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Articles by Joseph Young

Invested Your Stimulus Check in Bitcoin? Here’s Its Value Today

May 12, 2020

A stimulus check worth $1,200 invested in Bitcoin in mid-April is now worth $1,640. U.S. Senators are pushing for a second wave of stimulus checks worth $2,000. While the U.S. is preparing to reopen, economic consequences from the pandemic make additional stimulus compelling. If a stimulus check was invested in Bitcoin (BTC) in the first week it was sent out by the Internal Revenue Service (IRS), it is now up by 36%. Since April, the price of Bitcoin increased from $6,540 to $8,700, rising to as high as $10,050 on May 7. A stimulus check of $1,200 invested in Bitcoin in mid-April is now worth $1,640. When the price of BTC was at $10,000, the stimulus check was worth $1,825. The Bitcoin price is up 130% since March 12 | Source: TradingviewThe Demand For Bitcoin is Increasing in a Highly

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Why Bitcoin Whales are Mass-Dumping Before Crypto’s Big Halving

May 11, 2020

With less than 10 hours until the Bitcoin halving, price of BTC dropped by nearly 20%.
Selling pressure seems to come from whales, as open interest surged on BitMEX before the big fall.
Whales are seemingly taking advantage of retail investors around the halving narrative.
In less than 10 hours, the highly anticipated Bitcoin halving will be activated. But, whales seem to be taking the opportunity to dump on the market.
Since Friday, bitcoin price dropped by more than 14% from $10,020 to $8,550. At its lowest point on May 10, it reached $8,100, marking a 20% decline ahead of the halving.
Bitcoin price sees a steep sell-off ahead of halving | Source: TradingViewWhat is the Bitcoin Halving And What Impact Will It Have on BTC?
The Bitcoin blockchain network is

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How One Bitcoin Trader Lost $11 Million in a Single Day

March 16, 2020

Advertisement One bitcoin trader lost 1,220 bitcoin on a single day, worth $11 million before the drop. Accounts using low leverage were also liquidated as BTC dropped by 50%. Similar liquidations can happen again as downtrend intensifies. One bitcoin trader lost 1,220 BTC on March 12, when the price of the dominant cryptocurrency fell by 50 percent in a single day. As the downtrend of the crypto market worsens, large-scale multi-million dollar liquidations can happen again. How 1,220 bitcoin was lost in less than 24 hours Last week, the bitcoin price briefly fell to around $3,600 on BitMEX, liquidating more than $1.2 billion in long contracts. The steep correction of bitcoin was intensified when the price of BTC fell to the $5,000s from $7,900, recording a 35 percent drop. The initial

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Trader Who Called $6,000 Bitcoin Bottom Predicts $100,000 By Late 2022

December 26, 2019

Dave the Wave tells CCN that he sees $100,000 by late 2022 as long-term bitcoin target. The analyst previously predicted BTC’s bottom in the $6ks. The same parabolic line since 2011 has remained in tact through the years, indicating a bullish macro trend. A technical analyst and trader known as Dave the Wave sees $100,000 as the long-term target of bitcoin. The analysis comes after he accurately predicted BTC would bottom out in mid-$6,000s in the short-term.Since dropping to as low as $6,410 across major cryptocurrency trading platforms, the bitcoin price rebounded to $7,200. But, the short-term outlook of BTC remains gloomy as selling pressure is expected to intensify.Why a $100,000 bitcoin target? Dave the Wave’s technical analysis of the bitcoin price chart dates back to 2011 when

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A Generational Bottom May Be in For Bitcoin at $6,500 as Traders Expect Big Rally

December 19, 2019

Bitcoin price strongly defended a key support dating back to 2015. It rose by more than $1,000 in 24 hours, marking a potential generational bottom. Positive sentiment can be carried over to early 2020, unlike late 2018. The bitcoin price has strongly recovered after testing the $6,400 support level. Following a $1,000 increase, a “generational bottom” for BTC could be in. Subsequent to an intense short squeeze on Dec. 18, traders are anticipating an extended bull run as BTC looks to test higher resistance levels. Traders on alert as bitcoin sentiment spikes overnight Peter Brandt, a prominent trader and best-selling author, said that bitcoin defended an important support level. Bitcoin was initially testing a linear line dating back to 2015 and technical analysts warned that a break

