MonatJanuar 2023

Battle of Bulls and Bears at $24K: Will it Determine Bitcoin’s Mid-Term Direction?

• Bitcoin has been facing a significant resistance level of $24K.
• There has been a battle between the bulls and the bears over the last week.
• The outcome of this battle will determine the mid-term direction of the price.

Bitcoin has seen many bullish signs over the last week both on-chain and technically. As a result, the price has been able to reach a crucial resistance level of $24K. However, since then, the price has been stuck in a consolidation stage indicating a battle between the bulls and the bears. This battle is likely to determine the mid-term direction of the Bitcoin price.

The daily chart of Bitcoin shows that the uptrend has been halted by the resistance level at $24K. This level is a psychologically significant one and it has been a strong resistance for Bitcoin in the past too. This is why the price has been unable to break past it and has entered a consolidation phase, printing multiple big shadows on the candle chart. This structure implies that there has been a battle going on between the bulls and the bears at this crucial level.

The outcome of this battle will determine the mid-term direction of the Bitcoin price. If the bulls are able to break past this level and sustain the price above it, then it could be the beginning of a bull market. On the other hand, if the bears are able to defend this level and the price drops below it, then it could be a bull trap and the price could enter a correction.

In order to evaluate the mid-term direction of the Bitcoin price, traders and investors will have to wait and see which side of the battle wins. Until then, the price is expected to remain stuck in a consolidation stage with no clear direction.

Bitcoin Bull Trap: Analysts Divided on Market Outlook

• Analysts are sending mixed messages about the current Bitcoin bull trap scenario.
• Bitcoin prices have risen by 45% since the cycle low of $15,665 in November 2021.
• There are fears of a bull trap, as Bitcoin markets have been down-trending since late 2021 and the asset is still 67% away from its peak.

Crypto analysts and industry observers are trying to determine if the current Bitcoin bull run is the start of a new bull market cycle or just a bull trap. Bitcoin prices have experienced considerable gains over the weekend, with a 45% increase since its cycle low of $15,665 on November 22. While the rally has been strong, there are increasing worries of a bull trap.

A bull trap is a trend reversal which causes those on the wrong side of the price action to suffer unexpected losses. Bitcoin markets have been trending downwards since late 2021, and the asset is still 67% away from its peak. This could be an indication that the trend could continue into this year.

Analysts and industry observers are divided on the subject of a Bitcoin bull trap. Some believe that the current rally is just a short-term bounce, and that the bear market could continue into 2021. Others are more optimistic, and believe that the current market conditions are indicative of a new bull market cycle beginning.

Crypto traders and investors are also split on the issue. Some are taking advantage of the current price action and buying into Bitcoin, while others are taking a more cautious approach and waiting for further confirmation of a new bull market before entering.

No matter which way the market moves, it’s important for traders and investors to stay informed and make decisions based on their own research and analysis. Ultimately, it’s up to each individual to decide whether or not they believe in the current Bitcoin bull trap scenario.

Mining Difficulty Hits All-Time High: Bitcoin Miners Return to Market

• Bitcoin mining difficulty has surged 10% to a new all-time high.
• The surge follows a winter slumber of Bitcoin miners due to bear market in 2022.
• F2pool, a leading player in the space, tweeted that machines with 40W/T efficiency can be running with profits if BTC can go up above $23,000.

Bitcoin miners have recently seen a surge in activity as the mining difficulty has hit a new all-time high of 37.59 trillion. This represents a 10.26% increase over the past two weeks and the biggest move since October of last year. The surge comes after a period of inactivity and declining profits for miners, who were hit hard in 2022 by a bear market, increasing competition, and high energy prices.

Leading player in the space, f2pool, took to Twitter to comment on the surge in mining difficulty. They said that if Bitcoin can go up above $23,000, machines with 40W/T efficiency can be running with profits. This is a significant statement, as it implies that miners can once again become profitable with the current market conditions.

The surge in mining difficulty is a sign that Bitcoin miners are returning to the market after the bear market in 2022. With more miners entering the market, it could provide a boost to the overall network security and help to ensure the safety of Bitcoin transactions. Additionally, the increase in miners could also lead to more competition, which could in turn drive down transaction fees and make Bitcoin a more attractive option for users.

