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Ark Invest CEO Reaffirms $500K BTC Price Prediction, Says Bitcoin Is in ‘Capitulation Phase’

21/05/2021 by Idelto Editor

Ark Invest CEO Cathie Wood Reaffirms $500K BTC Price Prediction, Says Bitcoin Is in 'Capitulation Phase'

The CEO of Ark Investment Management (Ark Invest), Cathie Wood, still predicts that the price of bitcoin will be $500K. She says that all indicators “are all suggesting that we are in a capitulation phase, which is a really great time to buy, no matter what the asset is.”

Ark Sees Bitcoin Reaching $500K

Ark Invest CEO Cathie Wood has shared her view about the current bitcoin market and her prediction of where the price of the cryptocurrency will rise to in an interview with Bloomberg Wednesday.

Wood has previously predicted that the price of bitcoin will increase to $500K. With the current market turbulence and sell-offs across a broad range of cryptocurrencies, she was asked if she still stands by her forecast.

Referencing work done by her firm’s crypto analyst, Wood replied, “We do. I do,” emphasizing:

Yes, our conviction is as high.

She continued: “The one thing that has changed here, however, is the environmental concerns around bitcoin, in particular, have caused people like Elon Musk to pull away and say, ‘Woah, let me make sure I understand this.’”

Musk’s electric car company, Tesla, recently announced that it has suspended accepting bitcoin for payments due to environmental concerns. However, Musk has confirmed that Tesla has not sold its bitcoins. Furthermore, when the price of bitcoin plummeted this week, Musk tweeted diamond hands emojis suggesting that Tesla will not sell its bitcoins.

Referring to the environmental concerns some people, like Musk, have, Wood detailed: “We believe that even this is going to change because, first of all, right now the percentage of bitcoin mined with renewables and hydroelectric power is quite substantial. I think in China it’s over 50% in renewables.”

She also referenced a paper Ark Invest wrote with Square Inc. arguing that “Bitcoin is key to an abundant, clean energy future.” This week, Ark also argued that bitcoin mining could be a net positive for the environment.

When asked how low the price of bitcoin could fall to from its current level, Wood said, “You never know how low is low when the market gets very emotional.” She added that “A lot of traders see bitcoin dropping below the 200-day moving average, which was at $40,000. So traders, once that happened, they just dump. Some just dump and run.”

Nonetheless, the Ark Invest CEO said, “I think we are in a capitulation phase.” She elaborated that all the indicators “are all suggesting that we are in a capitulation phase, which is a really great time to buy, no matter what the asset is. A capitulation phase is buy. It’s on sale.”

While acknowledging that some traders may continue to sell their crypto holdings, Wood emphasized:

All of our indicators are saying this is capitulation right now.

Do you agree with Cathie Wood about bitcoin? Let us know in the comments section below.

Markets Update: Digital Currency Economy Surpasses $300 Billion

21/06/2019 by Idelto Editor

Digital currency prices have spiked considerably in the last 24 hours and bitcoin core (BTC) stopped short about $70 in an attempt to cross the $10K price zone. Most cryptocurrencies are up between 2-8% on Friday, June 21 and the entire cryptoconomy surpassed $300 billion.

Also read: These Are 2019’s Biggest Cryptocurrency Winners and Losers so Far

$300 Billion and Still Rising

Six days ago news.Bitcoin.com reported on the surge that took place after a majority of cryptocurrency prices pulled back the week prior. This Friday, just before the weekend, on June 21 digital currency prices have spiked considerably and the entire market valuation of the 2000+ coins in existence has gained more than $25 billion. During the early morning trading sessions on Friday, BTC’s fiat value touched a high of $9,921 on Bitstamp but has since retreated to prices between $9,700 and $9,875.

At the time of writing 1 BTC is trading for $9,860 per coin and the market is up today by 5.6%. This is followed by ethereum (ETH) markets which are up 6.7% today and each ETH is swapping for $286. Ripple (XRP) is only up 3.5% and each XRP unit is trading for $0.44. Lastly, the fourth market cap position still belongs to litecoin (LTC) which has gained 2.4% today and is trading for $137 per LTC.

Bitcoin Cash (BCH) Market Action

Bitcoin Cash (BCH) markets have advanced today by 5.4% and each BCH has a price average of around $431 at press time. BCH trade volume has picked up and there’s been about $1.81 billion worth of BCH traded over the last 24 hours. BCH has jumped from the seventh top trade volume position to the sixth, just above XRP and below EOS. The largest pair trading against BCH this Friday is tether (USDT) capturing 40% of today’s BCH trades. This is followed by BTC (34%), USD (10%), ETH (5.5%), KRW (4.8%), and JPY (1.75%). The top five exchanges trading the most bitcoin cash before the weekend include Coinbene, Bibox, Hitbtc, P2pb2b, and the ZBG exchange. Bitcoin cash has an overall market valuation of $7.7 billion with 17,850,100 BCH currently in circulation.

