Popular crypto analyst Justin Bennett is updating his outlook on the two largest crypto assets by market cap.
Starting with Bitcoin (BTC), Bennett says that the flagship cryptocurrency could surge by up to 40% if it manages to break above the $42,000 resistance level.
“This area between $35,000 and $36,000 is support and $40,000 to $42,000 is resistance. Now as I have said recently, the market would have to get above $42,000 to expose $45,000 to $46,000, followed by that $50,000 to $53,000 resistance area.”
With Bitcoin now threatening to breach resistance at $42,000, Bennett believes that a strong relief rally is on the horizon for BTC.
“I continue to like the idea guys of a significant bounce here over the coming weeks. It’s taken longer than I thought it would, but sometimes that’s the way it goes.”
Bitcoin is trading at $41,490 at time of writing.
Next up is Ethereum (ETH). The crypto analyst says that Ethereum is trading sideways as he offers two likely possibilities.
“If we were to see Ethereum close back below this level here [$2,500] where it’s testing today, then $2,200 would be next…
If we were to see Bitcoin take out $35,000 support and go down to test $30,000, then Ethereum could come down and test $2,000…
Now on the flip side if we see a close above this area up here, right around $2,900, then $3,100 to $3,200 would be next.”
Ethereum is trading at $2,996 at time of writing.
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Ether price (ETH) spent the last two months stuck in a rut and even the most bullish trader will admit that the possibility of trading above $4,400 in the next couple of months is dim.
Of course, cryptocurrency traders are notoriously optimistic and it is not unusual for them to expect another $4,870 all-time high, but this seems like an unrealistic outcome.
Despite the current bearish trend, there are still reasons to be moderately bullish for the next couple of months and using a “long condor with call options” strategy might yield a positive outcome.
Options strategies allows the investor to set upside limits
Options markets provide more flexibility to develop custom strategies and there are two instruments available. The call option gives the buyer upside price protection, and the protective put option does the opposite. Traders can also sell the derivatives to create unlimited negative exposure, similar to a futures contract.
Ether options strategy returns. Source: Deribit Position Builder
This long condor strategy has been set for the March 25 expiry and uses a slightly bullish range. The same structure can also be applied for bearish expectations, but this scenario assumes that most traders are looking for upside.
Ether was trading at $2,677 when the pricing took place, but a similar result can be achieved starting from any price level.
The first trade requires buying 5.14 ETH worth of $3,000 call options to create a positive exposure above this price level. Then, to limit gains above $3,500 the trader needs to sell 4.4 ETH contracts of the $3,500 call.
To complete the strategy, the trader needs to sell 6.65 ETH contracts of the $4,000 call, limiting the gains above such a price level. Lastly, a $4,500 upside protection call for 5.91 ETH is needed to limit the losses if Ether unexpectedly skyrockets.
The strategy aims for a healthy 3.2 to 1 profit to loss ratio
The strategy might sound complicated to execute, but the margin required is only 0.175 ETH, which is also the max loss. The potential net profit happens if Ether trades between $3,100 (up 15%) and $4,370 (up 63%).
Traders should remember that it is also possible to close the position ahead of the March 25 expiry. In this strategy, the maximum gain occurs between $3,500 and $4,000 at 0.56 Ether, which is more than three times higher than the potential loss.
Unlike futures trading, this strategy gives the holder peace of mind because there is no liquidation risk. It is also worth noting that most derivatives exchanges accept orders as low as 0.10 ETH contracts, meaning a trader could build the same strategy using a smaller amount.
The views and opinions expressed here are solely those of theauthorand 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.
The multi-day music and arts festival held in California – Coachella – partnered with the crypto exchange FTX to introduce non-fungible token (NFT) collections to fans. The digital collectibles are built on the Solana network.
NFTs for The Music Fans
The Coachella Valley Music & Arts Festival, postponed in 2020 and 2021 due to the COVID-19 pandemic, is set to return this April. To provide fans with more opportunities on its comeback, it introduced a series of non-fungible tokens (NFTs) offering lifetime passes and VIP access to the event.