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Bitcoin Video Goes Viral on TikTok as Crypto Sees Mainstream Attention

December 16, 2019

This week, a bitcoin video went viral on TikTok for the first time. It follows mentions of BTC by several high-profile investors, individuals, and companies. The video shared by crypto entrepreneur Thomas Schulz showed a room full of mining equipment with the caption, “this is why GPU prices went up.” Growing popularity of bitcoin and crypto Bitcoin is still considered to be in a short-term bear trend following its drop from $13,900 to sub-$7,000. Media mentions of the dominant cryptocurrency have dropped, and the number of deals happening in the crypto industry has noticeably decreased. But, as bitcoin approaches its 12th birthday and the third block-reward halving in its history, the mainstream awareness of cryptocurrencies in general has started to increase. On Dec. 15, for instance,

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This Deceptive Bitcoin Signal May Trigger a Brutal Price Crash

December 11, 2019

The number of bitcoin traders going long on BTC is approaching an all-time high. That sounds bullish, but it’s actually an extremely bearish signal. Is the bitcoin price on the verge of another plunge? Bitcoin longs are nearing record highs on margin trading platforms like Bitfinex. The last time the number of long positions to reached this high, a fourth-month bear market followed, suggesting that another price crash may be on the horizon. The number of bitcoin long positions is growing at an alarming rate. | Source: TradingViewWhy it’s bad when so many traders go long on bitcoin Cactus, the cryptocurrency technical analyst who first noticed the snowballing number of BTC longs, told CCN in an interview that while this may seem like a bullish trend, it could translate to a steep pullback

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Bitcoin Moves Staggering $8.9 Billion USD in Single Record-Setting Hour

December 5, 2019

Bitcoin processed $8.9 billion in a single hour, highest in its history.It shows how BTC can grow as an established store of value.VC investors foresee BTC evolving into a major asset due to its ability to transfer value.In a single hour, the Bitcoin network processed $8.9 billion in transactions. While most of it was change in addresses, it showed a glimpse of how BTC could perform as an established medium of exchange in the long-term. According to Glassnode co-founder Rafael Schultze-Kraft, it was the highest hourly volume of bitcoin (BTC) in terms of USD in its 11-year history.$8.9 billion in #Bitcoin were moved on–chain in a single hour this afternoon.It’s the highest hourly USD transaction volume in Bitcoin’s history ? pic.twitter.com/pWdXBszuIc— Rafael Schultze-Kraft (@n3ocortex)

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Bitcoin Surges 10% in 10 Minutes as Shorts Suffer $60 Million Beatdown

December 4, 2019

Bitcoin rose 10% in less than 10 minutes, causing $60 million worth of shorts to be liquidated.The sudden liquidation of large contracts fueled a spike to $7,800.Technical analysts remain cautious on the short-term trend of bitcoin.The bitcoin price surged 10% in just 10 minutes on Wednesday, lifting BTC as high as $7,800. The move liquidated $60 million worth of shorts on BitMEX in one of the strongest short squeezes in recent months. The bitcoin price jumped as high as $7,800 today. | Source: TradingViewPrior to the abrupt upside movement, both bulls and bears seemed to be fighting for short-term control over the market. As orders continued to stack up, bitcoin held stable at $7,300 for nearly three days, before it broke below $7,100.As it tested a strong support level at $7,085, bitcoin

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Bitcoin Price Suffered 31% November Slump But a Hostile China Boosts Outlook

December 3, 2019

The bitcoin price dropped by 31% since October 26, in just over a month. Yet, Blockchain Capital partner Spencer Bogart sees strengthening fundamentals pushing BTC up in the medium-term. The cryptocurrency market showed signs of stagnation throughout November following China’s crackdown on small exchanges and the sell-off of bitcoin on spot exchanges like Huobi and Binance.Bitcoin is nearing a critical juncture as its recent sell-off shows few signs of slowing. Blockchain Capital’s Spencer Bogart sees Bitcoin prices going higher https://t.co/EKGtumm5x9 pic.twitter.com/gUZUIG3KFn— Bloomberg TV (@BloombergTV) December 2, 2019Why Prominent Investors are Confident in Medium to Long-Term Bitcoin Price TrendAs said by Adaptive Fund partner Willy Woo, short-term price movements in the bitcoin