BCH/USD Technical Indicators

Looking at the technical indicators on the 4-hour chart referencing the exchange Kraken shows that most oscillators are either neutral or signaling a buy opportunity. The Relative Strength Index (RSI) is high (~59.29) but still not indicating overbought conditions. Stochastic shows similar findings and the oscillator (~77.38) is impartial as well. The two Simple Moving Averages (SMA) still have a decent gap between the short term 100 SMA and the long term 200 SMA. With the 100 SMA trendline still above the long term 200 SMA, the path toward the least resistance is still pointing toward the upside.

Ichimoku Cloud (9, 26, 52, 26) baseline is neutral, but a majority of moving average indicators are bullish. The MACd, a momentum oscillator that subtracts the longer-term moving average from the shorter-term moving average, shows more bullish upswings will likely come to fruition. Order books show BCH bulls have to surpass the $460 range again to keep the momentum going strong and there will likely be resistance within the $500 zone as well. On the backside, there’s still strong foundations at the current vantage point and the $385-400 region.

The Verdict: Overwhelming Optimism Coupled With Psychological Resistance

Overall, traders are extremely positive about the advancements and many are watching to see if BTC crosses the 5-digit price region once again. However, $10K represents a psychological resistance point which will be tough to overcome. So far, many cryptocurrencies are much healthier price-wise than they were back in December 2018. Traders believe the outlook is quite positive and digital assets will remain in a bullish trajectory as long as they don’t lose 30% of the value they’ve captured in 2019.

Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Images via Shutterstock, Trading View, Bitcoin.com Markets, JP Morgan, and Coinlib.io.

Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

The post Markets Update: Digital Currency Economy Surpasses $300 Billion appeared first on Bitcoin News.

Markets Update: Crypto Prices Surge After Last Week’s Pullback

15/06/2019 by Idelto Editor

Digital currency markets have regained some of the losses they endured last week, with the entire cryptoconomy now valued at $275 billion this Saturday. Most cryptocurrencies are up in value between 2-8% today but global trade volumes have tapered off with only $63 billion swapped in the last 24 hours.

Also read: Bitcoin.com’s Local Bitcoin Cash Marketplace Is Now Open for Trading

Digital Asset Markets See Fresh Gains

Cryptocurrency markets have been all over the place lately, giving enthusiasts and traders constant surprises. Most markets have seen decent gains after last week’s slump brought most coins down to foundational support. This Saturday, June 15, bitcoin core (BTC) is trading for $8,791 per coin and has a market valuation of around $156 billion. BTC markets are up today around 4.4% and up over 10% for the last seven days.

Markets Update: Crypto Prices Surge After Last Week's Pullback — **Top 10 cryptocurrencies by market cap on Saturday, June 15, 2019.**

The second largest market cap belongs to ethereum (ETH) which is priced at $265 per unit. ETH has gained 3.3% this Saturday and roughly 7.6% for the week. Ripple (XRP) is trading for $0.40 per coin and has a market cap of about $17 billion. Lastly, litecoin (LTC) is up 5.2% today and trading for $135 per LTC. Additionally, the market price of LTC has gained 17.4% over the last seven days.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) is up today around 2.4% and 6.4% for the entire week. One BCH is swapping for an average of $419 at the time of writing and the market capitalization is worth $7.49 billion. The top exchanges today swapping the most BCH include Huobi Korea, Coinbene, P2pb2b, Hitbtc, and Digifinex. The top trading pair with BCH today is tether (USDT), capturing 46.6% of all trades. This is followed by BTC (32.5%), USD (10.2%), KRW (5.1%), and JPY (1.57%). Both the EUR and ETH pairs have increased but the Korean won (KRW) paired against BCH has grown significantly this week. Right now BCH is the sixth most traded coin as far as global volume is concerned. Bitcoin cash has about $1.66 billion in global trade volume in the last 24 hours.

BCH/USD Technical Indicators

Today the 4-hour BCH/USD chart on Kraken indicates that BCH bulls have managed to surpass resistance at the $400 mark. Currently, most oscillators are showing neutral signs at the moment as the Relative Strength Index (RSI) hovers around ~62.42, which is closer to overbought conditions. The two Simple Moving Averages (SMA), both long term (200 SMA) and the short term (100 SMA) trendlines, have crossed paths once again with the 100 SMA above the long term trendline.

