Sunday , March 7 2021
Home / Ibrahim Anifowoshe

Ibrahim Anifowoshe



Articles by Ibrahim Anifowoshe

Bitcoin Price Could Be $1 Million in Ten Years, Kraken CEO Says

3 days ago

As Bitcoin struggles to break the $50,000 psychological hurdle, the CEO of Kraken, a Bitcoin and cryptocurrency exchange, Jesse Powell has told Bloomberg that it is “pretty reasonable” that the coin will break a $1 million price tag in the next ten years.
The CEO made this known in an interview with Bloomberg on March 4. He noted that Bitcoin will be worth “infinity” and humanity will stop pricing the coin in US dollars.
At 11:30 GMT, the benchmark cryptocurrency was trading at $49,180. It lost 4.86% in the last 24 hours.
Powell told Bloomberg about the price trajectory of the coin:
Of course, you know, we can only speculate, but when we measure it in terms of dollars, you have to think it’s going to infinity. This national currency’s only fifty years old, it’s already showing extreme

Read More »

Bitcoin Around $50K: Whales Are Buying the Dip

3 days ago

For the past few days, the cryptocurrency market has been red. With gradual recovery and stabilization, it’s expected that the market would begin to gain momentum.
However, data from CryptoQuant show that large Coinbase outflows by some big investors in Bitcoin suggest that whales are continuing to accumulate Bitcoin. This is despite the crypto more than doubling so far in 2021. A clear indication that the confidence in the benchmark cryptocurrency is unwavering as it attempts to stabilize above the $50,000 level.
At 17:50 GMT on Wednesday, the coin traded at $50,975, gaining 6.41% in the last 24 hours.
Whales confidence is pivotal
Whales take profit when the market is in the bull cycles. This is more common especially when the futures market is highly overcrowded. Although, whales selling

Read More »

Bitcoin May Make a Bull Run Towards $64,000, TradingShot Analyst Says

5 days ago

Bitcoin may see a bull run in the coming weeks with price hitting as high as $60,000 to $64,000. An independent analytics firm, TradingShot, known for predicting Bitcoin’s previous close above $50,000, made the $60k bullish prediction.
The firm noted that BTC/USD has been trading inside an ascending channel range, defined by an upper trendline resistance, a median, and lower trendline support.

Their analyst noted a fractal pattern. They noted that Bitcoin, as of late, pulls back after testing the channel’s upper trendline to test the median line as support. Then, the coin breaks into a support base, before surging upward to retest the median as resistance.
Since the year started, Bitcoin has maintained this pattern. The benchmark cryptocurrency earlier bounced off the support base after

Read More »

MicroStrategy Buys More BTC

5 days ago

Over the last weekend, Bitcoin stayed under solid pressure. US government’s approval of the $1.9 trillion stimulus bill also couldn’t help Bitcoin price to stay above $50K. But with the start of a new month, the price of the coin is once again back in action. At 17:20 GMT on Monday, the coin was trading at $49,052, gaining 12.62% over the last 24 hours.
With the coin rising again, MicroStrategy’s Bitcoin buying spree is also showing no signs of stopping soon. The business intelligence firm has again acquired $15 million worth of BTC, which was paid for in cash. At the time of the purchase, the coin was trading at $45,710.
This new Investment brings the firm’s total holdings to 90,859 coins (or about $4.3 billion based on current price). In the past five months, the firm has consistently

Read More »

$3 Trillion Stimulus May Fuel Bitcoin Prices

14 days ago

America’s economic policies and activities may contribute to Bitcoin price bullishness. A $1.9 trillion fiscal stimulus bill reported by the Washington Post suggests that lawmakers are already discussing another $3 trillion stimulus package. It appears that the newly sworn in Biden administration is giving an aggressive push to Bitcoin.
Due to the slowdown of economic activities caused by the COVID-19 pandemic, the Federal Reserve has resorted to printing money. While this pumping of money into the economy might be good for the Americans, it is good news for Bitcoin investors.
As the massive liquidity pump is debated at the American senate, fears of inflation and currency devaluation are now pushing institutional and corporate investors to diversify into Bitcoin more than ever. Bitcoin