The three types include “Coachella Keys Collection,” “Sights and Sounds Collection,” and “Desert Reflections Collection.” The first one consists of 10 tokens and grants lifetime access to the festival and “unique experiences.” The second comprises 10,000 collectibles and depicts iconic photos and soundscapes from the Polo Fields.
“Desert Reflections Collection,” consisting of 1,000 NFTs, is the most expensive one with a starting price of $180. It celebrates Coachella’s 20-year history.
All digital collectibles are built on Solana, which Coachella described as an environmentally friendly blockchain protocol.
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The team behind the festival vowed to donate the proceeds to charity organizations. Those include GiveDirectly, Lideres Campesinas, and Find Food Bank.
Sam Schoonover – Coachella’s Digital Innovation Manager – explained why the entity decided to dive into the NFT universe:
“We’ve all seen how NFTs enable true ownership of art and media on the internet. We wanted to take it one step further and use NFTs to enable ownership of experiences in the real world too. Only blockchain can give us the unique ability to offer tradable lifetime passes to Coachella for the first time ever.”
Those willing to purchase non-fungible tokens need to register with FTX US and complete an identity certification.
Some Are Not Fans of NFTs
Despite evolving as a global trend, non-fungible tokens are not an intriguing niche for everybody.
Earlier this week, the American rapper and fashion designer Kanye West urged his fans to stop asking him “to do NFTs.” In his view, essential items are those in the real world, not the digital one.
The podcast host and commentator – Joe Rogan – is also against digital collectibles. The American, a supporter of cryptocurrencies such as bitcoin, opined that NFTs are a “weird hustle that does not make any sense.”
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The price of Bitcoin (BTC) is increasingly correlating with that of tech stocks amid widespread uncertainty in the crypto markets, according to analytics firm IntoTheBlock.
In a new article, the market intelligence agency says that Bitcoin’s congruence with the Nasdaq 100 has reached a level it hasn’t seen in nearly two years and that the anticipation of looming regulations is causing investors to be skeptical.
“Bitcoin’s correlation vs the Nasdaq 100 reached its highest level since April 2020…
Now that artificially high monetary conditions are coming to an end, uncertainty is growing and buying interest is fading in anticipation of rate hikes and quantitative tightening.”
Source: IntoTheBlock
The market insights platform also says that based on their In/Out of the Money metric, they can find BTC’s key support and resistance levels.
“Based on this, we see high resistance around $38,000 where 1.27 million addresses previously bought 835,000 BTC. If Bitcoin clears that level, a move to $42,000 is likely.
On the other hand, some support can be expected at $35,000 where 291,000 BTC was acquired by 714,000 addresses. If this level fails to hold, Bitcoin should revisit its recent lows.
Momentum is still on the bearish side, though, with twice as many Bitcoin holdings near current price being held by addresses losing money on their positions.”
IntoTheBlock adds that investors can expect a potential upcoming supply shock of BTC due to the rate at which traders are currently moving the top crypto asset by market cap out of exchange platforms and into cold wallets or yield-generating protocols.
“Comparing the drawdowns experienced during May-July of last year and the current, the exchanges’ net flows paint [this] picture:
Between May and June of 2021, there were significant inflows of Bitcoin into exchanges (net amount of 130,000 BTC), coinciding with the sell-off that happened during that period.
This time, net outflows of 80,000 BTC suggest that less Bitcoin is available to buy at exchanges, as users tend to move these assets to cold storage or yield-generating strategies.
Ultimately, this suggests strong buying activity from holders, resulting in a potential supply shock as Bitcoin shifts from being held by short-term speculators to long-term investors.”
Bitcoin is exchanging hands at $41,490 at time of writing, an over 10% increase from its seven-day low of $36,920.
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Coming every Saturday,Hodler’s Digestwill help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Hodlers beware! New malware targets MetaMask and 40 other crypto wallets
According to a report from security researcher 3xp0rt, a powerful new malware variant known as the “Mars Stealer,” an upgrade of the information-stealing Oski trojan of 2019, can target more than 40 browser-based crypto wallets, including MetaMask and Coinbase Wallet, along with popular two-factor authentication (2FA) extensions.