This would indicate that the path toward the least resistance, for the moment, is in the bulls’ favor and most moving average indicators show buy signals. The Ichimoku Cloud (9, 26, 52, 26) baseline is currently impartial, while the MACd ~6.65 shows there’s room for more price improvements. Looking at order books shows some strong resistance above the $440 zone and BCH bulls will need to surpass this region. On the backside, order books give a good visualization of some solid foundational support between the $390 price range and the $365 area.

The Verdict: Newfound Crypto Market Optimism

The last 48 hours of increased prices have injected some positivity into the community and many wonder if things will remain bullish. Litecoin has done well over the last few weeks and traders believe the recent push is due to the supply cut taking place in August. Moreover, BCH has seen incredible amounts of development over the last few months and programmers have shown off lots of innovative concepts like Cashshuffle, SLP tokens, and Shnorr signed transactions. The price of bitcoin cash and its incredible gains this year have likely been a reflection of ongoing development improvements. Crypto prices this month, in general, are doing a whole lot better than the market performances back in December 2018. This has given people newfound optimism and a sense of relief after the long crypto winter.

Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Trading View, Bitcoin.com Markets, and Coinlib.io.

The post Markets Update: Crypto Prices Surge After Last Week’s Pullback appeared first on Bitcoin News.

Markets Update: Crypto Prices Sink Lower Finding New Support Levels

09/06/2019 by Idelto Editor

On June 9, digital currency markets have been meandering along in a consolidated manner after the slight downturn this afternoon. At the moment, the entire cryptocurrency market is around $243 billion, but global trade volume has dropped from $80 billion on June 5 to $56 billion this weekend.

Also read: Bitcoin.com’s Local Bitcoin Cash Marketplace Is Now Open for Trading

Crypto Markets Under Pressure

About six days ago digital currency markets lost between 2-15% throughout June 2 through June 5, but market participants managed to recapture some of those losses throughout last week. Currently, bitcoin core (BTC) spot prices are hovering between $7,625-7,700 per BTC and the market is down 2.2% today. BTC has an overall market capitalization of around $136 billion this Sunday and $16 billion in global trade volume. The second largest market valuation belongs to ethereum (ETH) but ETH has lost 4.6% in the last 24 hours.

One ETH is swapping for $232 per coin and the entire market valuation is $24.7 billion this weekend. Following ETH is ripple (XRP), which is down 6.2% today and 12.9% for the week. One unit of XRP is trading for $0.38 at the time of publication. Lastly, litecoin (LTC) has managed to bump bitcoin cash (BCH) out of the fourth market cap position as LTC markets are only down 0.9%. Each LTC is swapping for $114 per coin and LTC has a market valuation of around $7.09 billion.

Bitcoin Cash (BCH) Market Action

The fifth market capitalization on Sunday, June 9 is bitcoin cash (BCH) as each coin is trading for $378 at press time. BCH markets are down 3% today but around 14% for the entire week. The total market valuation for all the BCH currently in circulation is $6.7 billion while global trade volume is around $1.24 billion. The top exchanges swapping the most BCH this Sunday include Coinbene ($222M), P2pb2b ($90M), Hitbtc ($54M) Digifinex ($28M), and Huobi Pro ($27M). Exchanges trading large sums of BCH like Idax, Fcoin, Binance, and Coinbase follow behind. The most traded pair today with bitcoin cash is BTC which is capturing 44% of all BCH trades this weekend. BTC/BCH pairs are followed by USDT (35.7%), USD (8.8%), KRW (5%), JPY (1.8%), EUR (1.4%), and TUSD (1.4%). Since June 1, BCH daily onchain transactions have been between 44,000-58,000 per day.

BCH/USD Technical Indicators

Looking at the 4-hour BCH/USD chart on Kraken shows foundational support is holding up and bears have been struggling to bring the price down below the $380 region. Right now most oscillators are showing buy and neutral signals while most moving averages are indicating sell signals. For instance, the two Simple Moving Averages (SMA), both long term (200 SMA) and the short term (100 SMA) trendlines, have crossed paths. The longer-term 200 SMA is above the 100 SMA indicating the path toward the least resistance is the downside. However, the Relative Strength Index (RSI ~35.53) is impartial at the moment and the Stochastic reveals similar findings.

The MACd (~2.93), the momentum oscillator that subtracts the longer-term moving average from the shorter-term moving average, shows bulls could spring back and bring prices back up. Looking northbound at order books, however, shows that there’s tough resistance around the $400 region and the $425-440 zones as well. On the backside, there’s still decent support around the $380 area and some more support between the $340-360 range.