Read More »

BTC at $57,000: Next Journey to $65,000 May Have These Bullish and Bearish Cases

15 days ago

The benchmark cryptocurrency continues to break new all-time highs with each passing day. At 14:23 GMT on Saturday, the coin was selling at $57,601, a 8.65% increase over the last 24 hours.
The current price follows Bitcoin cementing its place as the first cryptocurrency to pass a $1 trillion market capitalization. It is the sixth most valuable global asset by market cap. What makes this record important is that Bitcoin is also witnessing subdued volatility as the price trades above the $50k levels.
This comes after MicroStrategy announced that it has completed another $1 billion offering of convertible notes, which would be invested in Bitcoin. The business intelligence firm already holds $4 billion or 71,000 BTC.
Institutional investors are not stopping anytime soon. Grayscale added

Read More »

Bitcoin Surges past $55,000: Bulls Remain Unstoppable

15 days ago

Bulls remain unstoppable on major crypto exchanges today. BTC has now gone past $55,000 as the uptrend of the king cryptocurrency remains consistent. At 19:46 GMT on Friday, the price of BTC was at $55,070. A gain of 5.8% in the last 24 hours.

Mainstream and corporate adoption of the coin seems to be fueling the all-time highs. More companies and asset managers are thinking of the coin and ways to diversify their assets.
Within the last 4 hours, the benchmark cryptocurrency pushed above the $1 trillion level. While Bitcoin started in 2009 as an experiment, it only took 12 years to achieve $1 trillion market capitalization.
It is interesting to note that in March 2010, Bitcointalk.org auctioned 10,000 BTC for $50. There was no buyer.
Elon Musk and other prominent Bitcoin investors are

Read More »

Bitcoin to Hit $1 Trillion Market Cap As Price Nears New ATH

16 days ago

A new day, a new ATH seems to be Bitcoin’s motto. The benchmark cryptocurrency nears $53,000 on Friday as $50,000 becomes the support level. On February 19, BTC hit another all-time high as it accelerates toward becoming a trillion dollar asset.
Tradingview chart showed Bitcoin reaching $52,932 earlier on Friday on Bitstamp. At 12:40 GMT, BTC rose to $52,688, a 2.71% gain over the last 24 hours.

In the last 2 days, the cryptocurrency has held $50,000 as the key support with BTC primed to gain further in the short term. This may explain why more institutional investors and large holders are acquiring more BTC. The price of the coin is expected to double in the coming months.
When BTC breaks $53,600, it would pass the $1 trillion market cap for the first time in its 12-year history.
PlanB

Read More »

$48K Is the New BTC Support Level, Glassnode Data Shows

16 days ago

Since December last year, the price of Bitcoin has seen unbelievable gain with consolidation continuing into the start of February 2021. Fundamental support is now at $48,000.
The bull run since the end of 2020 is showing no sign of stopping soon. However, the price has been subject to minor corrections following the coin has it established new ATHs one after the other. In the short-term, it is likely that the price of BTC will see a brief fall.
At 22:21 GMT on Thursday, the price of BTC was $51,925, losing 0.91% in the last 24 hours.
$48k is the new $35k
According to on-chain monitoring resource, Glassnode, February has been instrumental in shaping the king cryptocurrency.
Last month, the price struggled at a support level of $35,000. Co-founders of Glassnode, Yann Allemann and Jan Happel

Read More »

