Cryptocurrencies such as Bitcoin have no intrinsic value, and their price swings are expected to experience greater volatility, the head of the Bank of Korea (BOK) said Tuesday. “There is no intrinsic value in crypto assets,” BOK Gov. Lee Ju-yeol told lawmakers. Asked by a lawmaker about whether a recent surge in the price of Bitcoin is temporary, the bank’s chief replied, “It is very difficult to predict the price, but its price will be extremely volatile.”
Bank of Korea’s chief is not alone in thinking crypto has no intrinsic value.
Regulators worldwide are taking the crypto industry more seriously than ever before, following bitcoin’s massive winning rally and the growing industry’s mainstream exposure. Bank of Korea’s chief thinks cryptocurrencies have no intrinsic value and are extremely volatile. A recent rally in Bitcoin may be a result of multiple factors, including mass purchases by Elon Musk’s Tesla Inc. and plans by institutional investors to use the digital token as a hedge, Lee said.
South Korea to implement crypto tax starting 2022.
South Korea will implement a 20% tax on cryptocurrency profits starting January 1, 2022. The nation’s Ministry of Economic and Finance announced that profits made from trading and holding cryptocurrencies would be subject to the tax, reported the Korean Herald on Monday. The 20% crypto tax will be triggered when profits made from cryptocurrencies exceed 2.5 million won, or roughly $2,300. Gains made up to this point will be tax-exempt. The government previously wanted to levy the crypto tax starting in 2020, but pushback from cryptocurrency enthusiasts and lobbyists saw the government delay implementing the tax several times.
Bitcoin Price Analysis: BTC Skyrockets Over $5K Today – Temp Correction Or $50K Inbound?
Bitcoin saw a strong rebound today as it recovered from yesterday’s low at $43,000 to over $48K, where it is trading as of writing these lines. The cryptocurrency had been in a downtrend for the previous week as it dropped by over 25% to reach its weekly low yesterday, at the mentioned-above level of $43K […]
Bitcoin saw a strong rebound today as it recovered from yesterday’s low at $43,000 to over $48K, where it is trading as of writing these lines.
The cryptocurrency had been in a downtrend for the previous week as it dropped by over 25% to reach its weekly low yesterday, at the mentioned-above level of $43K (according to Bitstamp).
During the correction, Bitcoin had broken beneath an ascending price channel that it was trading within throughout February. However, over the past days, BTC was forming a falling wedge which is a textbook bullish formation. The wedge can be seen on the following 4-hour chart.
Alongside the pennant, there were hints of bullish divergence on the short-term timeframes, including the 4-hour, that we highlighted yesterday. After closing the daily candles for the previous two days at $44,750, the bullish divergence played out nicely today – allowing Bitcoin to break the wedge’s upper boundary, penetrate beyond the 4-Hour 20-EMA, and sharply climb above the $48,000 mark.
Now, the question is, whether Bitcoin will have enough power to penetrate the $50K psychological resistance level, and maybe aim at the current all-time high level of $58K, set just days ago on February 21, 2021.
BTC Price Support and Resistance Levels to Watch
Key Support Levels: $47,200, $46,600, $44,750, $43,745, $42,760, $42,000.
Key Resistance Levels: $50,000, $52,500, $55,000, $56,112, $57,960.
Moving forward, the first level of resistance lies at the benchmark level of $50,000. This is followed by $52,500 – the target of the wedge’s breakout, $55,000, $56,112 (1.414 Fib Extension – purple), and $57,690 (1.272 Fib extension – blue).
On the other side, the first support is now found at $47,200 (.382 Fib). This is followed by $46,600 (4-hour’s EMA-20), $44,750, $43,745 (.5 Fib), $42,760 (downside 1.414 Fib Extension), and $42,000 (previous ATH).
The daily RSI has now returned to the midline, indicating the previous bearish momentum has dissipated. The RSI is now above the midline on the short-term charts, indicating short-term bullish momentum is now present.
Bitstamp BTC/USD Daily Chart
Bitstamp BTC/USD 4-Hour Chart
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Twitter to Pull a MicroStrategy and Buy Bitcoin? The Firm Plans a $1.25 Billion Convertible Notes Offering
Speculations run wild if Twitter would be the next giant to put BTC on its balance sheet following plans to raise $1.25 billion via a convertible senior notes offering.
