of the breakout with certainty.
If bulls push and sustain the price above the resistance line of the triangle, it will indicate that the correction may be over. The ETH/USDT pair could then rally toward its pattern target at $3,684.
Conversely, if bears sink the price below the support line, the downtrend may resume. The bulls will try to stall the decline at the 200-day SMA ($1,831) but if this support also cracks, the next target objective is $1,347.
BNB/USDT
Binance Coin (BNB) has been stuck between the trendline and the 20-day EMA ($372) for the past few days. The gradually downsloping 20-day EMA and the RSI below 44 suggest that bears have the upper hand.
BNB/USDT daily chart. Source:TradingView
If bears sink the price below the trendline, the BNB/USDT pair could drop to the 200-day SMA ($253). A break and close below this support could intensify the selling, and the pair could extend the decline to $200.
On the contrary, if the bulls push the price above the 20-day EMA, the pair could challenge the overhead resistance at $433. A breakout and close above this level will complete a bullish ascending triangle pattern, which has a target objective at $609.
ADA/USDT
Cardano (ADA) has been trading between $1.33 and $94 for the past few days. The altcoin rebounded off the support on June 12 but the bulls are struggling to push the price above the 20-day EMA ($1.58).
ADA/USDT daily chart. Source:TradingView
The gradually downsloping 20-day EMA and the RSI just below the midpoint suggest a minor advantage to the bears. If the price turns down from the current level, the bears will again try to sink the ADA/USDT pair below $1.33.
If they succeed, the pair could drop to the next critical support at $1. The bulls are likely to defend this level aggressively. A strong rebound off this support will suggest that the pair may consolidate inside the large range of $1 and $1.94 for a few days.
Conversely, if buyers drive the price above the 20-day EMA, the pair could rally to $1.94. A breakout of this resistance will increase the possibility of the start of the next leg of the uptrend.
DOGE/USDT
Dogecoin (DOGE) has been trading below the 20-day EMA ($0.34) for the past few days but the bears have not been able to sink the price below the neckline of the head and shoulders pattern. This suggests a lack of sellers at lower levels.
DOGE/USDT daily chart. Source:TradingView
However, the 20-day EMA is sloping down and the RSI is in the negative territory, indicating the path of least resistance is to the downside. The bears will make one more attempt to sink and sustain the price below the neckline.
If they succeed, the DOGE/USDT pair could start its downward journey to the critical support at $0.21 and then to the 200-day SMA ($0.14). This negative view will invalidate if the bulls push and sustain the price above the 20-day EMA.
XRP/USDT
XRP has been trading between $1.07 and $0.75 for the past few days. The failure of the bulls to push the price above the 20-day EMA ($0.93) in the past few days suggests a lack of demand at higher levels.
XRP/USDT daily chart. Source:TradingView
The bears will now try to pull the price down to the support at $0.75. The 200-day SMA ($0.72) is just below the support, hence the bulls are likely to defend this level aggressively.
However, if the selling intensifies and bears sink the price below the 200-day SMA, the XRP/USDT pair could start a deeper decline to $0.56.
On the other hand, if the bulls push the price above the 20-day EMA, the pair could rally to $1.07. A breakout and close above this resistance will indicate the downtrend may be over. The pair could then rally to the downtrend line.
DOT/USDT
Polkadot (DOT) rose to the resistance line of the symmetrical triangle on June 14 but the bulls could not thrust the price above it. This suggests that the bears have not given up yet and are selling on rallies to the resistance line.
DOT/USDT daily chart. Source:TradingView
If bears sink the price below the 20-day EMA ($23), the DOT/USDT pair could extend its stay inside the symmetrical triangle for a few more days. The flat moving averages and the RSI just below the midpoint also signals a few days of consolidation.
A breakout and close above the triangle will be the first indication that the correction may be over. The pair may then rally to $31.28 and then to the pattern target at $39.78. Conversely, if bears sink the price below the support line, the pair may start the next leg of the downtrend that may open the doors for a decline to $15.