The nefarious software utilizes a grabber function that steals private keys after it has been downloaded, unbeknownst to the user who may have visited or utilized various channels, such as file-hosting websites, torrent clients and any other shady downloaders.
Notably, the malware checks the set language of the device, and if it matches the language ID of locations such as Kazakhstan, Uzbekistan and Russia, the software leaves the system without any malicious activity.
However, for any device with a language outside of those categories, the malware targets files holding sensitive information, such as crypto wallets’ address info and private keys. Then, it leaves without a trace.
Jack Dorsey: Diem was a waste of time, Meta should’ve focused on BTC
Twitter founder and former CEO Jack Dorsey has unsurprisingly slammed the move of a competitor, with Meta (formerly Facebook) taking the hit for its “wasted effort and time” not working on Bitcoin.
Dorsey is an avid Bitcoin supporter who has made the asset a focus of his newer, shinier company, Block. During an interview with BTC bull Michael Saylor on Tuesday, Dorsey commented on the recentshutdown of Meta’s stablecoin project,Diem, which has been plagued with regulatory pushback since it began.
“Those two or three years or however long it’s been could’ve been spent making Bitcoin more accessible for more people around the world,” the almighty Dorsey said from his throne.
Rise of Web3: Metaverse tokens surge as Meta’s share price plunges
Speaking of Meta, the firm’s share price took a nosedive of around 26% on Thursday following a lackluster quarterly earnings report that revealed an annual profit decrease and a decline in daily active users.
Meta reported $33.67 billion worth of total revenue for Q4 2021, compared to $28 billion the year prior. However, its net income fell to $10.28 billion from $11.2 billion one year earlier. A hefty $10 billion investment in its Reality Labs division also contributed to the disappointing quarterly results.
While the centralized metaverse-focused firm faced choppy waters, native tokens from decentralized counterparts in The Sandbox (SAND) and Decentraland (MANA) jumped 17.5% and 20%, respectively. Commenting on the news, Animoca Brands chairman and co-founder Yat Siu suggested that this was part of a broader trend in which the top talent and users from Web2 platforms are shifting to the open world of Web3.
$2.5B in stolen BTC from Bitfinex hack awakens
According to blockchain analytics bot Whale Alert, a hefty $2.5 billion worth of BTC obtained via the 2016 Bitfinex exchange hack moved from the hacker’s wallet to an unknown address on Tuesday.
The funds have remained inactive since 2016 as the hackers are essentially unable to cash out the holdings. Many onlookers have pondered whether the hacker has started moving the funds around again to manipulate the market and scare investors into selling their BTC.
The largest transaction Whale Alert detected was around 10,000 BTC, or $383 million, while other transactions amounted to as little as 0.29 BTC. The wallet address that received the blacklisted BTC now holds a total of 94,643.29 BTC, which is around $3.6 billion.
Another solo Bitcoin miner solves valid block, becoming the 4th in 2022
A solo Bitcoin miner and Solo CKPool user with a whooping 1.14 petahashes per second (PH/s) of computing power was lucky enough to generate a $240,000 block reward on Tuesday. While the odds of it happening were estimated to be lower than 20%, it is apparently the fourth “blockfind” for the CKPool since mid-January.
The miner utilizes the Solo CKPool, a service that offers anonymous solo Bitcoin mining for a fee. While the miner is described as a “whale” in this instance due to their high computational power, in January a CKPool miner with a minuscule hash rate of just 126 terahashes per second (TH/s) was able to solve a valid block.
CKPool’s solo miners have solved 264 blocks over the entirety of the Bitcoin blockchain’s existence, representing a mere 0.037% of the total 721,240 blocks solved.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at$37,948, Ether (ETH) is at$2,830andXRPis at$0.61. The total market cap is at$1.76trillion,accordingto CoinMarketCap.
The top two altcoin gainers of the week are OpenDAO(SOS)at 76.22%and ConstitutionDAO(PEOPLE)at 61.80%.The top three altcoin losers of the week are Moonbeam (GLMR) at -22.63%, Frax Share (FXS) at -18.20% and Telcoin (TEL) at -14.74%.
For more info on crypto prices, make sure to readCointelegraph’s market analysis.
