Your Cryptocurrency Newsletter for 23 November,2020

If you are interested in cryptocurrencies, this newsletter is for you. [img]  [Learn more about RevenueStripe...](   [Learn more about RevenueStripe...]( [img]( [FeedBinary Newsletter]( [Will 2021 See $318K For Bitcoin?]( First leaked as a Twitter TWTR +2.4% post by user ClassicMacro, CitiFX prepared a bitcoin (BTC) technical analysis for its institutional clients and projected a potential high of $318,000 by December 2021. While this may seem unlikely, if attained, it will be the weakest rally—a 102× increase from low to high.Bullish periods have been increasing in length: ten months in 2010 – 2011, two years in 2011 – 2013, and three years in 2015 – 2017. Tom Fitzpatrick, head of CitiFX financials, submits the correction period after the last two runs remained stable for about 12 months. This analysis indicates we are now in the midst of a bitcoin bull run that started in early 2019. If correct, the run is on target to end late 2022, a total of four years. Some believe this extended run will result in new highs and chart “what looks like a very well-defined channel.” Based on this, Fitzpatrick has predicted $318K, though he concedes the number seems highly improbable.The United States Federal Reserve changed its monetary policy at the onset of the coronavirus pandemic and began a vast and sustained increase in new money production. With reduced intent to constrain this production even after the economy and employment begin to recover, investors are considering assets that will not be disturbed by external factors. According to Fitzpatrick, “bitcoin, like gold, is an asset with limited supply.” The advantage over gold is that it can easily cross borders while obscuring ownership. That central banks are deliberating central bank digital currencies (CBDCs) bode well for bitcoin, mostly because, unlike CBDCs, there is no tie between BTC and fiscal policy adjustments.Others note it is not the forecasted price level—moon targets have a low probability of being reached—it’s that Citibank has presented bitcoin favorably to its clients and customers. Some see this endorsement as an indication BTC is indeed strengthening its status as a future viable alternative asset. In mid-November, BTC set a new record by posting the highest ever three-week close. In the first week of December 2017, BTC reached nearly $20,000, its highest price though its weekly chart closed at just $13,500. At the time, this was an indication BTC was overvalued and the $20,000 an anomaly in the long-term.Since 2017, the landscape has changed; the market now accepts a higher price for BTC, and the latest tri-weekly candle closed at $15,960. This 18% increase indicates the market values BTC much higher than in 2017. BTC has emerged as a relatively stable and decentralized store of value not governed by any particular country or subject to political policies. On November 19, US Treasury Secretary Steven Mnuchin said he would not extend the Federal Reserve’s two programs to buy corporate debt and five others that lend money to medium-sized businesses. It is a move that could hamper president-elect Biden’s ability to gain economic support that helps with ongoing pandemic issues. Vice-chairman of Evercore EVR -0.2% ISI Krishna Guha called the move a “reckless politicization of market-stabilization policy.” He claimed Mnuchin was ensuring there would be no money left for Biden’s administration.After the global market rout in March, the programs bolstered financial markets. As traders anticipated two potential outcomes—Federal Reserve backing the stock market and debasing the US dollar with the expansionary policy—equity and other asset risks swelled alongside safe-havens such as gold. Situated between safe-haven and risk-on per convenience, BTC also surged. From March to November, BTC climbed by as much as 379.21%, in a growth rate that exceeded the S&P 500, gold, and other traditional market rallies.The possibility of a diminishing assistance program seems to have been bullish for bitcoin. Still, the cryptocurrency climbed another 2% ahead of the London and New York opening bell on Friday, November 20. Other markets did not fare as well. Gold lost about 0.2%, and futures tied to the S&P 500 index fell 0.45%. The US dollar, conversely, rose about 0.04% against other top foreign currencies. Analysts consider the possibility Biden’s administration will reinstate lending programs after taking office in January. The move would require Biden to launch new loaning facilities alongside the Federal Reserve, citing unusual and exigent circumstances.To some degree, this clarifies why bitcoin is seemingly resilient at the end of the very facilitator that played a role in propelling it from $3,858 in March to $18,000 in November.Not everyone is convinced BTC is a legitimate asset in financial markets, and some draw parallels between the cryptocurrency, money laundering, and other illegal activities. [Read Full News]( The post [Will 2021 See 8K For Bitcoin?]