UNI/USDT
Uniswap (UNI) turned down from the 20-day EMA ($24.79) on June 15, which suggests the sentiment remains negative and the bears are selling on rallies to overhead resistances.
UNI/USDT daily chart. Source:TradingView
The sellers will now try to pull the price below the 200-day SMA ($21.87). If they manage to do that, the UNI/USDT pair could drop to $16.49 and then $13.04 as traders who have purchased in the past few days may rush to the exit.
Alternatively, if the price rebounds off the 200-day SMA, the buyers will try to propel the price above the 20-day EMA. If they succeed, the pair may rally to $30.
If the price turns down from this level, the pair may remain range-bound between $21.50 and $30 for a few more days. A breakout and close above $30 will suggest that the correction may be over.
LTC/USDT
Litecoin (LTC) turned down from the 20-day EMA ($180) on June 15, which shows that bears are selling on rallies. The 20-day EMA continues to slope down and the RSI is in the negative territory, indicating an advantage to the bears.
LTC/USDT daily chart. Source:TradingView
The sellers will now try to sink the price below the support line. If they do that, the LTC/USDT pair could retest the May 23 low at $118.03. A break below this level could result in panic selling that may drag the price down to $70.
Contrary to this assumption, if the price rebounds off the support line, the bulls will again try to thrust the price above the moving averages. If they succeed, the pair could rise to $225. A break above this resistance could attract buyers.
BCH/USDT
The bulls could not propel Bitcoin Cash (BCH) above the downtrend line for the past two days, indicating that bears are defending the 20-day EMA ($662) aggressively.
BCH/USDT daily chart. Source:TradingView
The bears will now try to sustain the price below the 200-day SMA ($603) and challenge the $538.11 support. This is an important level to watch out for because if it cracks, the descending triangle will complete and the BCH/USDT pair could resume its down move.
The next support on the downside is at $400 and then $370. Conversely, if bulls thrust the price above the 20-day EMA, the pair could rise to $864.28 where the bears may again mount a stiff resistance.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Travala is launching Dtravel, a blockchain-based Airbnb competitor.
The site will accept Bitcoin and cryptocurrency payments, and it will be governed by a community-operated DAO.
Early registrants will receive a collective total of $35 million in cryptocurrency as an incentive to join the home sharing site.
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Travel booking site Travala announced a blockchain-based Airbnb competitor called Dtravel via a press release today.
Dtravel Offers Low Fees and More
Dtravel will be modelled after home-sharing sites like Airbnb, but will offer greater benefits to homeowners who make use of the service.
The platform’s press release notes that home-sharing companies gradually lose alignment with their users. It notes: “With the need to return profits to shareholders, [those platforms] are forced to extract as much as possible from transactions on their platforms.”
Whereas mainstream travel booking sites set fees around 20%, Dtravel promises to provide fees as low as 7.5%. It will accept several cryptocurrencies as payment, including Bitcoin and its native TRVL token. Dtravel will also offer community governance, allowing hosts, guests, and coinholders to vote on decisions via a DAO.
The first 100,000 users to join the platform will receive more than $35 million worth of the travel token as an incentive.
Dtravel has attracted $5 million in backing from a seed round that involved several VC investors. Participants include Kenetic Capital, Future Perfect Ventures, DHVC, Plutus VC, GBV Capital, AU21 Capital, Shima Capital, LD Capital and NGC Ventures.
Travala Is a Top 200 Crypto
Travala was founded in 2017 as a crypto-powered booking site for hotels, flights, and activities. It gradually expanded payment options to include Bitcoin and various other cryptocurrencies.
The company then began to offer a native cryptocurrency token, AVA, in 2018. Recently, the AVA token was migrated to Binance Smart Chain. Travala is additionally backed by Binance thanks to a 2020 merger with Binance’s similar TravelByBit bookings platform.