Most Memorable Quotations
“Structurally, on-chain, it’s not a bear market setup. Even though I would say we’re at peak fear. No doubt about it, people are really scared, which is typically […] an opportunity to buy.”
Willy Woo, Bitcoin on-chain analyst
“This whole thing with Libra and then Diem, I think there’s a ton of lessons [there]. […] Hopefully, they learned a lot, but I think there’s a lot of wasted effort and time.”
Jack Dorsey, founder and CEO of Block
“Do not ask me to do a fucking NFT.”
Kanye West, hip hop icon
“Losing a half-million dollars worth of crypto by mistake is something that needs to be addressed before crypto can become mainstream. When it’s this easy to lose everything, there’s no way your grandma is going to be using it.”
u/0150r, Reddit user
“If you only focus on eliminating risks associated with a specific industry in regulatory efforts, you would also eliminate any potential benefits and opportunities that would otherwise be offered by the same industry.”
Elçin Karatay, Turkish law expert
“I think we’re not entering a long-term crypto winter. […] There have been changes in expectations of interest rates, and that’s been moving crypto markets. But it’s been moving markets more generally as well.”
Sam Bankman-Fried, CEO of FTX
“We can avoid making the same mistakes we did with Facebook, Instagram, Twitter, and social media generally if we can develop an intellectual framework for regulating the Metaverse now.”
Bradley Tusk, CEO and founder of Tusk Ventures
“It’s become clear to me that #Bitcoin will be the one asset and L1 still around in 20+ years with increased compounding relevance over time.”
David Marcus, co-founder of Diem
Prediction of the Week
Can Ethereum price reach $4K after a triple-support bounce?
Pseudonymous chart analyst Wolf has read the tea leaves and forecasted that Ether will continue its recent rebound up to around the $4,000 region.
Central to Wolf’s short-term prediction over the next couple months is whether Ether’s so-called triple-support scenario could push the price past $3,330, which would establish an inverse-head-and-shoulders (IH&S) pattern that could launch the price toward late-2021 levels.
In a “perfect” scenario, a break above the IH&S neckline may push the Ether price to as high as the maximum distance between the neckline and the head, which would be around $4,000 in this case.
FUD of the Week
Wormhole token bridge loses $321M in largest hack so far in 2022
The Wormhole token bridge was the victim of a major breach this week, as attackers made off with a whopping 120,000 Wrapped Ether (wETH) worth roughly $321 million at the time.
The cross-chain bridge supports several blockchains, allowing the attacker to target the Solana side of the bridge by minting 120,000 wETH. They then redeemed 93,750 wETH for ETH, worth roughly $254 million, on the Ethereum network.
The Wormhole team stated shortly after the incident that it was working to replenish enough ETH “to ensure wETH is backed 1:1,” with reports surfacing the following day that venture capital fundJump Cryptohad dipped into its own pocket to do so. The hacker has also been offered a bounty of $10 million by the Wormhole team to return the funds.
Youtuber and alleged thief publicly refuses to return investors’ funds after $750k rug pull
Disgraced content creator and influencer Paul “Ice Poseidon” Denino found himself in hot water this week after YouTuber and “internet detective” Coffeezilla published a not-so-flattering series of videos about him.
Coffeezilla initially posted a video interview between the two in which Ice Poseidon allegedly confirmed that he rug-pulled around $750,000 worth of investors’ money from a crypto project he launched called “CxCoin.”
The CxCoin project was pitched to his investors as a long-term investment. However, within a few weeks of launch, the influencer said he stopped working on the project and decided to pull out around $300,000 from the liquidity pool. He cited the crashing crypto market as the reason for this move, and then said he wouldn’t return the funds. He also allegedly bought a brand new Tesla only a few days after the funds went missing.
Kanye West says no to NFTs
Hip hop legend Ye, more commonly known as his birth name Kanye West, shut down any notion of jumping into NFTs on Monday after he made a strongly worded Instagram post to his 10.7 million followers stating, “Do not ask me to do a fucking NFT,” and that he only wants to work on “building real products in the real world.”
