JP Morgan changes his mind as fast as he changes his shirt

Bitcoin, not the best way to protect against the death of the dollar? JP Morgan changes his mind as fast as he changes his shirt

We’re confused with JPM – JP Morgan has been highly praised for his strong opinions on Bitcoin in recent weeks. On Thursday 21 January, the company was once again in the Bitcoin System news with a new report, this time more pessimistic about the future of the king of cryptomoney.

JP Morgan: the oracle with divergent opinions

JP Morgan analysts recently spoke to our colleagues at Bloomberg about their outlook for Bitcoin. They say that this asset is „the most unreliable hedge in times of high market tension“. A surprising observation when one refers to Wall Street experts who say the exact opposite.

In fact, the financial bank points out that Wall Street now controls a significant portion of the outstanding BTCs. As a result, crypto would now be part of the „cyclical assets“. Cycles that should be more precise and now fed by institutional players who are very fond of Bitcoin in 2020.

Concerns supported by US politicians

Meanwhile, Janet Yellen, the candidate for secretary of treasury for President Joe Biden, called cryptomoney „a special concern“ on Tuesday. This could suggest a stance by legislators, who could take steps to „reduce their use. Their goal, of course, remains the eradication of illicit transactions.

Nevertheless, this does not prevent institutional investors from investing more, like BlackRock, which wants to bet on Bitcoin futures contracts.

In such a period of uncertainty, Bitcoin’s technical and macroeconomic analyses are to be taken with a pinch. Moreover, one must keep in mind that each company can defend its own interests.

Ethereum mining difficulty and Google searches reach new heights

Ethereum has reached historical highs in Google searches and also in its mining difficulty.

Historically, these are the main price indicators for cryptocurrencies.

Ethereum appears to be holding up as Bitcoin declines from its all-time high.

Bitcoin may have started to calm down after hitting its all-time high of over $ 40,000, but it looks like Ethereum isn’t ready to give up its own race just yet.

Two overwhelmingly positive metrics representing network health, Ethereum’s operating difficulties and Google search trends for “Ethereum” have reached all-time highs. In particular, Google search trends for Crypto Superstar hit their all-time high during the bull run of 2017. This resurgence represents another significant increase in interest in the world’s leading smart contract platform.

Google Trends Highlight Ethereum User Interest

Ethereum is the second largest crypto platform, but much of its interest is still generated by speculation. ETH has a long way to go before reaching its maximum dominance in the development and use of applications . Indeed, the platform is still relatively slow to process transactions and charges high fees.

Nonetheless, Ethereum continues to grow. The explosion of the DeFi sector, which relies mainly on the ETH network, is fueling this growth. The increased exposure of the platform, mixed with the sharp increase in Bitcoin’s growth , has sparked renewed interest from potential investors.

Google search numbers show the increase in the number of people seeking to learn more about the platform. In addition, the previous record for searches reflected the last high price of Ethereum. This measurement could therefore be an indicator of what the general public expects from Ethereum.

Increased mining difficulty means more struggle to earn Ether

Ethereum is in the process of moving from ETH 1.0 to ETH 2.0. This major update changes Ethereum’s method of verifying transactions from Proof of Work to Proof of Stake . The transition is underway, and users have staked millions of Ether into the ETH 2.0 contract . However, Ethereum still uses proof of work for verification.

Proof of work requires specialized computer equipment and significant energy expenditure. So it is difficult for many of minors to get involved, unlike the PoS check. However, this increase in the difficulty of mining on the network means that more users than ever are checking the platform. The more the number of validators, or miners, increases in the sphere, the more the mining difficulty increases proportionally. The mining process therefore remains fair as validation capacities increase. This also represents an increased interest in the network and the ether gain.

Both of these measures are extremely positive for Ethereum, and may be an indicator of the direction the price of ether will take in the near future.

Bitcoin refuses to ‚die‘ and reaches $40,000 just three days after the fall

The stubborn bulls are firmly back in the saddle, the price of Bitcoin has risen $10,000 in just three days.

Bitcoin refuses to ‚die‘ and reaches $40,000 just three days after the fallMARKET

Bitcoin (BTC) rose higher today, January 14, reaching $40,000 at Coinbase amid new evidence of major new exchanges purchases.

weekly price candles at BTC/USD (Coinbase). Source: Tradingview
BTC price rises $10,000 in three days
Data from Cointelegraph Markets and TradingView tracked the BTC/USD. The pair delivered interesting surprises during Thursday’s trading, with a high of over 17% in 24 hours.

The rise is the latest sign of a rise coming from the Bitcoin price action, which a few days ago was concentrated at levels not far above $30,000.

The $40,000 price revision came hours after BTC/USD hit a crucial $38,000 resistance zone.

„This needs to be reversed. If it does, we will be looking forward to new highs. Otherwise, there is likely to be further consolidation,“ Cointelegraph Markets analyst Michaël van de Poppe summarized in a tweet.

Others were already optimistic beforehand. Tyler Winklevoss, co-founder of Exchange Gemini, referred to several press reports of a Bitcoin crash, which fell to $30,250 earlier in the week. He told Twitter followers:

„They said that #Bitcoin died on Monday but is now over 37,000. Don’t listen to the noise, keep the focus“.

„Did the no-coiners really think #Bitcoin wouldn’t recover? This is the year of Metal Bull. $100,000 is inevitable,“ added Blockstream’s head of strategy, Samson Mow.