Travala also partnered with Expedia in 2020, allowing users to pay for Expedia listings on its own site. It expanded on that partnership in March 2021, allowing users to search for listings more quickly.
Travala’s AVA cryptocurrency currently ranks among the 200 largest cryptocurrencies in circulation, with a market cap of $170 million.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
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Billionaire investor Mark Cuban will invest and advise dClimate, a data marketplace.
The project uses both Ethereum and Chainlink to work.
It isn’t the first Ethereum-based project Cuban is interested in.
Billionaire businessman Mark Cuban is investing in and advising Ethereum-based data project dClimate.
The Dallas Mavericks owner will be a strategic advisor to the company, according to anannouncementtoday. dClimate, a decentralized network for climate data which uses Ethereum as its base layer and relies heavily on oracle network Chainlink to function, declined to tellDecrypthow much Cuban would invest.
The move shows the tech entrepreneur’s growing interest in Ethereum. Cuban previouslysaidthat Ethereum will disrupt software companies, banking and healthcare.
“I could see just disrupting the fuck out of them [SaaS (software as a service) companies],” he toldDecryptin an exclusive Marchinterview.
He alsosaidlast month that Ethereum has “greater long term value” than Bitcoin. Shortly after, heinvestedan undisclosed amount in Polygon, an Ethereum scalability startup.
Now, his latest Ethereum-related investment is targeting anotherbigindustry that may be ripe for disrupting: data.
dClimate works to provide businesses and entities with climate data. It provides a data marketplace for anyone from farmers to governments who need information about the climate so they can build projects or plan for future disasters. It relies on blockchain to cut out the middlemen and connect buyers and sellers of such data directly.
And it uses Chainlink—a project built on Ethereum that gets information in and out of a blockchain—to retrieve that data. Chainlink is a decentralized oracle network that aims to connect blockchains with real-world data in a trustless and reliable way. The network’s growth surged last year, benefiting from hundreds of partnerships and integrations with crypto projects and resulting in a 1000% increase in the value of its native LINK token.
Sid Jha, a founding partner of dClimate, toldDecryptthat “there are few people who uniquely understand the way Mark does how blockchain and smart contracts can help revolutionize and bring transparency and efficiency to industries like climate data.”
He added: “His insights and expertise will be an invaluable asset to the dClimate team as we build a platform that can be leveraged by the many stakeholders who need reliable and secure weather data to build climate resilience.”
Cuban isn’t just involved in Ethereum though. The investor has alsosaidDogecoin (a cryptocurrency initially invented as a joke but now has a market cap of over $40.7 billion) has value. And his Dallas Mavericks started accepting Bitcoin for payment two years ago.
United States President Joe Biden implied he made some progress in addressing ransomware attacks on critical infrastructure after speaking with Russian President Vladimir Putin.
Following a Wednesday summit in Geneva, Biden said he had spoken with Putin on the issue of cybersecurity, the U.S. president making it clear his opinion was certain areas of critical infrastructure were off limits for attacks — whether the targets were in Russia or the United States. Biden said the meeting had a positive tone, but he had told Putin “the United States will respond to actions that impair our vital interests or those of our allies.”
“Responsible countries need to take action against criminals who conduct ransomware activities on their territory,” said the U.S. president. “We agreed to task experts in both our countries to work on specific understandings about what’s off limits and to follow up on specific cases that originate in other countries.”
Neither world leader specifically mentioned crypto or digital assets in their respective press conferences, though both referenced the $4.4 million ransom paid to Colonial Pipeline following a cyber attack in May. Putin referred to such funds “paid electronically” rather than naming them as Bitcoin (BTC) or cryptocurrency.
Biden said Putin expressed similar concerns over a potential ransomware attack on pipelines in Russia, adding the two countries would likely have more clarification on their positions within the next 6-12 months:
“We’ll find out whether we’ll have a cybersecurity arrangement that begins to bring some order.”
