Bitfarms set to acquire 48,000 new miners in 2022 despite chip shortage

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Two DeFi Altcoins Could Soon Surge, Says Crypto Analyst Who Called 2018’s Market Bottom

A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000 has pointed to two decentralized finance (DeFi) altcoins he believes could soon surge as the crypto market recovers.

The pseudonymous analyst, known as Smart Contractor on social media, told his over 100,000 followers that DeFi blue-chip tokens like Aave’s AAVE and Synthetix’s SNX could appreciate the most over the next leg up as they’ve held relatively well compared to other altcoins in the recent crypto market correction.

Smart Contracter noted that these two altcoins have been making higher lows instead of lower lows, implying they’re ready to move up. He wrote on social media:

#DeFi blue chips like $aave $snx et al. will probably bounce the most seeing as they dumped the least. most didn’t even make LLs but instead making HLs, expecting potentially 30%+ bounces from here.

Aave, it’s worth noting, is the native token of one of the leading DeFi protocols, which allows users to earn interest on their cryptocurrency holdings, or take out crypto-backed loans through the platform.

Synthetix is a platform that allows for the issuance of synthetic assets. These assets are analogous to derivatives in legacy finance, but are built on top of the Ethereum blockchain as ERC-20 smart contracts. They track the price movements of real assets.

The trader then analyzed the top two cryptoassets by market capitalization, Bitcoin (BTC) and Ethereum’s ether, and pointed out he sees a retrace in the coming week, before a final move down occurs and both cryptocurrencies recover. Bitcoin could, as such, hit $50,000 at the beginning of March, before moving below the $40,000 mark.

Ethereum, on the other hand, could move up to $1,600 before moving down to $1,000 where it would find support. From there, the cryptocurrency could stage a recovery to a new all-time high above $2,200.

Featured image via Pixabay.

TA: Bitcoin Holding Gains, Why BTC Could Surge Above $50K

Bitcoin price recovered above $48,000, but it failed near $50,000 against the US Dollar. BTC is now holding gains above $47,000 and it is likely to make another attempt to surpass $50,000.

  • Bitcoin is consolidating gains above the $47,000 and $46,500 support levels.
  • The price is now trading well above $47,000 and the 100 hourly simple moving average.
  • There is a key declining channel or a bullish flag forming with resistance near $49,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong increase once it clears $49,000 and $50,000 in the near term.

Bitcoin Price is Showing Positive Signs

After struggling to clear the $50,000 resistance, bitcoin started a downside correction. BTC declined below the $49,500 and $49,000 support levels.

The price even traded below the 23.6% Fib retracement level of the upward move from the $43,000 swing low to $50,190 high. It even declined below the $48,000 support level. However, the bulls were able to protect the $47,000 support zone.

The price remained stable above the 100 hourly simple moving average, which is currently at $47,100. Bitcoin also remained well bid above the 50% Fib retracement level of the upward move from the $43,000 swing low to $50,190 high.

Bitcoin Price

Source: BTCUSD on

It seems like there is a key declining channel or a bullish flag forming with resistance near $49,000 on the hourly chart of the BTC/USD pair.

If there is an upside break above the channel resistance, there are high chances of a push above the $50,000 resistance. The next major resistance is near $52,000, above which the bulls are likely to take control.

Fresh Dip in BTC?

If bitcoin fails to continue higher above the $49,000 and $50,000 resistance levels, there could be a fresh decline. The first key support on the downside is near the $47,500 level.

The next major support is near the $47,000 level and the 100 hourly simple moving average. The main breakdown zone is now forming near the $46,500 level, below which the price might dive to $43,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $47,000, followed by $46,500.

Major Resistance Levels – $49,000, $50,000 and $52,000.

An Iranian Think Tank Recommends the Use of Cryptocurrencies to Circumvent Sanctions

An Iranian Think Tank Recommends the Use of Cryptocurrencies to Circumvent Sanctions

A think tank affiliated with the Iranian Presidency has unveiled a study report that encourages the use of cryptocurrencies in circumventing sanctions against the country. In addition, the report also claims the government could potentially “generate US$2 million a day and $700 million a year in direct revenue from cryptocurrencies.”

