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Facts Awaiting Bitcoin Investors By The End Of This Year!
The first half of 2021 has finally come to an end after a whirlwind rally that led to an equally painful correction. Bitcoin reached a new ATH level, but as in 2017, it was unable to hold its position much longer.
An increase in institutional capacity has been noticed by the SafeTrading team and best free crypto trading bot, but this has been offset by the appearance of the first Cross of Death since March 2020. Everything was in the first half of 2021, and now it is important to understand and anticipate what happens in stage 2.
After Bitcoin dropped below $ 30,000 in June, mainstream media were quick to speculate that BTC lost all of its earnings in 2021. This was statistically true, but the commit was overkill and caused the previous loop to be almost ignored. The only thing that mattered was a bearish correction, not that Bitcoin hit an all-time high less than a few months ago.
Analyzing the first half of 2021 for bitcoins, you can see that the digital asset recorded a gain of 21.16% between January 1 and June 30. Now the yield looks staggering given that BTC has registered a strong bullish phase. True growth can only be observed when the cycle is analyzed from the beginning of its first charge. October 2020 marked the beginning of the BTC bull cycle, and the chart on the right shows Bitcoin's 445% gain through May 19.
In comparison, Bitcoin fell by only 42%, which is not bad considering the growth seen over the entire cycle.
Therefore, it would be unfair to analyze BTC's optimistic reviews based on the results of the last 6 months in 2021. The data is subjective and the on-chain fundamentals currently offer the best aspect for the 2nd half of the year. Overall, BTC's bullish structure has remained stable and you can find a lot of good in the best free crypto trading bot from SafeTrading channels.
Bitcoin market MVRV and SOPR recalibrated.
Bitcoin MVRV has been one of the most important indicators for determining the range of Bitcoin accumulation. MVRV is calculated by dividing BTC's market cap by the realized cap.
Historically, every time MVRV reaches 1 or below, it turns out to be an important reserve area. Bitcoin was at 1.35 at time of publication, according to the data, highlighting the potential for market gains in the coming weeks.
The exit profit ratio, a measure of whether a purchase was profitable or detrimental, also remained below 1 - a sign that sellers were capitulating. Such an event did not last long during the two previous falls.
Finally, Bitcoin HODL Waves noted that during the current rally, long-term holders have a stronger hold on the market compared to 2017. In 2017, the market peaked with long-term held supply hitting a 60% accumulation level, but in the most recent cycle, only 38% of BTC supply was held for 180 days or less.
It can be concluded that the current rally is focused on retail, and a potential peak in value has not yet been reached.
Are we already on the road to recovery?
Not really. The basic principles of on-chain need time to manifest themselves in price action, and Bitcoin continues to trade through relatively volatile trading sessions. However, the pressure from sellers is starting to ease, and with the new quarter coming in the coming weeks, Bitcoin could begin a recovery to prevent any external destructive events that disrupt the market structure, so be sure to check SafeTrading news.
Tough statements about bitcoins from a Chinese official!
Ma Weihua, the former CEO of China Merchants Bank, one of the country's most established banks, used extremely disturbing statements about bitcoin at an event he attended. Weihua completely rejects this, saying that "Bitcoin is a hype." So why is Weihua making such statements when the bank he previously headed invested in crypto companies?
China starts black bitcoin propaganda.
Recent news from the Chinese side has turned into targeted lobbying in reverse. Former presidents and bureaucrats use derogatory language about bitcoins and cryptocurrencies almost at the behest of the Chinese government. Even the former manager of China Merchants Bank, which invested in cryptocurrency in 2019, joined this caravan.
From the outside, Ma Weihua looks like just a bank manager, but his resume contains important data. He is the executive director of Weihua China Financial Institute, which maintains a close relationship with the government. At the same time, he is currently the director of the China Entrepreneurs Association. Weihua, who is also a former deputy general manager of the People's Bank of China, has held many similar government positions. In other words, he is a full-fledged clerk of the Chinese communist administration, and his statements represent more than just himself. It also reflects the policies of the Chinese state.
Is Bitcoin hype?
This is the case with Ma Weihua, who attacked cryptocurrencies and bitcoins in an interview with The Paper Newspaper. Weihua graduated from Southwestern University, one of the largest universities in China, and received his doctorate here.
He has established himself in his country, especially in the field of financial management, and recently likes to make negative statements about cryptocurrencies.
Weihua said exactly the following in his last interview.
"Cryptocurrency mining consumes a lot of energy, markets are heavily manipulated, and Bitcoin is pure hype."
The battle for the digital yuan and bitcoin has begun.
If your country has issued a digital fiat currency, CBDC, and wishes to become a globally usable asset, you can make similar claims with Weihua.
Of course, there is a reason for the statements by the Chinese authorities that blame him, not to mention the technology and opportunities offered by cryptocurrencies. This is why the digital yuan. China wants to open its digital local currency to the world with thousands of more tests before the end of the year. He wants everyone, including the athletes who will come to the country for the Winter Olympics, to use the digital yuan as money.
Get the Latest & Recommended articles in your InboxOn the other hand, in a recent statement, the Fed argues that the digital yuan has no chance against the US dollar.
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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 15th July 2021.