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Analyst Explains Why Bitcoin Price Could Plummet to $2,020 in 2020

December 2, 2019

An analyst says bitcoin could crash to $2,000 to $3,000 range as miners sell-off.
In December 2018, bitcoin dropped from $6,000 to around $3,000 within weeks.
If miners capitulate, they are likely to return after the halving.
While many investors expect the dip to $6,600 of bitcoin last week to have been a bottom, one analyst believes the bitcoin price could fall to as low as $2,020 in 2020.

This looks bad…
The perception of value for #bitcoin exceeded the 2017 mania this year but price did not.
A change in perception like 2018 will likely drag the price down much further than the majority expect.
$2020 in 2020 doesn’t seem crazy to me. pic.twitter.com/8G8vQWxaQA
— EX (@icoexplorer) November 29, 2019

Speaking to CCN, the analyst said that as the slump in the cryptocurrency market

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Analyst Who Called Bitcoin Price Plunge Cools Sub-$5000 Fears

November 27, 2019

Bitcoin price could drop to $6,000s says Dave the Wave.
BTC is set for its worst month in 2019.
The cryptocurrency’s recovery was rejected at $7,400.
The bitcoin price could retrace back to the $6,000 region but is unlikely to drop to the $5,000s, according to a prominent cryptocurrency trader.
Technical analyst Dave the Wave, who accurately predicted the bitcoin price to drop to $6,800 since early 2019, said:

A closer look of the comparison. On the basis of this chart, while 6K might be possible, 5K looks unlikely.
One metric to look at besides others. Given the potential to the upside, I reckon you’d be best to slowly average in…. pic.twitter.com/unAbtHXyVH
— dave the wave (@davthewave) November 27, 2019

Bitcoin has shown an extended correction throughout November without a

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Why Bitcoin Has Outperformed Gold Every Single Year Since 2011

November 3, 2019

Bitcoin, also known as “digital gold,” has outperformed gold every year since 2011.
Given the large discrepancy in the market capitalization between bitcoin and gold, bitcoin has more potential to grow over the short to medium term than gold.
So far into 2019, contrary to popular belief, bitcoin has failed to demonstrate the characteristics of a safe-haven asset.
According to OnChain Capital founder Ran NeuNer, bitcoin, sometimes described as “digital gold,” has outperformed the precious metal every year since 2011.
Since 2017, one ounce of gold started to be worth less than 1 BTC, following the spike of bitcoin from less than $4,000 to $20,000.
The bitcoin price is up well over twofold year-to-date against the U.S. dollar. | Source: coinmarketcap.comYear-to-date, the bitcoin

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Bitcoin Price Collapses Under $8,000 Again as Traders Fear Bigger Fall

October 17, 2019

The bitcoin price has dropped below $8,000 once again and traders are preparing for a larger pullback in the cryptocurrency market. On October 11, when the bitcoin price spiked to $8,800, the probability of a short term trend reversal to the upside initially increased. However, following a hard rejection down to $8,200 within a span of hours, the sell-pressure on bitcoin built up, eventually leading to a drop to the $7,000 region. Where is the possible bottom for bitcoin? Traders and technical analysts are considering the $6,000 region to be the near term bottom for bitcoin given historical activity in that area. The bitcoin price has breached below $8,000 again as it risks larger drop (source: coinmarketcap.com)Angelo, a cryptocurrency trader known to trade with large size, said that he

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Bitcoin Ducks China Ban Through Binance via AliPay and WeChat Pay

October 9, 2019

According to Binance CEO Changpeng Zhao, investors in China can now purchase cryptocurrencies like bitcoin using local payment processors like AliPay and WeChant through Binance. The confirmation of AliPay and WeChat integration by Zhao comes a month after the announcement of Yi He, the co-founder of Binance, of a fiat-to-crypto over-the-counter trading platform launch in China. The addition of AliPay and WeChat options comes in conjunction with the launch of Binance’s P2P trading functionality for Android users, which likely eliminates jurisdictional restrictions that makes the fiat on ramps possible. “Binance has launched P2P trading functionality with BTC, ETH and USDT available for trading against CNY (Chinese Yuan). Access to P2P trading will be initially provided to Android users