“STOP ASKING ME TO DO NFTs I’M NOT FINNA CO-SIGN … FOR NOW I’M NOT ON THAT WAVE I MAKE MUSIC AND PRODUCTS IN THE REAL WORLD,” he stated in a follow-up comment on his Instagram post.
While some might call it FUD that a major celebrity and cultural icon like Kanye West is not hopping aboard the NFT gravy train, it is kind of refreshing to see a popular figure not mindlessly shill something they do not fully comprehend.
Best Cointelegraph Features
What the hell is Web3 anyway?
Web3 — or Web 3.0 as crypto boomers like to call it — is a topical buzzword with only a very vague definition. Everyone agrees it has something to do with a blockchain-based evolution of the internet but, beyond that, what is it, really?
Web3 developer growth hits an all-time high as ecosystem matures
Web3 developer growth hit an all-time high in 2021, yet challenges lie ahead for new developers flooding the space.
NFT philanthropy demonstrates new ways of giving back
Organizations and artists are using NFTs to give back to children in need, demonstrating new potential for nonfungible tokens.
In the past year, we’ve seen the crypto economy undergo exponential expansion as heaps of money poured into various cryptocurrencies, decentralized finance (DeFi), nonfungible tokens (NFT), crypto indices, insurance products and decentralized options markets.
The total value locked (TVL) in the DeFi sector across all chains has grown from $18 billion at the beginning of 2021 to $240 billion in January 2022. With so much liquidity in the ecosystem, the crypto lending space has also grown a significant amount, from $60 million at the beginning of 2021 to over $400 million by January 2022.
Despite the exponential growth and the innovation in DeFi products, the crypto lending market is still only limited to token-collateralized loans, i.e. pledge one cryptocurrency as collateral to borrow another cryptocurrency.
There are a few platforms such as Nexo and Genesis that provide NFT-collateralized loans but the service is mainly for institutional clients with blue-chip NFTs. For the retail masses, there isn’t much more than just the token-collateralized loans.
If the crypto economy wants to grow to a size that is compatible with any real economy, it will have to reach out to the mass of retail consumers and be able to provide financing options to them.
Here are the essential components that need to develop before crypto banking infrastructure can rival that of banks.
Diversity of goods and services
One of the most commonly asked questions from someone who is new and wants to enter the crypto economy is — what can I buy? In the current infrastructure, there is not much other than NFTs, DeFi products, staking and liquidity provision.
In a traditional economy, currencies exist because exchanging goods for services, or vice versa, generally does not have a 1:1 ratio, so currencies serve the purpose of facilitating transactions of goods and services. In the crypto economy, currencies exist before goods and services become widely available to customers. This makes crypto currencies hard to evaluate and unstable.
An economy needs to have sufficient goods and services available to create enough supply and demand so consumers can use currencies to exchange for these goods and services. With only NFTs and DeFi financial products in the current crypto ecosystem, it is very hard to attract the ordinary Joe or Jane into the economy because there is simply not much for them to consume.
A healthy and functional banking system also relies on sufficient supply of liquidity from customer deposits and sufficient demand from customers to borrow. With more digital goods and services, especially non-financial ones such as art, music, real estate or gaming gear in the metaverse, the banking system will be able to utilize them as collateral to provide a diversity of secured loans. Similar to car loans or mortgages, consumers in the crypto world will be able to own these products by paying periodically in the future.
A reliable credit scoring system
In the current crypto lending market, no credit check or credit scoring system is needed for customers to borrow any crypto currency. This is because the loan is over-collateralised with a strictly monitored loan-to-value (LTV) ratio. As soon as the LTV goes above the liquidation LTV threshold, the collateral will be sold at a discount to recover the loan. The collateral value is never fully utilised and there is always a large buffer reserved in case of sudden collateral value depreciation.
In traditional banking, customers have a credit score based on their past transactional behaviour and financial condition i.e. annual income, savings, loan repayments and investments. In the crypto lending market this is almost impossible because the wallets are created anonymously and anyone can create as many wallets as they want. This makes it very difficult to track transactional behaviours and difficult to build a credit score.
