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Game Over for Bitcoin (BTC)?

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Bitcoin

The researchers from Renaissance Macro Research have recently stated that Bitcoin (BTC) might be done for if its price goes under the year-to-date support level. If this crucial barrier is broken, BTC will suffer a permanent damage.

Bitcoin is in a very bad place right now

New reports from the financial analysis firm called Renaissance Macro Research, Bitcoin is currently facing far more serious issues than it might seem at first. After years and years of prices going up and down, a lot of people would say that the current fluctuations are no different. However, the experts believe that the situation may be direr than ever before.

Renaissance Macro Research believes that Bitcoin is currently facing a large existential crisis. They also stated that the coin’s year-to-date support level is softening each of its falls, and preventing the coin from suffering irreversible damage. However, if BTC were to go below this level, it might never be able to reach its full potential.

Recently, there has been a lot of activity for Bitcoin, starting with a rally in July that brought the coin’s value back to $8,400 for the first time in weeks. However, while this seemed like a beginning of a serious bull run, BTC fell under $7,000 only days after. The reason for this is believed to be the announcement left by the US SEC, which has stated that the BTC ETF decision will be delayed once more. The confirmation of this decision came only a few days ago, and since then, BTC fell even more. Now, it is lower than it has been in months, with a price of $6,140.43 per coin.

Is this the end of Bitcoin?

While many believe that the situation couldn’t get much worse, analysts believe that what we have experienced so far might only be the tip of the iceberg.

Jeff deGraaf, the head of technical research at Renaissance, stated that his recommendation is to only take short positions on Bitcoin if the year-to-date support level gets breached. He spoke with clients this Thursday and stated that the parabolic moves can be extremely dangerous, especially for short-sellers.

He also said that a top can often develop, and things seemingly look like a descending triangle. This situation can go on for months, and it can often result in lower volatility. However, when the top is complete when it comes to the violation of support levels, the security might become impaired permanently. In many cases, this is a pure ‘game over’, and Bitcoin is approaching this situation right now.

On the other hand, there are numerous analysts that are urging the crypto community to calm down, and not overreact regarding the SEC’s decision delaying. Some even claim that the creation of a new crypto platform, Bakkt, is the right thing to focus on right now.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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Bitcoin

ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch

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ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.

Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.

“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.” 

The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.

The Company’s first mining pod is set to…

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