The giant social media platform Twitter has announced plans to raise $1.25 billion through a convertible senior notes offering. Although the company breached “corporate purposes” as the main reason, cryptocurrency proponents speculated if the firm could pull a MicroStrategy and allocate the funds in BTC.
Twitter to Raise $1.25B
According to a press release from earlier today, Twitter will offer a $1.25 billion aggregate principal amount of convertible senior notes due in 2026. The endeavor will take place in a private placement to qualified institutional buyers.
The statement described the notes as “unsecured, senior obligations of Twitter,” whose interest will be “payable semi-annually in arrears.” The company will be able to convert the notes into cash, shares of its common stock, or a combination of the two options. Upon the pricing of the offering, the firm will determine the interest rate, initial conversion rate, and “other terms of the notes.”
The company said that it would use this considerable amount for “general corporate purposes, including capital expenditures, working capital, and potential acquisitions.”
Although Twitter hasn’t revealed anything specific in connection to bitcoin, the ever-vigilant crypto community saw an opportunity to debate whether the firm might allocate some, if not all, of that amount into BTC.
Twitter just announced a $1.25 billion convertible note offering.
Given the recent treasury strategy of Microstrategy, could @jack be planning to put bitcoin on Twitter’s balance sheet?
Time will tell, but there are few people who understand the power of bitcoin like Jack.
— Pomp 🌪 (@APompliano) March 1, 2021
Proponents, such as Anthony Pompliano, were quick to react and draw a comparison between a similar endeavor undertaken on two occasions by the business intelligence giant – MicroStrategy. Michael Saylor’s company raised over $1.6 billion in total from convertible senior notes offerings and allocated all funds in the primary cryptocurrency.
Keeping in mind that Twitter’s CEO, Jack Dorsey, is a long-time BTC proponent with multiple pro-bitcoin-related projects, similarly to Saylor, it wouldn’t be much of a surprise if the social media giant indeed heads down that road. The other firm that Dorsey runs as CEO, Square, has already made two investments in BTC as the second one, worth $170 million, came less than a month ago.
Moreover, Twitter’s CFO, Ned Segal, hinted recently that the company could be looking into putting the cryptocurrency on its balance sheet.
Trade with the Official CFD Partners of AC Milan
Pionex Grid Trading Bot: Crypto Exchange With Automated Trading Tools
[Featured Content] Cryptocurrency trading is growing in popularity as the interest in digital assets, especially in Bitcoin, has skyrocketed over the past few months. This doesn’t come as a surprise, given its parabolic increase. After all, Bitcoin’s price reached almost as high as $60,000. Moreover, various institutional funds started considering the opportunity behind BTC while […]
Cryptocurrency trading is growing in popularity as the interest in digital assets, especially in Bitcoin, has skyrocketed over the past few months.
This doesn’t come as a surprise, given its parabolic increase. After all, Bitcoin’s price reached almost as high as $60,000. Moreover, various institutional funds started considering the opportunity behind BTC while major public companies already jumped on the bandwagon.
The latest to do so was Elon Musk’s Tesla. The company revealed a $1.5 billion investment in Bitcoin this January. According to the SEC filing, it even plans to potentially begin accepting BTC for its products.
With this, however, comes severe volatility, making it very challenging for regular users to benefit from the highly fluctuating price. This led to some of the major exchanges, including Huobi and KuCoin, creating their own automated trading bots.
Pionex is a pioneer in the field, and other exchanges have quickly followed their lead.
Pionex and Their Grid Trading Bots
First things first, Pionex is a cryptocurrency exchange backed by some notable investors such as Banyan Capital, BitUniverse, Shunwei Capital, and Zhenge Capital.
It has been operating for more than a year and a half and provides comprehensive trading experience, security, and a variety of different trading pairs for users to engage with.
More interestingly, however, Pionex has created a number of trading bots that follow certain algorithms to make it easier for users to benefit from the volatility of the market that we’re currently seeing. This allows a semi hands-off approach where predetermined settings dictate the way the bot will function.
One of its flagship products is the Grid Trading Bot. The concept is that grid trading profits from the ups and the downs of the market. Users are able to set a price range for the bot and adjust how many Grids they want as long as the price stays within a certain range. The bot will always sell a portion when the price goes a bit up or buy a portion when the price goes a bit down. This is a good option to use when the market is moving sideways in a consolidation pattern.
In a sense, Grid Trading allows users to generate a stable and semi-passive income with relatively low risk in an otherwise very volatile market. It also takes the emotions out of trading, which is a very serious consideration.