The Verdict: Crypto Analysts Still Bullish Despite the Recent Drop in Value

Most cryptocurrencies have done incredibly well throughout the month of May gaining between 40-80% in a mere 30 days. Although some skeptics believe a pullback is on the cards and Bloomberg analysts report that BTC/USD charts show the GTI Vera Convergence-Divergence indicator has shown a sell signal not seen in over two months. Because of this, the analysts believe prices may reverse toward the downside throughout June. Then there’s been rumors that the Facebook coin whitepaper will be published on June 18 and crypto enthusiasts don’t know what to expect from this launch. Still, some analysts believe that June will be a very bullish month for BTC and cryptocurrency markets in general and that the Facebook coin launch will be a catalyst. Market researcher Naeem Aslam is convinced that June will be a very good month for the digital asset space.

“I am optimistic about the bitcoin price during this month and I believe the Facebook event will be the catalyst for the bitcoin price to move higher,” Aslam remarked on June 7.

Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Trading View, Bitcoin.com Markets, and Coinlib.io.

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Markets Update: Cryptocurrency Prices See a Slight Correction

04/06/2019 by Idelto Editor

Cryptocurrency prices have corrected over the last 24 hours as most digital assets have dropped in value between 6-10% since June 2 at around 6:45 p.m. EST. At press time the entire cryptoconomy is valued at $250 billion with about $80.5 billion in global trades in the last day.

Also read: Bitcoin.com’s Local Bitcoin Cash Marketplace Is Now Open for Trading

Bulls Get Pushback

Digital currency values are lower this week after many coins dropped a few percentages during Sunday evening’s trading sessions. Crypto bulls started showing some exhaustion during our last markets update but global trade volume has remained roughly the same. On June 4 at press time, the price per bitcoin core (BTC) is around $8,011 and BTC has a market capitalization of about $142 billion. BTC is down 6% today and has lost 7.9% over the last seven days.

The second largest market valuation is ethereum (ETH) and each coin is trading for $250. ETH has a total market cap of around $26.6 billion and has lost about 4.7% over the last 24 hours. Ripple (XRP) is trading for $0.41 per XRP, having dropped 5.9% in the last day. Lastly, the fifth largest market valuation is held by litecoin (LTC) and each LTC is swapping for $105 per coin. LTC charts show a loss of 5.8% for the day and 7.4% for the entire week.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) prices have dipped as well and each coin is trading for $397 per BCH at press time. BCH has lost 7.4% for the day and over the last seven days prices have dropped by 8.2%. Currently, bitcoin cash has an overall market cap of about $7 billion and over $2.1 billion in global trades in the last 24 hours. The top exchanges swapping the most BCH today include Coinbene, P2pb2b, Hitbtc, Binance, Huobi Pro, and Digifinex.

42.7% of today’s BCH trades are paired against tether (USDT) which is followed by BTC, capturing 26.1% of trades. Other strong BCH pairs on June 4 include USD (16.5%), KRW (7.8%), EUR (2.4%), JPY (1.9%), and TUSD (0.73%). Since April 1 BCH has seen a significant increase in daily onchain transactions with 35,000-150,000 transactions per day and on June 4 there’s been around 51,000 so far.

BCH/USD Technical Indicators

Looking at the 4-hour BCH/USD chart on Kraken shows that bulls have lost the reins temporarily. Technical indicators show that most oscillators are either impartial signals or sell signals. For instance, the MACd, a momentum oscillator that subtracts the longer-term moving average from the shorter-term moving average, shows bears may pull the price down a bit lower. However, the 4-hour Relative Strength Index (RSI ~32.93) is hovering in the middle after touching overbought conditions on June 3.

The two Simple Moving Averages (SMA) reveal the 100 SMA is still above the longer term 200 SMA trendline. This indicates that the path toward the least resistance is still the upside despite the recent correction. Order books show some fresh resistance above the $400 mark and some walls within the $430-450 range as well. On the backside, if bears attempt to bring the price lower than they will be stopped at support foundations between $375-340.

Crypto Assets, Precious Metals and the Tumultuous World Economy

It seems that crypto prices are consolidating at the moment and intraday traders are searching for new positions. The downturn also follows alongside U.S. stocks tumbling in value with Dow Jones Industrial Average (DJIA) losing 365 points on June 3 and Nasdaq and S&P followed suit. Precious metals saw small increases yesterday and the price of gold is nearing a 13-month high. Some believe that precious metals like gold and silver and cryptocurrencies will be fueled by economic uncertainty as both types of markets have seen significant jumps in value.

It’s likely due to the U.S. dollar’s drop in value which was sparked by commentary stemming from the St Louis Federal Reserve President James Bullard and Fed Chair Jerome Powell. Spectators believe the U.S. central bank is contemplating an interest rate cut in order to stabilize the American economy and dollar. As it stands, digital asset market values have increased a great deal in 2019. Even with the dip in value over the last 48 hours, at current market prices, cryptocurrency investments have still outpaced stocks, gold, and crude oil by a long shot.

Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Trading View, Bitcoin.com Markets, and Coinlib.io.

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