For the current structure to change, users need to be incentivised for building a good track record of all the activities within a wallet and being loyal to the wallet. There are scores such as LUNAtic Rankings for Terra to rank order engagements within a certain chain, but there doesn’t seem to be any credit-specific scoring to rank order wallet owners’ financial condition.
As more jobs are created in the crypto space and more people are paid in cryptocurrency, wallets that show a long healthy track record of activities such as a constant income of cash inflow, continuous stable balance or regular repayments to a crypto loan, should be rewarded. The reward could be in the form of gaining access to larger loans with lower interest rates; or gaining access to longer-term loans; or even in the form of airdrops of governance tokens.
A strong credit scoring system would benefit both the lender and the borrower. The lenders can earn more fees with lower risk by providing more loans to trust-worthy borrowers; the borrowers can have access to lower rates, longer-term loans and other potential rewards. Most importantly, a credit scoring system could help form a more transparent and healthy crypto lending market and attract more consumers to the ecosystem.
An actively managed collateral evaluation system
Given the highly volatile nature of cryptocurrencies (at least for now), the collateral value needs to be assessed much more frequently than in a traditional secured loan. Unlike traditional collateral such as cars or houses whose values are more predictable and do not change dramatically during a short period of time, the collateral in the crypto world, such as NFTs or crypto currencies, could encounter sudden downside movements in just one day. Therefore, it is essential for lending platforms to have robust collateral evaluation systems that can estimate the market value of any asset at any time.
It is not difficult to evaluate the market value of NFTs or cryptocurrencies minute-by-minute. But as more goods and services become available in the crypto ecosystem and more types of assets become eligible as collateral, having a high-frequency collateral evaluation system can be costly.
Alternatively, lending platforms can create something similar to the concept of risk-weighted assets (RWA) in the banking world to give more risk weights (lower liquidation LTV thresholds) to riskier collateral and less to safer ones so they don’t necessarily need to have a high-frequency collateral evaluation system.
For example, blue-chip NFTs such as the Bored Ape Yacht Club (BAYC) can be given a higher liquidation LTV threshold and evaluated less frequently. As more historical NFT prices become available, more data points can be collected and used to derive a more accurate risk weight metric.
As more goods and services become available in the crypto economy, a reliable credit scoring system and an actively managed collateral evaluation system will enable crypto banking infrastructure to provide more financing options other than token-collateralized loans.
The future outlook of crypto finance is dependent on the types of goods and services available to the crypto economy and it can only rival the scale of traditional banks when the crypto economy grows into a more diversified and appealing market space to more consumers.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Disney appears to be interested in jumping into the non-fungible token (NFT) space.
The entertainment giant is currently advertising for an open “business development” manager position.
The position requires “knowledge of and passion for Digital and NFT categories.”
Explains Disney,
“You will help lead Disney’s efforts in the NFT space including monitoring the evolving marketplace, setting category strategy, and managing key partners.”
The successful applicant will work at Disney’s Glendale, California office.
Disney isn’t the first major corporation to express interest in NFTs. Earlier this week, retail video game company GameStop announced a partnership with Ethereum layer-2 scaling solution Immutable X (IMX) to create a joint NFT marketplace.
In late December, retail giant Walmart filed a United States trademark application for an NFT marketplace that provides a platform for “buyers and sellers of downloadable digital goods authenticated by non-fungible tokens.”
Footwear giant Adidas announced earlier that month that it was partnering with premier NFT brands and influencers to explore the metaverse.
And Nike filed a trademark application in October for products involving “downloadable virtual goods… for use online and in online virtual worlds.”
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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.
Featured Image: Shutterstock/3000ad/Natalia Siiatovskaia
The legendary bassist/vocalist of the rock band KISS – Gene Simmons – disclosed that apart from fiat currency, buyers can also purchase his $13.5 million home in Las Vegas in digital assets. Those accepted are Bitcoin (BTC), Ether (ETH), Polkadot (DOT), Litecoin (LTC), and more.
An’ Outspoken Proponent’ of Crypto
The rock star, known among fans as “The Demon,” initially displayed his support towards the cryptocurrency industry at the beginning of 2021. Back then, he predicted that Cardano would experience its “most productive year.” At the end of the summer, the native token of the protocol spiked to an all-time high of over $3, meaning that Simmons’ forecast was quite accurate.