Overall, the surge in mining difficulty is a positive sign for the Bitcoin market. It shows that miners are returning and that Bitcoin is still a viable option for miners. With more competition and lower fees, it could make Bitcoin an even more attractive option for users. Additionally, the increased security provided by the influx of miners could make Bitcoin more secure and help to ensure the safety of transactions.

Governments Race for Bitcoin: A Matter of National Security

• The race for Bitcoin is a matter of national security, as its price barely budged after the release of the latest jobs report, despite global economic uncertainty.
• Governments must hold their Bitcoin close, as it is poised to become the world’s “primary monetary good”, displacing fiat currencies in the long run.
• Governments have already started embracing Bitcoin, as countries such as the United States, China, and Russia have made significant investments in the cryptocurrency.

The race for Bitcoin is a matter of national security in 2023. As the world stands on the brink of global economic uncertainty, governments are increasingly looking to Bitcoin as a safe haven for their investments. Bitcoin’s price barely budged after the release of the latest jobs report, holding above $16,900 even as the data suggested more rate hikes. This suggests that Bitcoin is becoming ever more resilient to macroeconomic and geopolitical events, making it an attractive investment to governments looking to hedge their exposure to traditional financial markets.

Bitcoin is also poised to become the world’s “primary monetary good”, displacing fiat currencies in the long run. This is because of its decentralized nature and its ability to provide global access to digital assets without interference from governments or other third parties. With its increasing resilience to macroeconomic events, Bitcoin is becoming an increasingly attractive investment for those looking to hedge their exposure to traditional financial markets. Governments are quickly starting to embrace Bitcoin, as countries such as the United States, China, and Russia have made significant investments in the cryptocurrency.

The United States has started to invest heavily in Bitcoin, with the U.S. Treasury Department recently announcing that it will purchase $1 billion worth of the cryptocurrency. This investment is part of the Biden administration’s $1.9 trillion stimulus package, which is designed to help the nation’s economy recover from the effects of the COVID-19 pandemic. The U.S. government’s investment in Bitcoin is a strong indication of its commitment to the cryptocurrency, and it is likely that other countries will soon follow suit.

China and Russia have also started to invest heavily in Bitcoin. China’s central bank has recently announced that it will launch its own digital currency, the Digital Currency Electronic Payment (DCEP), which will be backed by the Chinese yuan. The Chinese government’s move to invest in a digital currency is a sign of its commitment to the technology and its potential to revolutionize the global financial system. Similarly, Russia’s central bank has also announced that it will launch its own digital currency, the CryptoRuble, which will be backed by the Russian ruble.

The race for Bitcoin is a matter of national security, as governments are increasingly viewing it as a safe haven for their investments. As more countries start to invest in the cryptocurrency, it is likely that its value will continue to increase. This is why governments must hold their Bitcoin close, as it is poised to become the world’s “primary monetary good”, displacing fiat currencies in the long run. By investing in Bitcoin, governments are ensuring that they are prepared for the future of cryptocurrency and the global economy.

2 V Global Execs Sentenced to Jail for Crypto Exchange Fraud

• Two high-ranking execs of the fraudulent South Korean crypto exchange, V Global, have been sentenced to eight years and three years in jail respectively.
• V Global lured investors by promising 300% returns and required new users to deposit 6 million won with a guaranteed return of 18 million won.
• South Korean authorities have tightened their control over the digital asset space in response to the fraud.

The recent arrests of two high-ranking execs of the fraudulent South Korean crypto exchange, V Global, have brought the total number of V Global execs serving their sentences behind bars to seven. The two execs, named Mr. Yang and Mr. Oh, were sentenced to eight years and three years, respectively, for their role in defrauding investors.

V Global reportedly lured investors by promising 300% returns. The exchange, which was active from July 2020 to April 2021, required new users to create accounts and deposit 6 million Korean won at the start with a supposedly guaranteed return of 18 million won. However, what V Global did not tell its investors is that it was using their funds to pay off older investors in a classic Ponzi scheme.

V Global also made use of a multi-level marketing system, whereby investors earned commissions by referring others to the platform. This system allowed the platform to gain more attention and attract more users. However, it also meant that the investors would lose their money when the platform eventually collapsed.

In response to the fraud, South Korean authorities have tightened their control over the digital asset space. The Financial Services Commission (FSC) has also increased its monitoring of digital asset exchanges and has shut down several exchanges for non-compliance. It has also taken steps to ensure that investors are aware of the risks involved with investing in digital assets.