Rosa Smothers, a former CIA cyber threat analyst and technical intelligence officer, now a senior vice president at security firm KnowBe4, told Cointelegraph that the U.S. government “has a host of capabilities” in addressing ransomware attacks, whether by going after the attackers’ physical servers or their crypto accounts. She added that U.S. officials could come to an understanding with their Russian counterparts depending on the situation.
“In cases where payment servers are located in Russian territory, we could consider providing the Russian government the information needed,” said Smothers.
Related:Biden to discuss crypto’s role in ransomware attacks at G-7, says national security adviser
As far as preventing future ransomware attacks, in the United States private sector companies are generally in charge of critical infrastructure, according to the former CIA analyst. However, there is some existing legislation in place to address the security of personal data.
For example, the Sarbanes-Oxley Act, passed in 2002, provides requirements for safeguards to secure financial data. Congress proposed a major piece of legislation on cybersecurity in 2012, but it failed to get the votes needed to pass in the Senate. Similar measures put forth by lawmakers in response to the Colonial Pipeline attack have yet not received a vote.
While the entire crypto industry was extremely delighted with the news of El Salvador’s bitcoin adoption as a legal tender, several financial analysts have called out the country’s president and congress for the decision.
A “Very Stupid” Decision
In a recent report, Steve Hanke, a professor of Applied Economics at the John Hopkins University, has called the decision a “very stupid” one.
According to him, El Salvador is one of the three officially dollarized American nations, and adopting Bitcoin as a legal tender will ultimately cause its economy to collapse.
He alleged that the decision was influenced by “dark forces” who wish to completely drain the entire US dollar in circulation.
Bitcoin for Daily Transactions
“Dark forces clearly are behind this, that is the criminal element and the reason for that is the criminal element wants to be able to get in and actually obtain real legal tender,” Hanke said.
He also pointed out that it will be very difficult to use bitcoin in day-to-day transactions as the transaction rate of bitcoin will be too high when converting it to US dollars.
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Hanke believes that a fundamental problem with cryptocurrencies is that it is expensive and difficult to convert crypto assets to “actual” legal tenders.
“You can’t convert Bitcoin, for example, cheaply and easily into U.S. dollars, pounds sterling, euros, and legal tenders you can use in a store,” he said.
Steve Hanke: Bitcoin is Not a Scam
Although Hanke does not favor El Salvador’s bitcoin move, the economist clarified that he does not view the cryptocurrency as a scam. However, he believes that bitcoin is a highly speculative and risky asset that has no fundamental value.
He reiterated that the leading cryptocurrency is not a currency and would eventually lose its value due to its speculative nature.
“[Bitcoin] is not a currency, it’s a very risky speculative asset. I won’t call it a scam… its fundamental value is zero, so bitcoin will face competition and will eventually see its value be driven down considerably over where it is right now.”
El Salvador made waves last week when it officially adopted bitcoin as a legal tender. However, considering the backlash it is currently facing over the decision, will other countries follow suit? Only time will tell.
Featured image courtesy of Phi Delta Theta
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Bitcoin price is struggling to hold above $40,000 and is now below it. On the three-day timeframe, the top cryptocurrency is also well back within the Ichimoku cloud, suggesting there’s more support now built below.
However, it is worth noting that if the indicator is to be read correctly, even through there’s an attempt at a recovery underway, stormy days are still ahead for crypto bulls hoping for a rebound right back into the previous rally.
Bitcoin Price Recovers Cloud, But A Storm Could Be Brewing
Bitcoin price action has been confusing as of late, locked in a tight trading range. The leading cryptocurrency by market cap is no longer in the low $30,000s, or at as much risk of a plunge below the now crucial support level.
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Related Reading | Why Bitcoin Could Slingshot Back To Lows Before Gaining Momentum
From $30,000 to $40,000 is a full 25% recovery, however, thus far the once trending asset has lacked the same upside strength as the start to this year. Negative sentiment has kept prices at bay, and although there’s been a recent recover, that all could soon change.