In August, the musician admitted that he is also keen on bitcoin. He revealed investing “a few million” in it and envisioned that the primary cryptocurrency would soon reach $60,000. BTC even surpassed the price tag, which Simmons predicted, as it tapped an all-time high of nearly $70K.
In a recent interview, “The Demon” doubled down on its crypto support by accepting several digital assets for the sale of his exclusive Las Vegas mansion. It is currently listed at $13.5 million, while buyers can purchase it in Bitcoin (BTC), Ether (ETH), Polkadot (DOT), Litecoin (LTC), Uniswap (UNI), Aave (AAVE), or even a combination of the assets.
“I have been an outspoken proponent of cryptocurrency from the beginning. It is the future of money, and it just makes sense to offer interested parties the option of using cryptocurrency to purchase the estate,” Simmons stated.
The estate is located in the prestigious Ascaya community in Henderson, just south of the Las Vegas Strip. It offers a panoramic view of the valley and expands to more than 11,000 square feet.
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The future owner of the mansion will enjoy six bedrooms, eight baths, and 11 attached garage spaces. There is also a swimming pool, a private bar, lounge area, tennis pavilion, and many more leisure facilities.
Simmons’ estate in Las Vegas, Source: Review Journal
The Record Purchase
Gene Simmons is hardly the first person to transact with cryptocurrencies in real estate deals.
Last summer, a mysterious buyer paid $22.5 million worth of digital assets to acquire a deluxe penthouse in Miami Beach. The deal represented the most expensive transaction ever to be paid this way. However, the name of the buyer and the employed cryptocurrency remained undisclosed.
The condominium is part of the building Arte Surfside. Interestingly, the penthouse on the top floor is owned by Ivanka Trump – the daughter of America’s former president Donald Trump.
Alex Sapir – Co-Developer of the building – asserted that deals involving cryptocurrencies are highly secure. He added that an increasing number of people want to purchase condos from Arte Surfside using bitcoin or the altcoins:
“There is strong pent-up demand for cryptocurrency transactions that are seamless and secure for both parties, and the deal at Arte is a prime example of that. We were overwhelmed by the amount of calls we received from qualified buyers.”
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The recent unexpected price action in the market has led to some positive changes in the sentiment. However, there are many analysts that remained skeptical because of the uncertainty at the macro level.
Here, we discuss the important technical confirmations for a mid-term trend reversal and investigate the holders’behavior during the recent price downfall to $32.9K.
Technical Analysis
By: Grizzley
Long Term
Most technical analysts believe that consolidating the price below the weekly Ichimoku cloud is the end of the bitcoin bull run, or it will not be easy to recover to the levels above in the short term. A weekly candlestick closed under the cloud two weeks ago. But then the uptrend began, which did not allow the price to remain below the cloud longer.
Therefore the uncertainty about the positive momentum is not over yet. At the moment, the price is struggling with the Kijensen, which frequently plays as resistance. Nevertheless, crossing above this dynamic resistance (~$43K) can send a positive signal to technical traders/analysts in the market.
Source: TradingView
Short term:
On the 4-hour timeframe, the intersection of the dynamic resistance (marked by the yellow line) and the POC line (highlighted by the red line) is interesting. The recent candlesticks show the weakness of the unexpected uptrend that started the day before. Bears tend to damp upward movements, and the bulls support retracted areas. The general rule is that crossing this zone and forming a higher high will usually be translated to confirming a downtrend’s reversal.
Source: TradingView
Onchain Analysis:
By: CryptoVizArt
In light of the market structure, it took 14 days for bitcoin to reclaim the $41.3K level. Examining the percentage of supply-in-profit, during this correction down to $32.9K, only 6% of supply changes hand.
This small change in the percentage means the holding incentive has been dominant recently. This observation, compared to many former similar events, can confirm the illiquid supply in the market is unlikely to be deployed to exchanges because of short-term volatility. In other words, the identity of long-term holders, in this cycle, has changed significantly.
Source: CryptoQuant
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At the end of the week, Bitcoin (
