Bitcoin (BTC) Price Touches $9,000, But Analysts Confirm Bullish Trend

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Thu, 06/25/2020 - 10:50
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Vladislav Sopov
The Bitcoin (BTC) price plummeted almost 8% in a few hours and barely dipped into sub-$9,000 waters. Why are so many top analysts remaining calm?
Bitcoin (BTC) Price Touches $9,000, But Analysts Confirm Bullish Trend
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Dutch analyst and trader Michael van de Poppe along with the entrepreneur and hedge fund manager who goes by name Koroush AK, have published evaluations of Bitcoins (BTC) price performance that may calm down the confused bulls.

Not bearish 

Mr. van de Poppe believes that Bitcoin (BTC) bears are still failing to gain control over the price of the flagship cryptocurrency. Even after yesterday's substantial drop, he remains confident the king coin will have a strong short-term performance

Michael van de Poppe treats the ongoing Bitcoin (BTC) performance as bullish
Image via Twitter

Moreover, he gave a detailed analysis of the price levels that may start a new upmove for the Bitcoin (BTC) price. According to him, this move will start once Bitcoin (BTC) breaks above $9,250.

Crucial? Right now; flipping $9,150-9,250 back for support, that would initiate continuation towards $9,600-9,800.

If it manages to do so, Bitcoin (BTC) may reach the attractive $9,800 levels. Mr. Koroush AK unveiled a slightly more pessimistic analysis. He foresees that a further drop is possible if Bitcoin (BTC) fails to hold $9,230. He even offered a 'short' opportunity with 'low probability'.

However, these ugly swings wouldn't affect the main trend of Bitcoin (BTC) price dynamics. Ongoing red candles should be treated only as 'pre-moon noise'.

Korous AK treats $9,230 level as important one to hold for bulls
Image via Twitter

 What is affecting the price of Bitcoin (BTC)?

As covered by U.Today Crypto News, the recent Bitcoin (BTC) price drop was followed by two waves of 'long' position liquidation on the BitMEX derivatives trading platform.

Analysts unveiled that $25M in longs was liquidated in a couple of hours. The overall volume of liquidations yesterday reached almost $50M across different exchanges.

However, some prominent researchers believe that the roots of this drop are not in BitMEX liquidations. Trader and analyst PlanB, the author of the 'Stock-to-flow' Bitcoin (BTC) price model, highlights that it is the U.S. stock market collapse that should be blamed for the ongoing crypto plunge.

Bitcoin is down, and so is S&P500 .. "U.S. Stocks Tumble With Virus Threatening Economy". Just like June 11 and just like the month March. This has nothing to do with "Whales", "futures manipulation", "Plustoken scammers" etc etc.

At press time, Bitcoin (BTC) has recovered slightly from its latest fall and is changing hands at $9,272 on major spot platforms.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)