A naked look at the Ichimoku shows BTC back in the cloud | Source: BTCUSD on TradingView.com
The top cryptocurrency has bounced back into the three-day cloud on the Ichimoku indicator, a sign that so far support is working. Bitcoin price has also recovered above the Tenkan-Sen, also called the conversion line.
Predict the price of BTC & AAB and win up to 5,000 USDT!
This is a fast moving line that when above the baseline suggests the market is bullish and when below it, bearish. Currently there’s a bearish crossover following the deep 50% plummet in May. Price action also might have made it back into the cloud, but the cloud itself is also turning red after a “kumo” twist.
What The Ichimoku Really Says “At A Glance”
A twist in the kumo or cloud is always significant and is a tell the trend has changed. The Ichimoku is also a diverse tool that considers not just price, but time itself.
The Chikou span or lagging span, shows support and resistance and is plotted backward several trading sessions. Running resistance and support across what the span suggests gives the primary levels that Bitcoin must hold or break for a larger move.
The same chart, but with more detailed analysis included | Source: BTCUSD on TradingView.com
Using time analysis, Bitcoin spent a similar time topping out its bullish impulse before turning back bearish. Most corrections during a primary uptrend play out as ABC corrections according to Elliott Wave Theory. A comparable amount of time was spent bottoming right after as was spent during the topping process, and Bitcoin began its new uptrend – however COVID had other plans.
Related Reading | What The Last Leg Up In The Crypto Bull Market Could Look Like
After another phase of consolidation, Bitcoin recovered the long term uptrend support line, and could soon retest it. The Ichimoku currently supports the theory.
Back in late 2019 there was a bearish kumo twist much like there was just days ago. Support and resistance, and even time itself all match up well. There’s also a crossover of the Tenkan-Sen and Kijun-Sen, which suggests price action is currently leaning bearish on the three-day timeframe.
Featured image from iStockPhotos, Charts from TradingView.com
Mental health is a serious issue that affects the Bitcoin community as much as any other — and should not be stigmatized.
Bitcoin4Couples is a duo-author of Nicole and Josh Doña — instances of first person are marked with (name) to avoid confusion.
On May 18, 2021, Cameron and Tyler Winklevoss appeared on Coffee with The Greats, a podcast hosted by Miles Fisher. Anytime the Winklevii join a podcast it’s a must-listen, but this time was more profound than any other. They opened up about the tragedy they experienced losing their beloved sister to addiction and suicide. They share the personal trauma and impact their loss has had on them. Tyler Winklevoss had the courage to share that he has sought help from a therapist for his own mental health, even saying it has been the greatest gift he’s ever given himself.
Image source
Image source
Mental health is a complex and delicate balance made up of psychosocial, physiological, and environmental factors that interact constantly within our human experience. All of us have varying degrees of mental health with varying needs and experiences. We may not have sufficient symptoms to warrant a diagnosable condition, but when our thoughts and emotions become distressing or create obstacles to daily life, we may benefit from seeking help.
Distinguished professor of psychology and author in the field of mental health stigma, Patrick Corrigan Psy.D., discusses the impact of stigma on help-seeking behaviors. Self-stigma internalizes social stereotypes of mental health disorders and discourages people from seeking help for fear of being labeled. Interestingly, his published research has concluded that the best way to erase the stigma of having mental health challenges is self-disclosure. Self-disclosure is defined as opening up and sharing about one’s own struggles with mental health.
As Dr. Corrigan puts it, “coming out” about one’s own mental health challenges “is associated with decreased negative effects of self-stigmatization on quality of life, thereby encouraging people to move towards achieving their life goals. When people are open about their condition…they may soon find peers or family members who will support them even after knowing their condition, and they may find that their openness promotes a sense of power and control over their lives.” Cameron and Tyler Winklevoss’ courageous disclosure of their own experiences of mental health in their family and personal lives effectively de-stigmatizes the reality that one in four people experience mental health distress and normalizes help-seeking behaviors.