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At 13,000 Locations, Korea’s Largest Convenience Store Chain Will Accept Crypto

October 9, 2019

CU, the largest convenience store chain in South Korea with over 13,000 locations, will soon accept crypto. According to local reports and the statement of Terra’s co-founder Do Kwon, CU will integrate a payment system called Chai, which enables consumers to utilize a Korean won-backed stablecoin called Terra to transact. The stablecoin CU plans to accept is a major KRW stablecoin invested by Binance, OKEx, Huobi, Polychain, Dunamu (company invested by Kakao that runs UPbit), Arrington XRP Capital, and more. Chai and CU convenience store enters into a partnership, accepting crypto through a mobile app (source: blockinpress.com)BGF Retail, the parent company of CU, and Chai entered into a strategic partnership earlier this week that would allow consumers to use a barcode from the Chai

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Ripple (XRP) Skates Market Slump with 27% Surge in 3-Day Rally

October 7, 2019

The price of XRP, the native cryptocurrency of Ripple’s blockchain network, has increased by 27% in 3 days. The rally of XRP comes during a period in which most major cryptocurrencies have been struggling against the U.S. dollar amidst a market pullback. The XRP price has increased by 27% in 3 days against the USD (source; coinmarketcap.com)Around the same time frame, the price of bitcoin has declined from $8,200 to $7,800 and the price of Ethereum has slipped from $177 to $169. Possible factors of the XRP price surge As a cryptocurrency mainly utilized on RippleNet by financial institutions to process global payments, historically, the price trend of XRP has seen a high level of correlation with new entrants into the RippleNet ecosystem. The value of any payment settlement network comes

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Bitcoin Traders Turn Bearish on ‘Anemic’ Sub-$8000 Price Drop

October 6, 2019

The bitcoin price fell below $8,000 during a low volume weekend as traders foresee a steeper drop to lower support levels. When the bitcoin price was initially hovering at around $8,500 following a strong recovery, technical analysts anticipated a rebound to the $9,000 area. However, subsequent to a noticeable dip in volume, the bitcoin price failed to demonstrate a short term trend reversal to the upside. Sub $7,000 possible for Bitcoin says trader According to a cryptocurrency technical analyst and trader known as DonAlt, the current price trend of bitcoin is demonstrating a lack of momentum and little resistance to building sell pressure. In the near term, the trader said that bitcoin temporarily dropping below the $7,000 support level is a possibility as bulls have struggled to show

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Bitcoin Scores ‘Below-Average’ in NGO Crypto Adoption

October 5, 2019

Bitcoin has scored a below average level of adoption in the annual 2019 Global NGO Technology Report. The Global NGO Technology report evaluates the use of technology by non-governmental organizations (NGOs) worldwide, exploring how NGOs utilize various technologies to communicate, raise funds, and process information. According to the report, most NGOs have seen significantly more transactions processed through conventional means of payments such as credit cards and mobile money across most regions. NGOs show low level of usage of bitcoin (source: NGO Technology Report)NGOs in Africa have recorded the highest number of payments through cryptocurrency like bitcoin at 5% but other regions like Latin America and Asia processed around 1% to 3% of payments through cryptocurrency. “64% of

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$6,700: Bitcoin Price Target Sinks as Traders’ Gloom Worsens

October 4, 2019

A short term trend reversal for bitcoin has become increasingly unlikely for bitcoin following a 5% drop in less than three days. Since October 1, the bitcoin price has fallen from $8,532 to $8,100 against the U.S. dollar. Technical analysts anticipated a relief rally to key resistance levels found at around $9,000 as bitcoin initially rebounded from $7,700 to $8,532. With the declining daily volume of the asset and no short term catalysts in sight, traders are preparing for yet another drop to the mid-$7,000 region. Choppy waters, gloomy sentiment around bitcoin As Luke Martin, a bitcoin trader and the host of Coinist Podcast said, many traders predicted the bitcoin price to see an upside movement to at least $9,000 after hitting a major support at below $7,000. However, bitcoin has