Employment Opportunities

Meanwhile, as reported by one local media outlet, the authors of the report say Iran can increase employment opportunities across its economy if it enables the creation of more bitcoin mining farms. In their report, the authors assert that:

If large mining farms are established, the need to employ manpower for monitoring and repair, security, electrical engineers and technical staff related to hardware and software equipment will increase, which leads to more job opportunities in other sectors.

The authors then go on to suggest that “for every megawatt of electricity consumption about nine people are directly employed.”

However, the report seemingly urges the Iranian government to consider regulating cryptocurrency activities. In justifying this recommendation, the report states that “regulated cryptocurrency activity in Iran might also help to prevent foreign currency from leaving the country.”

Beating Sanctions With Newly Extracted BTC

Predictably, the report also touches on why cryptocurrency mining provides a unique opportunity for the Iranian government to circumvent sanctions. The report explains:

As the newly-extracted bitcoins are not easily traceable, domestic economic actors can use newly-extracted cryptocurrencies, which are (more) preferable than (those already) existing on international exchanges.

Also in the report, the authors claim that the creation of more cryptocurrency mining farms will help Iran to “reduce electricity losses.”

In their conclusion, the authors urge the Iranian government to enable the “collective mining” of cryptocurrencies as well as the “creation of mining pools next to power plants where possible.”

Do you agree that newly created bitcoins are not easily traceable? You can share your views in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Top 3 NFT brands sales grew 381% in February

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Rarest Pepe — ‘most important NFT in art history’ — sells for 205 ETH

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Bitcoin Market Cap Could Surpass $300 Trillion, Max Keiser Says

Popular bitcoin bull and market analyst Max Keiser has argued that bitcoin’s market capitalization could surpass $300 trillion in the future, predicting the flagship cryptocurrency could surpass the U.S. dollar and become the world’s reserve currency.

In a new episode of the Keiser Report on RT, first spotted by Daily Hodl, the bitcoin bull shared a Morgan Stanley report with his over 4 million subscribers on the video-sharing platform YouTube, and argued bitcoin could become a viable alternative to gold as a store of value, and to the U.S. dollar as a medium of exchange.

Per Keiser, investors have two options: using fiat currency to benefit from its lack of volatility, but facing a “guaranteed” loss of purchasing power, or use bitcoin and deal with its volatility while benefitting from a “guaranteed” gain in purchasing power.

The market analyst also pointed out that bitcoin is closing in on the precious metals market, and predicted the cryptocurrency will overtake silver’s market capitalization over the next few months, while getting halfway to gold’s market capitalization later this year. Once BTC gets past gold, he said, “only the dollar is left.”

He said coitized the U.S. Federal Reserve for inflation the supply of the U.S. dollar, which is “not particularly robust.” The dollar, he said, is going to “be decimated as Bitcoin dominates and becomes the global world reserve currency as we predicted. Morgan Stanley is finally waking up to this.”

As BTC rises past gold and challenges the world’s reserve currency, Keiser predicted its value could rise meteorically.

I guess it’s going a lot higher because it has to replace gold. It has to replace the US dollar. The total addressable market (TAM) for Bitcoin is $300 trillion. It’s now at $1 trillion. It’s got a 300x path to go from here. Own it or have fun staying poor.

Bitcoin has often been referred to as gold 2.0, as the cryptocurrency is used as a hedge against potential currency debasement and hyperinflation. Billionaire investor Jeffrey Gundlach, CEO of DoubleLine Capital, has revealed that while he is still a long-term dollar bear and gold bull, sees bitcoin as a better bet after turning neutral on both the U.S. dollar and gold.

Analysts at Goldman Sachs have last week reported that both bitcoin and gold have a specific role to play in investors’ portfolios and, as such, bitcoin won’t take over gold’s market capitalization, nor will gold make the flagship cryptocurrency irrelevant.

Featured image via Pixabay.

Bitcoin’s Recent 25% Drop ‘Positive’ as It Tested Holder Conviction: Report

Bitcoin’s recent 25% price dip was positive because it flushed out excessive leverage from the market and tested its holders’ conviction while keeping speculators at bay, according to a recent report.

The report, published by on-chain analytics firm Glassnode, analysed the recent cryptocurrency market correction, which saw BTC’s price drop from a new all-time high above $58,000 to about $43,000 before recovering. It concluded these market corrections are positive, even thought the recent dip wasn’t as sharp as the one seen back in January, when bitcoin dropped from $42,000 to $30,000, losing 30% of its value.