The Bitcoin ecosystem is a large and diverse web of people with vast and far-reaching knowledge and experiences. As I (Josh) have plunged into this ecosystem over the past few months, I have been impressed by the high degree of creativity, innovation, and resilience in it. And yet, with all this strength, there is an underlying weakness that is unavoidable as humans. We all have minds and hearts that are subject to thoughts and emotions that we can’t always control or escape. As anyone holding a significant portion of their net worth in bitcoin can attest, watching its price go up and down can be an emotional roller coaster, especially for those of us who started buying at $50,000+.
Price volatility — which often leads to emotional volatility — can contribute to poor mental health outcomes, as my wife and I have experienced first-hand. I have had many sleepless nights due to anxiety at different price points, have constantly checked the price on my phone, and have struggled to detach from the infinite stream of Bitcoin-related content in the metaverse to connect in the physical world with my wife. Combining these factors of price volatility, sleepless nights, anxiety, impulsivity and detachment have led to conflict, which has negatively affected my mental health as well as my wife’s.
As we’ve invested increasing percentages of our savings, I (Nicole) have struggled with anxiety especially when the price dips. I have lashed out at Josh and have even struggled with depression over what I fear we may have lost.
In my own experience, I (Nicole) know it has been a challenge to admit when I need help or am experiencing emotions or thoughts that are just too much. I am often afraid that if I just admit to myself or a friend that my experiences are overwhelming, that my fears will become a reality and others around me will find me overwhelming too. The truth is that the opposite has happened: the more I accept these intense emotions and share them openly the more I find community, support, and belonging.
Over the past two months, I (Josh) have benefitted from talking with a therapist who is able to listen to what I’m going through, including my Bitcoin journey, in a non-judgmental way. We are also able to discuss how my bouts with addiction have affected me, and my relationships. Though I was resistant to seeking this help for years, my mental health is now improving as I am learning to embrace this resource.
Mental and emotional challenges do not have to isolate us in this volatile world we live in. Just as the Winklevoss brothers showed us, we can seek help, share, and find acceptance when we need it most. If you are experiencing feelings of distress and find emotions or thoughts creating obstacles to your life, we hope this helps you feel empowered to reach out for help and community.
Here are some resources below:
Peer-Run Warm Line (CA, U.S.): 855-845-7415;
https://www.mentalhealthsf.org/peer-run-warmline/
National Suicide Prevention Lifeline: 800-273-8255;
Disclosure: We are not licensed psychologists. This article is not intended to substitute for professional advice. We only seek to share our own experiences and resources with the hope of empowering others.
This is a guest post by Bitcoin4Couples. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
About a decade ago, no one knew what DeFi was. More so, a good number of mortals did not envisage a $1 trillion market capitalization for the crypto space. Today though, a lot has changed and decentralized finance seems to be the future of finance.
While there are many decentralized crypto projects in the space, BUGG seems to stand out because of the unique innovations it wishes to introduce to the crypto and DeFi space.
The BUGG Project
Bugg Inu was created on the 29th of May, 2021 and the project seems to be the fastest-growing project of its kind. Bugg aims at bringing popular cryptocurrency concepts to the mainstream.
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Bugg is a decentralized autonomous yield generation protocol. This implies that the model allows its users to earn its native token automatically.
The native token of the project is $BUGG. Each time a transaction is done, whether the token is bought or sold, 2% of the transaction fee is distributed to every holder of the token. This model is by far more beneficial than that of the traditional finance system.
Banks for instance may decide to give a certain percentage of interest to its users after a certain period. However, this interest is usually minute and is usually fixed no matter how many transactions occur.
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The Bugg protocol on the other hand will grant more rewards to its holders if more transactions occur on the protocol. This extra passive income earned by users can be tracked via the user’s wallet balance, the price of the token and more.
Bugg’s Deflationary Mechanism
To reduce supply and create scarcity of the token, Bugg burned 50% of its total supply. Additionally, another half of the redistribution fee will be burned to deflate the token. This burning mechanism will drive the value of the token up in the long run.
