Značka: oil

Bitcoin stems losses after US bans Russian oil, gold heads to record highs

Bitcoin (BTC) erased then recovered its daily gains later on March 8 as United States President Joe Biden announced a complete ban on Russian oil imports.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC comes full circle, while gold steals the showData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it targeted $38,000 an hour after Tuesday’s Wall Street open.Having hit $39,240, the pair swiftly changed trajectory as Biden confirmed the plans, which added to oil’s already strong gains and further pressured stocks and risk assets.“Today, I’m announcing that the United States is targeting the main artery of Russia’s economy,” he said at a press conference.“We’re banning all imports of Russian oil and gas and energy. That means that Russian oil will no longer be acceptable at U.S. ports, and American people will deal another powerful blow to Putin’s war machine.”Brent crude rose to highs of $133 on the announcement, while U.S. stocks had little to celebrate, the S&P 500 down 0.5% on the day at the time of writing.#Oil prices jump as Biden announces full ban on Russian oil, gas, energy imports in response to Putin’s invasion of #Ukraine. pic.twitter.com/7hP1m1bmfc— Holger Zschaepitz (@Schuldensuehner) March 8, 2022Bitcoin, still within a familiar range, nonetheless avoided major losses as it bounced back to $39,000.“I don’t know what’s going to happen with the U.S. embargo on the price action. Natural reaction would be that USOIL goes up some more, while risk-on assets are dropping,” Cointelegraph contributor Michaël van de Poppe nonetheless argued. “I actually think the opposite takes place with the impact of a ‘buy the rumor, sell the news’ event.”Gold, meanwhile, capitalized on the latest twist in the Russia–Ukraine saga, bouncing back above $2,000 per ounce to target all-time highs.XAU/USD 1-week candle chart. Source: TradingViewHave stocks already bottomed?Similarly, not everyone was wholly convinced that stocks had their worst ahead of them.Related: Bitcoin stuck under $40K, but BTC price hits another all-time high vs. Russian rubleIn what should be a silver lining for Bitcoin bulls, popular analytics account BTCfuel flagged the equity market-related economic uncertainty index showing that — if history is a guide — stocks may have already delivered their pullback.For people concerned about the stock market in the short / mid term (and its potential relation with #Bitcoin)This indicator underneath shows that the possible big capitulation in the stock markets likely already happened in the Ukraine – Russia conflict (value > 500)(1/2) pic.twitter.com/TbLqdAkT6Z— BTCfuel (@BTCfuel) March 8, 2022

“During the 6 times this happened, peak uncertainty was during the big capitulation. More importantly, stocks went up in the months afterwards, after 3 months on average 18% up,” they added.The last and only significant such occasion in Bitcoin’s lifespan was the March 2020 COVID-19 crash and its fallout.

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Ethereum's TVL dominance drops to 55% as Bloomberg analyst paints $1.7K bearish target