The firm’s report suggested the pullback was partly caused by leveraged positions being liquidated. The report reads:

Significant market corrections are positive events in that they flush out speculation, leverage, weak hands, and test holder conviction.

Glassnode’s reports adds that several market indicators were reset as bitcoin’s price fell to a support level. Futures open interest and funding rates, for example, dropped to healthier levels, while the price premium of Grayscale’s Bitcoin Trust (GBTC) went negative.

As Cointelegraph reports, futures open interest, which represents the number of outstanding futures contracts to be settled, dropped by nearly $4 billion from its $18.4 billion peak, while perpetual contracts funding rates dropped to near zero.

This, the report adds, could show a “flush in speculative trading has occurred,” as “previous combinations of decreasing open interest and a reset of funding rates” indicated such a decrease in speculative trading activity.

Products such as North America’s first bitcoin exchange-traded fund (ETF), the Purpose Bitcoin ETF, could have seen the premium Grayscale’s Bitcoin Trust was known for trading at disappear. The product is now trading at a 4% discount to its net asset value.

Glassnode’s co-founder noted on social media that Liquid Bitcoin supply Change has kept on decreasing over the last few weeks, regardless of whether the price went up or down, indicating “the insane amount of hodling and confidence right now.”

Featured image via Pixabay.

Bitcoin Shakes Off Dollar Rebound But Beware Of Coming Bear Phase

Bitcoin has barely flinched in the face of the dollar’s best attempt at a rebound in over a year. The greenback is trying to stage a comeback against the top cryptocurrency, which has left the global reserve currency battered and beaten.

Although Bitcoin has fended off the advance in USD, if history repeats and the dollar surges, a short term bear phase could be coming to the crypto market soon.

The Badly Beaten Dollar Begins Breakout And Bounce

2021 thus far has been Bitcoin’s best year on record. 2020 was among the dollar’s worst as sentiment turned negative and inflation fears pushed investors toward hard assets like gold and crypto.

However, according to the DXY Dollar Currency Index, which weighs the dollar against a bucket of other national forex currencies, a comeback is in the making.

dollar dxy bitcoin

The dollar is breaking out from a falling wedge. Will crypto respond? | Source: DXY on

The chart above shows the DXY breaking out from a falling wedge pattern, and coming back down to retest the former resistance line as support. With the retest complete, a stronger push higher should result.

Related Reading | Dollar, Divergences, & More: Here’s Why Bitcoin Could Soon Bounce

Thus far Bitcoin has remained largely unaffected by the dollar’s advance, despite one half of the cryptocurrency’s main trading pair featuring the fiat currency.

dollar dxy macd

A bullish MACD crossover will confirm the breakout as it has in the past | Source: DXY on

Coinciding with the breakout of the falling wedge, on higher timeframes, the MACD – a momentum indicator – is starting to turn upward. Past instances of the same pattern breaking upward combined with a bullish crossover on the MACD has led to sustained upside in the DXY.

How A Reversal In The Greenback Could Send Bitcoin Into A Bear Market

Although the leading cryptocurrency by market cap has shaken off the greenback’s rebound thus far, a bear phase could soon be coming that sets back the current uptrend for some time.

Each time the MACD crossed bullish on the DXY, it led to an extended bear market in Bitcoin, as pictured below.

dxy bitcoin

Each bullish crossover in the dollar led to a crypto bear market | Source: DXY on

Bitcoin has been an uptrend for nearly a full year – since Black Thursday in 2020 – but time could be running out. The MACD hasn’t fully crossed over just yet, but has begun to turn upward.

Related Reading | This Unique Take On Bitcoin Suggests A Bear Phase Is Near

However, not all is lost for Bitcoin and the rest of the crypto market. An inverse head and shoulders on high timeframes might have completed on the DXY, which after a throwback to the trendline to confirm it as resistance, could result in the largest collapse in the dollar’s history, and its eventual undoing.

dxy head and shoulders

Upside in the dollar could ultimately be limited, benefiting Bitcoin | Source: DXY on

Such a scenario would suggest a bear phase in Bitcoin will arrive sooner than later, but that it will be much shorter-lived than previous bear markets, and once it ends, the leading cryptocurrency by market cap could completely take over as the global reserve currency.

Of course, there’s no telling what the dollar could do from here, or if this time is actually different.

Featured image from Deposit Photos, Charts from