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Korea’s Biggest Bitcoin Exchange Embarks on a Major Challenge – India

October 3, 2019

Bithumb, South Korea’s largest bitcoin exchange alongside UPbit, is trying to convince the government of India to allow cryptocurrency trading. Javier Sim, co-founder and managing director of Bithumb, said that the company is planning to expand into the Indian cryptocurrency market through local partnerships, funding cryptocurrency startups in the region. In remarks reported by Indian business daily The Economic Times, Sim stated: “We are open to talking to regulators, working with them to be a regulated exchange. We are a strong brand from Korea and do not involve ourselves in unregulated or illegal trade…We are looking for the right companies to partner with and invest in those that have knowledge of the Indian market.” Due to the imposition of a ban on bitcoin and cryptocurrency

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Bitcoin Price Bottom Could Fall Far Beyond $7,700, Warns Trader

October 1, 2019

Despite the recovery of the bitcoin price by $700 in the past 48 hours, traders like DonAlt expect a deeper correction in the short term. The bitcoin price dropped to the $7,000 region twice in the past week, dipping to as low as $7,688 on September 30. While bitcoin attempted to break above important support levels following its recovery to $8,500, it has not been able to sustain upside momentum. Deeper correction possible for bitcoin From its yearly high at around $14,000, a pullback to the $7,000 region already indicates a near 50 percent drop within a span of merely three months. The bitcoin price is down by nearly 50 percent from its yearly high (source: coinmarketcap.com)The depth of the pullback and key technical indicators demonstrating oversold conditions as the bitcoin price

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Newsflash: Bitcoin Price Plunges to $7,700 Again on a Bloody Monday Spiral

September 30, 2019

The bitcoin price (BTC) has dropped by more than 25 percent in the past two weeks as the cryptocurrency market struggled to see a relief rally. The bitcoin price (BTC) fell below $7,700 as it failed to secure momentum above $8,000 (source: coinmarketcap.com)When the bitcoin price initially dropped to $7,700 on September 27, it rebounded fairly quickly with strength, surging to $8,400 in merely 48 hours. However, as BTC failed to test important resistance levels near $9,000, the dominant cryptocurrency fell back down below $8,000. Following the decline in the bitcoin price, technical analysts have said that BTC is likely to test lower support levels in the near term in the $6,300 to $7,300 range. Short term trend of the bitcoin price is looking weak Up until last week, when the bitcoin

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How Low Could Bitcoin Price Fall in This Pullback? Analysts Say $6,300

September 30, 2019

The bitcoin price (BTC) has dropped from $10,050 to $8,000 in the past week by nearly $2,000 against the US dollar, leading traders to anticipate a larger pullback to lower support levels. According to traders and technical analysts like Josh Rager, the bitcoin price could drop to as low as $6,300 in the short term if the pullback intensifies to a region where large buy demand exists. The bitcoin price (BTC) has been struggling to recover after dropping to $7,700 (source: coinmarketcap.com)Rager said: “Have been asked how far can BTC drop IMO, the lowest BTC will hit: between $6300 to $6600 where there is major interest Price currently bounced off monthly support & if this area breaks could head to $6600 – based on higher time frames.” While calls for a retest of even lower support

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Why Analyst Says Bitcoin Price Likely to Recover to $9,000 After 23% Pullback

September 28, 2019

The bitcoin price (BTC) fell by more than 23 percent against the U.S. dollar in the past week, triggering a fierce correction in the cryptocurrency market. Since falling to $7,700, the bitcoin price has recovered to $8,200, critically avoiding a steep drop to the low $7,000 region to test low-level supports in the short term. The bitcoin price (BTC) has historically risen after CME bitcoin futures expiration, which could trigger a cryptocurrency market recovery. | Source: Luke MartinLuke Martin, a cryptocurrency trader, said that an upside to $9,000 is expected for bitcoin following its recovery, which would relieve some of the pressure on the cryptocurrency market. Major factors for a recovery to $9,000 for the bitcoin price According to Martin, historically, the expiration of the CME