Another big drop in the U.S. stock market could leave Ethereum’s native token Ether (ETH) in a similar downside spell, according to the latest Bloomberg report on digital assets.Ethereum faces global recession risksMike McGlone, the senior commodity strategist at Bloomberg Intelligence, anticipates U.S. equities to face downside pressure against the prospects of the ongoing energy-price spikes and their ability to invoke a 2008-like global market recession”The war in Ukraine and spiking crude make a potent combination for a global recession,” wrote McGlone in the report, adding that top cryptocurrencies like Bitcoin and Ether could also face initial pressures.WTI crude oil weekly price chart. Source: TradingViewCorrelations between U.S. stock indexes and top cryptocurrencies have only increased during the ongoing global market rout and Ukraine-Russia conflict. In particular, Ether’s correlation efficiency with tech-heavy Nasdaq 100 rose to 0.93 four days after Russia invaded Ukraine but has since corrected to 0.67. An absolute value of 1 means the two assets move perfectly in tandem. ETH/USD daily price chart featuring its correlation with Nasdaq 100. Source: TradingViewMcGlone spotted Ether trading in the middle of a range defined by its 100-week exponential moving average (100-day EMA; the red wave in the chart below) near $6,000 and its 30-week EMA (the green wave) near $2,000. He also expects significant selling pressure at the interim resistance level of $4,000.ETH/USD weekly price chart. Source: Bloomberg Intelligence”Our graphic depicts Ethereum at about the middle of the range,” the strategist wrote, asserting that “if the stock market takes another leg lower, Ethereum is more likely to revisit the lower end” near $2,000. He added:”If equities drop fast, Ethereum could repeat last summer and revisit about $1,700.” Ethereum TVL share drops to record lowsThe latest data shows that Ethereum’s market dominance is also giving up ground to competitors like Cardano (ADA), Solana (SOL), Avalanche (AVAX), and Terra (LUNA).The share of the total value locked (TVL) on the Ethereum network declined below 55%, its lowest level on record, from 97% at the start of 2021, according to data from DeFi Llama. Share of total value locked by chain. Source: Defi Llama, Galaxy Digital ResearchTom Dunleavy, a researcher at Messari, notes that new layer-one blockchains are comparatively “faster, cheaper, or provide a more attractive reward structure” than Ethereum. Nonetheless, he adds that completely overtaking Ethereum and Ethereum Virtual Machine (EVM), a software platform to create decentralized applications (DApps), would be hard due to first-mover advantage.”The EVM’s advantage has been so great that major competitors use or bridge to the EVM, rather than try to compete head-to-head without this capability,” Dunleavy wrote, adding: “Even competitors that held out like Solana and Cardano have recently added or are adding EVM compatibility (Terra being the notable exception). In many cases, the EVM has already cemented itself through its network effects.”But most of the so-called “Ethereum killers,” except Terra, have fared far worse so far in 2022 when faced with geopolitical conflicts, energy crises, and rate hike risks. For instance, Solana and Cardano dropped by more than 50% year-to-date versus Ether’s 30% price decline. Avalanche price dropped by 37% in the same period.Can Ethereum regain market share? Not everyone expects Ethereum’s TVL market share downtrend to continue, however. Marcus Sotiriou, an analyst at GlobalBlock, anticipates Ethereum to regain its dominance as it switches to proof-of-stake later this year from its current proof-of-work protocol.”This is because it should dramatically reduce the cost of transactions on the Ethereum network, which is currently Ethereum’s main drawback,” he told Business Insider earlier this month. As of now, Ethereum works on a surge-pricing model, leading to highly volatile transaction fees.In August 2021, the network underwent a so-called “London hard fork” that employed a key EIP-1559 protocol. In particular, the EIP-1559 allows the Ethereum protocol to burn gas fees, meaning that a portion of Ether’s supply goes out of circulation permanently. Related: Buyback-and-burn: What does it mean in crypto?”Bitcoin and Ethereum remain in early adoption days, with increasing demand vs. declining supply and related price implications,” explained McGlone, adding: “Our bias is why complicate it — unless something unlikely reverses the proliferation of the nascent technology, prices should rise.”The strategist also anticipates that Ether’s correlation with the U.S. stock market will also decrease due to to so-called “declining relative risk.” Ethereum volatility vs. the Nasdaq. Source: Bloomberg Intelligence”Closer to 3x now, the relative risk of the nascent technology/asset is poised to keep falling, particularly if the war increases recession risks and stock market volatility,” he asserted.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.

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Bitcoin steadies as gold hits $2K, US dollar strongest since May 2020

Bitcoin (BTC) stayed near one-week lows on March 7 as a flight to safety among investors did crypto markets no favors.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewGold, dollar spell sour times for stocksData from Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing at around $37,600 overnight before tracking around $1,000 higher.The pair had faced pressure into the weekly close, resulting in its lowest levels this month amid reports that Western sanctions against Russia could expand to include an oil embargo.An already panicky atmosphere thus fueled performance by safe haven gold, which returned to $2,000 per ounce for the first time since August 2020 Monday.XAU/USD 1-week candle chart. Source: TradingViewComing in step was the U.S. dollar, which surged against its peers to see the U.S. dollar currency index (DXY) target 100 in a near two-year record.Other major world currencies, such as the euro, paid the price, with EUR/USD falling below $1.09 to hit lows similarly not seen since the aftermath of the March 2020 Covid crash. U.S. dollar currency index (DXY) 1-week candle chart. Source: TradingView”If Bitcoin was uncorrelated from the Stock Market it would be performing the way Gold has performed since December,” analyst Matthew Hyland argued in a synopsis Sunday. “Bitcoin is correlated to the Stock Market. It has not ‘decoupled.’ Perhaps one day it does decouple but until it happens, you can’t conclude it has or will.”Such a “decoupling” was arguably more needed than at any time recently as stocks themselves faced a potential mixture of skyrocketing commodity prices and inflation-taming measures from governments.Prior to the Wall Street open, S&P 500 futures were knocking on 2% declines, while Germany’s DAX was already down nearly 4%.Ex-Goldman CEO Blankfein: Crypto should be “having a moment”The extent of Bitcoin’s lackluster performance meanwhile even caught the attention of the traditional finance world.Related: Rate hikes, CPI and war in Europe — 5 things to watch in Bitcoin this weekLloyd Blankfein, former CEO of Goldman Sachs, queried why crypto more broadly was not seeing larger inflows against a background of government control over money.”Keeping an open mind about crypto, but given the inflating US dollar and the stark reminder that governments can and will under certain circumstances freeze accounts and block payments, wouldn’t you think crypto would be having a moment now? Not seeing it in the price, so far,” he tweeted Monday.Responding, MicroStrategy CEO Michael Saylor blamed conflicting investment profiles active in Bitcoin specifically, but forecast that the status quo would ultimately be broken and would allow it to fulfill its function as a long-term investment. “There is a tension between conventional traders that see bitcoin as something to buy or sell depending upon their current risk assessment & interest rate expectations, and fundamental investors that simply want to buy it all and hold forever,” he wrote. “Over time, the HODLers will win.”