( first appeared on [Feed Binary](. [Read Full Story]( ------------------ You Might Like     [Learn more about RevenueStripe...]( ------------------ [5 Reasons Now is the Best Time to Start Trading Cryptocurrency]( Cryptocurrency trading has been an irreversible trend over the past couple of years. Trading digital assets is profitable and has become increasingly popular among investors. Many traders across the world have joined this growing trend as more people seek alternative methods of generating revenue. A little over a decade later, since Satoshi Nakamoto published the first bitcoin whitepaper, most people are still undecided whether cryptocurrency is real money. However, regardless of that, the business of cryptocurrency trading has found a way to penetrate the financial market. There are a variety of reasons why investors should add cryptocurrencies to their portfolios, and why this is the right time to do so. 1) Remarkable returns Profitability is one common factor associated with cryptocurrency trading. They have only existed for a short period, but they have evidently proven to be more profitable than most other investment options. For instance, in the stocks market the highest profits one can anticipate for range at 20 percent which is considered solid returns on investment Digital assets on the other hand are known to fluctuate heavily in price over very short durations. It is risky to trade cryptocurrencies due to their explosiveness, but such volatility is yet to be experienced on any other asset in the market. Most people who fail to benefit from the cryptocurrency market do so because they trade in the market without a defined strategy or investment plan. 2)Algorithmic trading platforms The invention of autonomous smart crypto trading platforms means novice traders can make money from the cryptocurrency market without prior trading knowledge. The advantages of algorithmic trading range from speed, accuracy, and minimum charges. These smart trading platforms identify trading signals in the cryptocurrency market and execute thousands of trades at a speed no human can match. One of the most popular crypto trading robots that is earning many investors massive profits is the Bitcoin Loophole app. The platform employs AI and machine learning to analyze and identify the most profitable trades in the market and executes orders on behalf of the user. On the Bitcoin Loophole homepage we can find testimonials of traders who have successfully traded using the platform and reaped huge gains. On their about page we can find more information regarding the platform for those who want to begin trading cryptocurrencies. 3) High Liquidity One key characteristic of an asset is its liquidity. This is a measure of how easy it is to purchase an asset at a price close to its market value. Digital currencies have very high liquidity and it is simple to trade them in the market for fiat. The leading cryptocurrencies in the market are exponentially more liquid than ever before. The best crypto trading platforms are essentially characterized by high trading volumes which result in high liquidity. 4) Cryptocurrencies are decentralized Cryptocurrencies such as bitcoin provides the holder with a level of independence that the traditional financial system cannot offer. Fiat currency is always distributed by central authorities and the government. Saving your money in the bank means that your funds are under the mercy of organizations and a select group of people. On the other hand, cryptocurrencies are only yours and can only be managed by you alone. Cryptocurrency users don’t have to rely on any financial institution to store or spend their funds. Cryptocurrencies are the foundation of a transparent and decentralized financial system. 