BUGG Swap
The $BUGG token is built on the Ethereum network. As such, it is expected that gas fees used for transactions will be high. The Bugg team has devised a means to reduce fees on the network. Since the Ethereum network provides reward for burned elements, BUGG transactions on the network will be significantly cheaper. Each time a transaction is done, Bugg tokens are burnt. Bug implements gas tokens to reduce the cost on the network significantly.
The gas cost of Bugg transactions is about 20% cheaper than regular ETH fees. The Bugg swap is powered by the version 2 Uniswap. It supports the swapping of all ERC20 pairs with each other on the network rather than just one ERC20 pair against ETH.
The BUGG App
The BUGG app has not yet been released at this time. However, the team is working hard to ensure that the app will be launched soon on Google PlayStore as well as Apple Store. The app will support inter-payment between Bitcoin, Ethereum, Litecoin, Dogecoin and the BUGG token. Other coins may be added in due time to improve the user experience.
A unique feature of the Bugg app as a payment platform is its ability to support offline payments. Users who dwell in rural areas or locations with a poor internet connection will have no issues using the app to make payments as it also has an offline feature.
The offline feature can be used if the user stakes 10%-20% of their assets. The staked tokens can then be used to make payments in offline mode. To achieve this, however, the sender and the receiver will need to connect with each other on the app.
The use of fiat or physical cash keeps declining as each day passes by. The Bugg team envisions a world of finance where users will be able to seamlessly transact with each other and make payments digitally. The offline payment feature on the Bugg app will serve as a step in the right direction to achieve this.
Conclusion
Decentralisation, transparency and trust are some core values of BUGG. The project is growing rapidly and currently has a strong team and community supporting its goals. The project’s road map is distinct and with the problems it solves in decentralized finance, mass adoption of BUGG is almost inevitable.
As crypto adoption continues to establish itself in the mainstream, this digital asset management firm is showing where Bitcoin ownership is spreading among institutional investors.
London-based Nickel Digital Asset Management, established in 2018, reveals new research that there are now 19 publicly traded companies, each with over a $1-trillion market cap, that collectively invested $6.5 billion in Bitcoin, paying an initial sum of $4.3 billion.
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Nickel found that seven of those companies first purchased Bitcoin in 2020, and about eight more companies, including Tesla, made allocations in the first four months of 2021.
Among those 19 corporations, research shows that13 are located in the US and Canada, making up 65% of total Bitcoin holdings. Three others are European, and the remaining three are listed in Turkey, Hong Kong, and Australia.
As for the reason behind institutional investment, proponents, who are seeking refuge from loose monetary policies of central banks around the world, say it is Bitcoin’s transparent and defined monetary policy that continues to attract investors to the currency.
Only 21 million Bitcoin will ever be created, and they are hard-coded to be released slowly as the daily supply issuance is cut in half every four years. Currently, 18.5 million are already in circulation, meaning there’s only around 12% of the supply yet to be mined over the next century. The final Bitcoin won’t be mined until the year 2140, as coded.
This predictable and reliable monetary system is driving mainstream adoption as companies and communities become increasingly distrustful of the current economic climate, according to Nickel CEO Anatoly Crachilov.
“The COVID-19 crisis and the expansionary monetary policies implemented by the central banks in response to the crisis have dramatically changed the outlook for fiat currencies, heightening the risk of currency debasement.
This, coupled with the increasingly inflationary guidance by Fed and an ever-expanding pile of $18 trillion of negatively yielding global bonds, has encouraged many corporations to contemplate an allocation to alternative assets.”
Crachilov also argues that major fund managers such as Paul Tudor Jones, Bill Miller, Ruffer, and Guggenheim Partners including Bitcoin in their portfolio construction is another mainstream endorsement for crypto.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
A naked look at the Ichimoku shows BTC back in the cloud | Source: BTCUSD on TradingView.com