The FSC has also urged investors to be more vigilant when investing in digital assets, and to do their due diligence before investing. It has also warned investors to be wary of investing in platforms that promise high returns with little to no risk, as these are usually scams.

The FSC has also advised investors to seek out exchanges that are registered with the FSC and that are compliant with laws and regulations. This will help ensure that investors are protected and their funds are secure.

The recent arrests of the V Global execs and the increased scrutiny of digital asset exchanges by the FSC are intended to send a strong message to those operating in the digital asset space. Namely, that fraudulent activities will not be tolerated, and that investors need to be aware of the risks associated with investing in digital assets.

Overall, the arrests of the V Global execs and the FSC’s increased scrutiny of digital asset exchanges are a sign that South Korean authorities are taking steps to protect investors and to ensure that the industry is operating in a safe and secure manner.

MicroStrategy Sells 704 BTC for Tax Planning Purposes, Buys 810 More.

• MicroStrategy sold 704 bitcoins on December 22 for tax purposes.
• The sale was the first time since the firm started accumulating the cryptocurrency in 2020.
• The company later purchased 810 more BTC two days after selling the initial 704.

Publicly-traded business intelligence company MicroStrategy made headlines recently when it revealed that it sold part of its bitcoin stash on December 22 for tax purposes. This was the first time the firm had sold any portion of its BTC stash since it started accumulating the crypto asset in 2020.

MicroStrategy had purchased 2,395 bitcoins worth about $42.8 million between November 1, 2022 and December 21, 2022. The company then sold 704 BTC for approximately $11.8 million on December 22 before purchasing another 810 BTC two days later. The firm’s filing with the Securities and Exchange Commission (SEC) stated that the sale was “for tax planning purposes.”

The filing also revealed that MicroStrategy had sold the bitcoins in order to “reduce the amount of any gain that might be recognized.” It was likely the company wanted to take advantage of the current prices of bitcoin and reduce the amount of tax that it would have to pay when it eventually sells its bitcoin holdings.

The sale of 704 BTC was a small portion of the company’s overall holdings, and it was quickly replenished with the purchase of more BTC. This indicates that the firm is still committed to its goal of increasing its bitcoin holdings.

The sale of some of its bitcoins for tax purposes is a reminder of the importance of doing proper tax planning when dealing with cryptocurrencies. It also highlights the fact that, despite the volatile nature of cryptocurrency markets, some companies are still willing to invest in bitcoin for the long-term.

MicroStrategy’s move is an example of how companies can use bitcoin as a part of their overall tax strategy. It also shows that companies are still interested in investing in the digital asset despite its volatility.

In the end, MicroStrategy’s sale of 704 bitcoins is yet another reminder of the importance of tax planning when dealing with cryptocurrencies. It is also a sign that companies are still willing to invest in the digital asset despite its volatile nature.

Huobi to Cut Salaries, Layoff Hundreds as Crypto Market Struggles

• Huobi is reportedly planning to layoff a significant portion of its workforce and cut the salaries of senior employees.
• The company intends to reduce its team size from 1,200 people to 600 and 800 employees.
• Huobi will also cancel its yearly bonuses.

The popular cryptocurrency exchange Huobi is reportedly making plans to join the crypto layoff trend, with reports of plans to cut salaries and layoff a significant portion of its workforce. According to Chinese reporter Colin Wu, Huobi will be reducing its team size from 1,200 people to 600 and 800 employees, in addition to cancelling yearly bonuses for its employees.

The news of Huobi’s plans comes after speculation last month that the exchange was preparing to reduce its headcount due to the high number of employees it currently has. However, the exchange denied the speculation at the time. But now, people familiar with the matter have confirmed that Huobi will be moving forward with its plans to cut the paychecks of its senior executives and layoff a significant portion of its workforce.

The reports come at a time when the crypto industry is facing a challenging market and many companies are struggling to remain profitable. Many exchanges, startups, and other cryptocurrency companies have been forced to reduce their headcount, as well as cut salaries and bonuses of their employees in order to stay afloat.

Huobi is the latest in a long list of companies that have been forced to make tough decisions in order to remain profitable in the current market. It remains to be seen how the company will be affected by the layoffs and salary cuts, but it is clear that the cryptocurrency industry is facing a difficult period.

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