Stimulate and buy-in of Bitcoin’s bulls
The loss of bear control complements cautious sentiment about the US dollar, as President-elect Joe Biden is expected to announce a new stimulus package for the supposedly trillion US dollars and personal stimulus checks of US$2,000 for Americans eligible for aid.

„I think the positioning on risky assets is becoming a concern, so there may be a squeeze on the dollar in the short term,“ Shusuke Yamada, chief Japanese exchange strategist at the Bank of America in Tokyo, told Reuters of the US dollar outlook.

„I am focusing on the gradual weakness of the dollar in 2021.

The US dollar index (DXY), with which Bitcoin traditionally shows inverse correlation, continued its upward march the day before Washington’s announcement.

Graph of the output flow of the Bitcoin exchanges. Source: CryptoQuant
Accompanying this increase was a similar recovery in the flow of Bitcoin exchanges. As noted by the CryptoQuant on-chain analysis facility, a single hour on Thursday saw „unusual“ flows from three major trading platforms, indicating that mass buying had occurred.

Binance led the interest, with 6,051 BTC ($233 million) withdrawn during that time, followed by BitMEX with 951 BTC ($37 million).

„If it is an OTC deal, it would be a bullish sign while institutional investors are buying.

„Binance sent BTC to some unknown portfolios. These transactions could be related to internal transfers or OTC deals,“ CryptoQuant CEO Ki Young Ju told Cointelegraph in private comment.

As reported by the Cointelegraph, similar spikes in stock market exit occurred during recent upward price trends.

Bitcoin Revival naar China?

Alipay WeChat Crackdown, komt er een Bitcoin Revival naar China?

De vertrekkende president Donald Trump heeft WeChat Pay en Alipay transacties verboden met het bevel om later volgende maand in werking te treden.

„Door toegang te krijgen tot persoonlijke elektronische apparaten zoals smartphones, tablets en computers, kunnen Chinese aangesloten softwaretoepassingen toegang krijgen tot grote hoeveelheden informatie van gebruikers, waaronder gevoelige persoonlijk identificeerbare informatie en privé-informatie, en deze vastleggen.

Deze gegevensverzameling dreigt de regering van de Volksrepubliek China (China) en de Chinese Communistische Partij (CCP) toegang te geven tot de persoonlijke en eigendomsinformatie van de Amerikanen – waardoor China de locaties van federale werknemers en Bitcoin Bank aannemers kan volgen en dossiers met persoonlijke informatie kan opbouwen“, aldus de order.

China heeft Facebook, Google, Tjilpen en andere tech reuzen verboden, met het om te worden gezien of de inkomende voorzitter, Joe Biden, de orde op zijn plaats zal verlaten.

Dat is vooral te midden van een aan de gang zijnde sonde op Alibaba aangezien de wereld getuigt van wat een significante transformatie met termen zoals ,,bloedzuigende kapitalist“ schijnt te zijn die nu opnieuw in het enige partijland wordt geuit.

Xi Jinping wat angst is de nieuwe Mao Zedong, de dictator die tientallen miljoenen heeft uitgehongerd met Jinping het verwijderen van termijnbeperkingen naast het verbieden van publieke kritiek op de Chinese Communistische Partij (CCP).

Om dit te illustreren is Jack Ma blijkbaar „onder toezicht“, wat vermoedelijk betekent dat hij in huisarrest zit.

Zijn zonde was om te wijzen op het gebrek aan technologische vooruitgang en modern denken in het Chinese banksysteem, waarbij Ma suggereerde hoe algoritmes het kredietrisico konden beheren en zo de toegang tot krediet konden uitbreiden zonder onderpand te eisen.

Deze goedaardige toespraak wordt nu gebruikt als een excuus voor China’s drastische actie om een groot deel van Alibaba, of in ieder geval de betere delen ervan, over te nemen.

Zo wordt eindelijk duidelijk wat deze ruimte in 2017 heeft geleerd: er zijn geen eigendomswetten in China, althans niet waar het de staat betreft

Deze grillige manier van besturen zal elke ondernemer die China wil binnengaan zeker meer dan twee keer aan het denken zetten. Niet in de laatste plaats omdat het niet meer duidelijk is of de semi-vrije markten „kwaad“ beginnen te worden in de op één na grootste economie ter wereld.

De door de staat geregisseerde belastering van Jack Ma met termen die in het tijdperk van Mao Zedong werden gebruikt, heeft genoeg speculaties dat China de vrije markten de rug toekeert en zich op volle snelheid beweegt in de richting van een door de staat gerunde economie.

De liberale vleugel wordt gezuiverd, waarbij de communisten in oude stijl hun macht consolideren en uitbreiden. Alibaba eerst.

Niemand vergelijkt nu Xi met Winnie the Poo, want zijn berekende Machiavelliaanse manieren hebben terreur gebracht in China’s business class in een land waar de partij de banken is en binnenkort misschien is de partij wel het land.

In deze sfeer waar gecentraliseerde digitale financiën erg onder vuur ligt, is bitcoin misschien wel een manier om de eigendomsrechten op technisch niveau te waarborgen in plaats van te vertrouwen op de partij zal niet alleen uw bedrijf overvallen om het in stukken te hakken onder de rijke families van Xi en de partij lofbetuigingen.

Nu deze apps worden verboden, kan het ook moeilijker worden om te betalen van en naar China, waardoor bitcoin een perfect instrument wordt omdat het een volledig gecentraliseerde en controleerbare infrastructuur omzeilt.