Etoro Warns Customers to Brace for Suspension of Crypto Buy Orders due to an ‘Unprecedented Demand’

Etoro Warns Customers to Brace for Suspension of Crypto Buy Orders due to an 'Unprecedented Demand'Etoro, a trading and investing platform, has warned its customers to brace for possible limitations on their buy orders this coming weekend. The company says it might be forced to take this and other steps if the anticipated and unprecedented surge in demand for cryptos occurs. Unprecedented Demand and Limited Liquidity The Israeli company’s warning […]
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Fund Manager Bill Miller Lauds BTC- Says ‘Bitcoin Could Be Rat Poison, and the Rat Could Be Cash’

Fund Manager Bill Miller Lauds BTC- Says 'Bitcoin Could Be Rat Poison, and the Rat Could Be CashFund Manager and founder of Miller Value Partners, Bill Miller says holding bitcoin is better than holding cash because the digital asset is immune to the bad policies of the U.S. Federal Reserve. Writing in the 2020 Q4 Market Letter, Miller explains that some companies are already converting to bitcoin in order to avoid incurring […]

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Bitcoin Price Touches the $37K Zone, Crypto Economy’s Market Cap Hits $1 Trillion

The price of bitcoin smashed through the last all-time high again jumping above the $37k zone to $37,400 per coin. The crypto asset’s market valuation is around $689 billion at the time of publication, as it has seen $26 billion in trade volume worldwide. Moreover, the entire crypto-economy surpassed the $1 trillion mark on Wednesday […]

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BTC to Gold Exchange Rate Surges to New All Time High of 17 Ounces per Bitcoin

BTC to Gold Exchange Rate Surges to New All Time High of 17 Ounces per BitcoinBitcoin’s record-breaking rally is continuing into the new year with the bitcoin to gold exchange rate touching a new all-time high of 17.38 ounces per bitcoin. According to data from Marketwatch, the new high easily surpasses the all-time high recorded on January 01, 2021, of 10.74 ounces per coin. The new milestone comes as the […]

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‘Blow-off top’ or $30,000? Traders muse Bitcoin’s end-of-year fate

Traders and analysts mull what’s in store for Bitcoin after a historic day.

After a historic day in which the headlines could hardly keep up with price action and Bitcoin set a new all-time high above $26,500, traders and analysts are now turning their attention towards what could be in store for the digital currency over the next five days as 2020 comes to a close.

Historic candle

While a 8-9% daily gain might be pittance compared to Bitcoin’s historical volatility — there was a 42% rally as recently as 2019 — as Messari founder Ryan Selkis pointed out, today’s rally featured only the second $2,300 candle in the digital currency’s history:

Perhaps caught in the euphoria, some traders are already looking towards when daily candles eclipse five figures:

Clamoring for $30,000

Positive headwinds are swirling for Bitcoin’s next step. “Bitcoin” is currently trending on Twitter with 164,000 recent tweets — comfortably outstripping the next highest trending item, the archeological discovery of a street food stall in the ruins of Pompeii. 

Additionally, as Cointelegraph has previously reported, this recent rally has put Bitcoin back on the path plotted by the popular Stock to Flow (S2F) model, which forecasts a price of :

Another popular folk metric indicated that Bitcoin mania still has a long ways to climb towards 2017 peaks as well. According to Google analytics, search history for “Bitcoin” is barely at a fifth of all time high levels:

All together, the positive sentiment and parabolic price action have a greater and greater number of traders clamoring for ‘30k by the 30th” — a $30,000 price on the 30th of December:

Blow off top?

Despite the positive sentiment and price action that puts Cape Canaveral to shame, some traders are already lining up possible short positions. One trader is calling for a blow-off top in the next two weeks:

While it remains the minority sentiment, he’s not alone and thinking turbulence could be ahead for Bitcoin. $2.3 billion worth of Bitcoin futures expired on Christmas day, which historically has led to choppy markets. 

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