5) Independent investment alternative Bitcoin has acted as a safer safe haven asset during times of uncertainty and crisis. Cryptocurrencies represent a secure investment alternative to more traditional financial instruments such as stocks and commodities. During the financial market collapse back in March due to the ongoing pandemic, the price of bitcoin crashed to below $4,000. However, the cryptocurrency recovered within a few months, silencing its doubters. The crypto market is extremely volatile which could turn out to be a good or a bad thing during crypto trading. Majority of the time, the explosiveness of the market could turn out to be profitable within a very short period. The price fluctuations could be caused by a couple of factors which include panic due to hacks against crypto exchanges and trading platforms, media statements and the interplay between supply and demand. If you want to generate profits from this market, you have to stay updated with the current happenings in the cryptosphere. [Read Full News]( The post [5 Reasons Now is the Best Time to Start Trading Cryptocurrency]( first appeared on [Feed Binary](. [Read Full Story]( ------------------ You Might Like     [Learn more about RevenueStripe...]( ------------------ [Friendliest of Them all? These Could Be the Best Countries for Crypto]( The level of freedoms that the U.S. has provides an argument for the country as the most crypto-friendly location, although Puerto Rico also has its benefits.As a burgeoning industry less than 13 years old, cryptocurrency has seen its fair share of regulatory crackdowns and changes, especially in the United States. Jake Yocom-Piatt, co-founder of Decred, however, sees the nation as the most crypto-friendly.Cryptocurrencies are treated as personal property in most jurisdictions, so their tax treatment is relatively uniform,” Yocom-Piatt said. He continued:Cryptocurrency transactions are a form of speech, so states where free speech is protected are the least likely to restrict cryptocurrencies. While the U.S. currently suffers from many substantial sociopolitical problems, the combination of its freedom of speech with protections against forced disclosure of passphrases makes it the most crypto-friendly country in the world. Since 2017, the crypto industry has suffered a number of regulatory actions from U.S. regulators, from initial coin offering lawsuits to charges against companies such as BitMEX. The nation’s Department of Justice has also recently put out crypto regulatory parameters. Earlier this year, U.S. Representative Tom Emmer expressed apprehension about the U.S. hurting innovative progress amid its legal processes and requirements. Yocom-Piatt’s view of the U.S. as the most crypto-friendly county, however, looks at the situation from a different angle, noting the country’s freedoms rather than its restrictions. Meanwhile, Rob Viglione, co-founder and CEO of Horizen, told Cointelegraph, that he sees Puerto Rico as the top place for crypto, although he answered the question in light of the best crypto location for U.S. persons. “I’m going to nominate a country that’s not always recognized as a country and is way underrated as a crypto hotspot: Puerto Rico!” He added:For Americans, Puerto Rico is, by far, the most crypto-friendly jurisdiction when you consider special tax decrees, like Acts 20 or 22, which drive effective tax rates way down. The U.S. Internal Revenue Service issued guidance on digital asset taxation for its citizens in 2019, although it brought further questions. Other updates have also occurred, including changes to crypto tax reporting forms. One other complicated component of U.S. crypto taxation: Crypto is not viewed as property, so users must report every trade as a gain or loss, contrary to like-kind exemptions. But tax aspects aside, Puerto Rico hosts a strong cryptocurrency scene, according to Viglione:Saving on taxes is great, but what really makes Puerto Rico stand out is the explosion of the most vibrant crypto community in the world because of it. Many of the industry’s leaders, entrepreneurs, and developers have chosen Puerto Rico as their new home. Kosala Hemachandra, founder and CEO of MyEtherWallet, also recently gave his take on what he sees as the best region for crypto. Hemachandra posited people’s views on a good crypto atmosphere can be subjective. He also mentioned the importance of a global crypto presence. [Read Full News]( The post [Friendliest of Them all? These Could Be the Best Countries for Crypto]( first appeared on [Feed Binary](. [Read Full Story]( ------------------ You Might Like     [Learn more about RevenueStripe...]( ------------------ ------------------ Connect with TheFeedBinary on Facebook and Twitter [fb](  [tw]( ------------------ You received this email because you operate or create content for a website/service and based on your website it seemed like this could be important information to you and your users. FeedBinary daily newsletter is managed by [Postbox Consultancy Services Pvt. Ltd.]( C-4/5, IBD Emporia, Kolar Road, Bhopal, Madhya Pradesh, INDIA, 462042 Want to change how you receive these emails? [Update your preferences]( or [Unsubscribe](