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Bitcoin plunges as Putin announces 'special military operation' in Ukraine

Global crypto and stock markets plunged after Russian President Vladimir Putin announced on a national broadcast that his army would conduct a “special military operation” in Ukraine. As the sun began to rise in Ukraine, the Russian army launched missiles around several areas of the country, including the capital of Kiev and the city of Kharkiv.The Bitcoin (BTC) price has dropped 7.26% to $35,000 today according to Cointelegraph Markets Pro. Ethereum (ETH) dropped 9.48% and Ripple (XRP) dropped 9.24% today. The overall crypto market cap has dropped 8.25% to $1.58 trillion.Volatility is spiking on other major global financial indexes as the S&P 500 (GSPC) and the Dow Jones Industrial Average (DJI) are down nearly 2% in the last hour. Ethereum founder Vitalik Buterin, who lived the first six years of his life in Kolomna in Russia, tweeted at about 4am UTC in Russian that (according to a rough translation) he is:“Very upset by Putin’s decision to abandon the possibility of a peaceful solution to the dispute with Ukraine and go to war instead. This is a crime against the Ukrainian and Russian people. I want to wish everyone security, although I know that there will be no security. Glory to Ukraine.” He added later in English: “Reminder: Ethereum is neutral, but I am not.”Очень расстроен решением Путина отказаться от возможности мирного решения спора с Украиной и вместо этого начать войну. Это преступление против украинского и русского народа.Хочу желать всем безопасности, хотя знаю, что не какой безопасности не будет.Слава Украине.— vitalik.eth (@VitalikButerin) February 24, 2022Advisor to Atlas DEX Altcoin Sherpa tweeted that the focus should be on the people involved and not the effect on markets. Thoughts are with all of those in Ukraine tonight. We sometimes forget that there are real people living in these situations and it’s not all about the market. — Altcoin Sherpa (@AltcoinSherpa) February 24, 2022

Analyst Will Clemente, Lead Insights Analyst at Bitcoin mining company BlockWare, tweeted:Thoughts and prayers are with everyone in Ukraine.— Will Clemente (@WClementeIII) February 24, 2022

The price of oil has spiked to $99.50 in response to Russia’s actions. Podcast host and crypto investor Anthony “Pomp” Pompliano pointed out that since Russia is the world’s third largest producer of oil, “The impact of this situation is going to be felt globally.” Russia is the third largest oil producer in the world.Oil just hit $100 a barrel. The impact of this situation is going to be felt globally.— Pomp (@APompliano) February 24, 2022

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BlackRock expected to offer crypto trading as Three Arrows exec says long Bitcoin, ETH in 2022

Bitcoin (BTC) and Ether (ETH) are sure long bets for 2022, prominent investor and commenter Zhu Su says.In a tweet on Feb. 10, Zhu, co-founder of hedge fund Three Arrows Capital (3AC), argued that BTC and ETH were the best options for investment this year, along with oil, while the S&P 500 is a no-go.Zhu: 2022 macro trades “pretty clear”Despite concerns that deflationary pressures could take Bitcoin and altcoins down with equities, not everyone believes that 2022 will be a red year for hodlers.The picture is complex — some are eyeing a “melt-up” for stocks and crypto as a result, thanks to positive correlation. Others feel a painful period is due across the board, but that at least Bitcoin will emerge stronger thereafter.Ex-BitMEX CEO Arthur Hayes, meanwhile, has been solidly gloomy on the macro outlook since the start of the year.For Zhu, however, there are now “pretty clear” places to hedge cash for the coming three quarters.Think the year’s macro trades are pretty clear for me now:1) long oil dec22, dec23 fwd2) long btc, eth, and other high-liquidity crypto as hard money3) short russell/spx4) short Meta + Apple / long Google + Microsoft— Zhu Su (@zhusu) February 10, 2022An additional Twitter post agreed that adding Visa and MasterCard as fiat payment processors was also a “no brainer” for shorts.”An insane 24 hours”The forecast followed rumors that BlackRock, the world’s largest asset manager, is allegedly aiming to enter the cryptocurrency space.Related: Price analysis 2/9: BTC, ETH, BNB, XRP, ADA, SOL, LUNA, AVAX, DOT, DOGEAccording to several people with knowledge of the matter quoted by mainstream media, BlackRock clients could soon be able to trade crypto, while the giant will also facilitate credit in return for crypto collateral.One source described BlackRock’s approach as “looking to get hands-on with outright crypto.”The Canadian branch of Big Four accounting conglomerate KPMG announced it had added both Bitcoin and Ethereum to its balance sheet this week.All in all, in the words of popular trader and analyst Pentoshi, adoption has fuelled an “insane 24 hours.”$BTC Insane 24 hoursSome random Canadian company bought way less $BTC than I ownRussia adopted crypto Blackrock wants BitcoinEl Salvador Bonds approved So why price struggle here? Reclaims = safety off invalidations Does taking what the market gives pay again? https://t.co/OyTmlSdRlg pic.twitter.com/F3ibYnjjmX— Pentoshi Forbes worst trader 40 years running (@Pentosh1) February 10, 2022

As Cointelegraph reported, however, near-term BTC price gains remain far from a dead certainty for the bulls.

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