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No $20,000 Bitcoin Until US Presidential Election 2020

For months, the Bitcoin price rose this year – regardless of a fast-spreading pandemic, the resulting economic turmoil, and poor evaluations by the mainstream media houses. Then, in September, the cryptocurrency came crashing down. It was March 2020 all over again, minus severity. Bitcoin established a year-to-date high near $12,500, started correcting lower on profit-securing…

Beware of What Comes after a Strong Bitcoin Rally

Bitcoin fell below $10,000 this weekend even as a majority of crypto warriors on Twitter were expecting a supersonic price boom towards $13,000, $14,000, $15,000, $20,000, and beyond. That was obvious for most of us. Bitcoin had every ingredient to dish out a delicious bull run. A central bank that committed to raise inflation rates…

Powell’s Jackson Hole Speech Will Leave Bitcoin More Bullish As Ever

Bitcoin price came in the middle of uncertainty this week as investors waited for Jerome Powell, the Federal Reserve chairman, to deliver his keynote address at this year’s Jackson Hole Symposium, an annual retreat that sees global central bankers breaking bread over high-profile economic table-talks. Mr. Powell’s speech is set to become a benchmark of…

Bitcoin and Its Rebound Relationship with Gold

Bitcoin this week broke up its three-month-old relationship with the US stocks. The hottest cryptocurrency is now dating gold. A rebound relationship ensues. In non-Woody Allen’s terms, the short-term correlation between Bitcoin and the S&P 500 plunged this week – from 78.8 percent two weeks ago to 42 percent. At the same time, the cryptocurrency’s proximity with…

Beware of a China-Induced Bitcoin Plunge

Last week, CoinStats discussed how Bitcoin investors should prepare for a stormy second half of 2020. So it appears, the raining has started in China. This Monday, the CSI 300 index, a collection of China’s most significant stocks listed in Shenzhen and Shanghai, surged 5.67 percent. It kept on rising higher further into the week, with…

IEO Frauds are Waiting to Happen

The week began on a very negative note for the cryptocurrency industry. Matic, one of the first tokens issued via Binance Launchpad, witnessed one of the harshest crypto crashes. It plunged by up to 70 percent within a matter of two hours. The wild downswing led social media to scream price manipulation, with noted market…

I Am an anti-FUD Bitcoin Op-Ed Piece

Bitcoin is back in the news again. This time, due to all the bad reasons. The benchmark cryptocurrency earlier this month slipped by up to 38 percent from its local peak of $10,540, according to data provided by CoinStats’ cryptocurrency portfolio management app. Meanwhile, it remained stuck in a much larger downtrend after establishing $14,000…