A Sample Use Case
Grid trading bots are a good option for traders who want to HODL their bitcoins. They can set up a wide price range and not get shaken out by the volatility that we are observing, especially in the last few months.
It’s also worth noting that users can take advantage of 12 smart trading bots on the platform that is suitable for different situations. For instance, they can set up short-term trading bots, which means they don’t need to screen the markets and the charts all the time – the bots will take profit or stop the losses once the price hits their predetermined settings.
Pionex shared a story with CryptoPotato where a user created a grid trading bot and used it to maximize his earning potential in a way that doesn’t require constant market monitoring.
With the Grid Trading Bot, in particular, users can also opt to choose an AI Strategy or to set the bot themselves. With the former, they would be provided with a set of parameters that are calculated from backtesting the performance of the bot over the past week. This will provide them with recommended price ranges and profits per grid as a preview, and all they need to do is to choose how much of their funds they want to allocate to it.
Pionex – a Secure Environment
The team told CryptoPotato that one of the things to consider is that Pionex is a Binance broker, and most of the funds are deposited right into the Binance broker account. This is because Pionex aggregates the liquidity from Binance and Huobi.
It’s also worth noting that Pionex is amongst the first exchange venues that have a total of 12 trading bots that are free to use. Traders are able to automate their strategies 24/7 without having to check the markets constantly.
What Coinbase Going Public Could Do For Crypto
Celebrities Who Are Backing Crypto Growth and Adoption
1inch Exchange Goes Live on Binance Smart Chain
Cardano (ADA) Adds Glow to its List of Development Languages
Coinbase public listing filing details 2020 revenue, major a16z stake
Crypto Exchange Accidentally Sold Customers Bitcoin for $6,000
Crypto Users Claim Popular Bitcoin Paper Wallet Generator Is Compromised, Millions Allegedly Stolen
Bang Bang: Critical Factors Fueling Rise of the Retail Investor
Harvard Professor Kenneth Rogoff Warns Central Banks Will Never Allow Bitcoin to Go Mainstream
DeFi Tx Bundler Furucombo Hacked for $14 Million
Bitcoin Price Prediction: Downtrend Continues as BTC/USD Crashes Below $46,000 Support
How Long Does It Take to Mine One Bitcoin in 2021?
Crypto investment firm Arca files with SEC to create a bitcoin trust
Cardano Price Analysis: 28 February
Venezuela’s Maduro Says He’s Planning a Digital Currency ‘Surprise’
Congress seeks answers on crypto anonymity in hearing on domestic terrorist financing
BTC Miners Are Now Accumulating, not Selling
Market Roundup: Bitcoin Drifting Lower, Cardano at ATHs
BNB, RVN, VGX, XVS, & NPXS – February’s Biggest Gainers
Focus on DeFi ‘fairness’ benefits Holochain, Orion Protocol and Dodo
Mark Cuban Offers Support for Fantom (FTM) in Podcast With CZ
Billionaire Mark Cuban Says Crypto Is About To Change How All Businesses Work – Here’s How
3 reasons why Reef Finance, Bridge Mutual and Morpheus Network are rallying
Weekend Roundup: Rows of Red as Bitcoin Taps $43,000
3 types of bitcoin investors that ‘should be concerning to central banks’
CoinGecko Debuts “How to Bitcoin” Book
A PrimeXBT trader explains how he turned $400k into $8.5 million using Covesting Copy Trading
Crypto Analyst Michaël van de Poppe Updates Bitcoin Levels to Watch
Arca Debuting Bitcoin Trust to Challenge Grayscale
‘Bitcoin could reach $1 million or $1, and may do both of those’
Blockchain1 week ago
Forum Blockchain Life 2021
Blockchain1 week ago
The Furry Lisa, CryptoArt, & The New Economy Of Digital Creativity
Blockchain1 week ago
MicroStrategy Prepares for $1 Billion Bitcoin Buy After Debt Issue
Blockchain1 week ago
Voting evolved: Blockchain tech outshines paper ballots and e-voting
Blockchain1 week ago
Brave Browser Leaking User Search History from Tor Browser
Blockchain1 week ago
Fed’s Eric Rosengren expects Bitcoin to come under pressure
Blockchain1 week ago
Ethereum (ETH) Skyrockets above $2,000 for the First Time Ever
Blockchain1 week ago
A Popular Analyst Predicts Polkadot (DOT) Price to Hit $300 Very Soon!