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Bitcoin Gloom to Worsen after Key Indicator Flags Red, Warns Analyst

September 27, 2019

In the past seven days, the bitcoin price (BTC) plunged from $10,100 to $7,736 in a steep overnight pullback that liquidated close to $800 million worth of long contracts on cryptocurrency margin trading platforms.The bitcoin price (BTC) dropped by more than $2,300 in the past seven days amid deep cryptocurrency market sell-off (source: Yahoo Finance)Holger Zschaepitz, a market analyst at Welt, said the week became worse for bitcoin as the 200-day moving average of BTC dropped for the first time since April of this year.He said:“A tough week for bitcoin just got worse. The digital currency dropped below 200d MA for 1st time since early April. Bitcoin has erased some 20% of its value this week, on track for its worst performance since November.”The $2,300 drop in the bitcoin price within a

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$7,840: Bitcoin Price Spirals Further in Biggest Sell-Off Since June

September 26, 2019

The bitcoin price (BTC) has dropped below a key support level in $8,000 and entered the $7,000 region for the first time since June amid a fierce sell-off in the cryptocurrency market.In an extended correction, the bitcoin price (BTC) dropped to $7,850 following a 15% drop in a steep cryptocurrency market sell-off. | Source: coinmarketcap.comOver the past five days, the bitcoin price has fallen from $10,100 to $7,850 in a 22 percent pullback against the U.S. dollar in arguably the steepest correction it has seen so far into 2019.Many traders like Josh Rager and DonAlt said that a test of the mid-$7,000 region is likely upon the breach of an important support level at $9,650.Where is the bitcoin price headed after the pullback?Throughout the past several days, many technical analysts have

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Bitcoin Traders Brace for Bigger Losses after 15% Shock Drop

September 26, 2019

The bitcoin price (BTC) has fallen by more than 15 percent in the past three days but traders see a bottom further down below.The bitcoin price (BTC) abruptly dropped by 15 percent and traders anticipate a deeper pullback (source: coinmarketcap.com)Many traders anticipated the bitcoin price to briefly recover to the $9,000 region which has turned into resistance following the steep drop of BTC. Bitcoin is still hovering at $8,400, struggling to rebound to key resistance levels.Where are the bottoms for this bitcoin price move?According to traders like DonAlt and Josh Rager, the first important support is at $7,350 with a bigger support at $6,500 if the dominant cryptocurrency fails to recover.On average, based on historical data, the bitcoin price tends to correct by 30 percent amidst

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Zuckerberg ‘Really Focused’ on Launching Facebook’s Crypto Libra

September 26, 2019

Mark Zuckerberg, the co-creator and CEO of Facebook, a $521 billion tech conglomerate, has said in an interview that the team is “really focused” on launching its crypto project Libra – and doing it right.Speaking to Nikkei, Zuckerberg said:"A lot of people have had questions and concerns, and we’re committed to making sure that we work through all of those before moving forward. Obviously we want to move forward at some point soon [and] not have this take many years to roll out. But right now I’m really focused on making sure that we do this well."The statement of Zuckerberg comes after the Libra consortium, which includes the likes of Mastercard and Visa, struggled to receive the approval of regulators worldwide to launch the crypto asset.Will Libra ever launch with approval from

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Ethereum Price (ETH) Plunges 33% in 5-Day Spiral After 2019’s Strongest Rally

September 25, 2019

The Ethereum price (ETH), which recorded arguably its strongest rally in 2019 from September 7 to 19 fell by nearly 33 percent within a five-day span against the U.S. dollar as the cryptocurrency market corrected. Following a strong rally, the Ethereum price dropped by more than 30 percent against the USD as the cryptocurrency market corrected (source: coinmarketcap.com)After surging from $168 to $224, the Ethereum price has retraced back to $168, erasing all of its gains throughout the past three weeks. With strong fundamentals and signs of decent growth in recent months, many investors anticipated ETH to sustain its momentum in amidst of a market pullback. However, as bitcoin fell by $1,500 and major cryptocurrencies like Litecoin and EOS recorded losses in the 20 to 40 percent range,

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