Crypto News for Crypto Optimists #11: Digest of the Week
Bitcoin Shows High Volatility
Over the weekend and on Monday, February 14, Bitcoin showed a flat movement, trading around $42.000. On Tuesday, the price of the first cryptocurrency began to rise and was trading above $44.000 until the second half of Thursday. However, Bitcoin quotations collapsed rapidly around $40.000 on Thursday, and on Friday morning, February 18, BTC is trading around $40.500.
Bitcoin’s drop coincided with the start of trading on the New York Stock Exchange, where quotations of the S&P 500 and NASDAQ indices also showed a decline. Previously, many well-known analysts have commented on the increased correlation between Bitcoin price and the traditional financial market.
Bitcoin: Predictions and Opinions
Despite the high volatility typical of cryptocurrencies, Bitcoin is gaining support from classical financiers.
In an interview with CNBC, legendary investor Bill Miller shared that he sees Bitcoin as an insurance policy against financial disasters. Miller compared the first cryptocurrency to an insurance policy with no intrinsic value. However, people still pay monthly premiums because they want to be protected in case of emergencies.
BTC Growth Conditions
Trader Tone Vays voiced the conditions under which Bitcoin can return to the active growth phase, up to the renewal of the all-time high. According to the analyst, the cryptocurrency price should overcome two crucial resistance levels: $46.500 and $52.000. Having overcome the last of these two levels, BTC will begin to grow and provoke a powerful upward movement of the market, the trader believes.
BTC Accumulation Phase
Trader Nicholas Merten thinks that the current Bitcoin situation is not a “bear” market but a volume accumulation phase. The analyst explained that each “bear” market led to a drop in Bitcoin value by more than 70% from the maximum, which is not observed now. The trader believes that after the volume accumulation phase, the first cryptocurrency will return to explosive growth, and its price may exceed $200.000 by the end of the year.
Bitcoin at $200.000: When?
One of the main reasons that keep Bitcoin’s price at its current level is that baby boomers are not yet investing in Bitcoin. Thomas Lee, a Managing Partner at Fundstrat Global Advisors, told this in a CNBC interview. In his opinion, if representatives of the generation born between 1946 and 1964 will start to buy Bitcoin massively, its price may rise to $200.000.
Twitter Accepts Donations in ETH
Twitter, which had previously added the ability to donate in Bitcoin via Lightning Network, added support for Ethereum addresses for its mobile fundraising service. Recall that total cryptocurrency donations, according to The Giving Block platform, exceeded $69 million in 2021.
Binance Changes Token and Blockchain Names
Cryptocurrency exchange Binance has changed its token name from Binance Coin to “Build N Build,” which roughly means creating a community and letting the community create. The token’s exchange ticker remained the same — BNB. Binance has also changed the name of its blockchain to BNB Chain.
YouTube Making Plans for Web 3.0
YouTube posted a job opening for Web 3.0 Product Management Director on LinkedIn. The expert will “define and bring to life the vision, strategy and roadmap for Web 3.0 on YouTube.”
FBI to Investigate Cryptocurrency Crimes
The U.S. Federal Bureau of Investigation (FBI) has formed a new unit focused on analyzing on-chain activity in decentralized networks. This was announced by Deputy Attorney General Lisa Monaco. The unit will be part of an emerging structure within the U.S. Justice Department aimed at combating cryptocurrency crimes.
UAE Starts Issuing Cryptocurrency Licenses
The United Arab Emirates (UAE) plans to begin issuing federal licenses to cryptocurrency companies by the end of Q1 2022. This is reported by Bloomberg, citing government sources. Thus, the regulator hopes to attract the largest cryptocurrency companies to the local market.
Note that this is not all the crypto news over the past week. More updates can be found on our website and social networks daily!