Bitcoin’s Active Supply May Affect Price Rally

16 days ago

Since the start of the present price rally, Bitcoin’s active supply has played a crucial role. Has the king cryptocurrency traded around $52,000, the amount of active supply from 7Y to 10Y hit a low of 1.42 million Bitcoin.
This is very different from what was obtainable before the new ATH on February 18. This may be because after booking unrealized profits and losses at the previous all-time high, traders and investors are holding on to their Bitcoin through the current phase of the market cycle.
Most BTC leaving exchanges are now going into private wallets and cold storage. This explains the shortage of supply of BTC in circulation. It’s likely that the Bitcoin shortage has been fueling the bull rally since October 2020.
After remaining range-bound for a long time, the price

Read More »

As Bitcoin Hits New ATH, Coinbase Premium Turns Negative

21 days ago

Bitcoin moved another 4% today to break a new all-time high a little above $49,000. Post Tesla’s $1.5 billion in BTC acquisition, Bitcoin has moved nearly 25% this week.
At 12:37 GMT, the coin traded at $49,260, gaining 5.05% in the last 24 hours. Bitcoin dominance remained at 59.6% over altcoins. While the crypto market cap was at $1.51 trillion.
Despite this positive momentum, it appears that a boost above $50,000 may not be sustainable as data by CryptoQuant, a data analytics firm, show that Coinbase Premium is now at -$45. Compared to other exchanges like Binance, Huobi, OKEx, it appears that there is a net spot selling pressure on Coinbase.
Fresh entries won’t be advised. It’s suspected that Bitcoin may see a downward momentum going forward.
Ki Young Ju, CEO of CryptoQuant, tweeted

Read More »

Institutions Now Hold 3% of BTC’s Circulating Supply. What Does This Mean?

21 days ago

Institutional investors and big corporations now hold 460,000 BTC, which is 3% of the total BTC supply in circulation. What does this mean for Bitcoin in the short and long term?
As it stands, it is clear that institutional investors are storing up Bitcoin. As at the time of writing, they were holding 3% of the total supply. Most of them locked in long term holdings. Data available shows 24 entities have amassed more than 460,500 BTC, which is equivalent to $22 billion at Bitcoin’s current price.
This is excluding the about 3 million BTCs that are lost forever. If institutions keep locking away Bitcoin and buying at their current pace, a shortage in supply is imminent.
The current list of holders includes MtGox K K, which has close to 141,690 BTC ($6.6 billion). Next is Block.one with

Read More »

Bitcoin Brings Roses: Hits $49K, a New All-Time High

21 days ago

On Valentine’s day, February 14, the price of Bitcoin achieved a new all-time high. A new record, hitting a s high as $49,344 on Coinbase.
At 11:07 GMT on Sunday, the coin traded at $49,027.
It appears that there were three main reasons why the coin rose to a new record high on the day of love. They are: stablecoin inflows; clean break of the $38,000 resistance area; and a prolonged consolidation phase.
Stablecoins spike in inflows
According to CryptoQuant, data provided shows that Stablecoin Supply Ratio (SSR) rose significantly as it rallied from the mid-$30,000 region. The SSR indicator indicates the market capitalization of Bitcoin in comparison with the aggregated market of stablecoins. When the price of Bitcoin rises in comparison with the SSR ratio, it suggests sidelines capital

Read More »

Will Mastercard’s Crypto Acceptance Affect Bitcoin Price?

23 days ago

Mastercard, the leading credit card conglomerate, announced earlier this week that it will allow its users to utilize cryptocurrencies on its payment network. This comes after Visa announced a similar adoption of cryptocurrencies on its payment platform. Post the announcement, Bitcoin price moved rapidly upward from around $45,000 to a new all-time high of $48,000.
Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships, said:
Many of the hundreds of digital assets in circulation still need to tighten their compliance measures, so they won’t meet our requirements. We expect consumers and the ecosystem as a whole will start to rally around the crypto assets that offer reliability and security.
He added that this adoption of crypto is to allow

Read More »

Bitcoin May Soar 135% to Hit $100K

23 days ago

Bitcoin hit a new all-time high of $48,600 late Thursday, February 11. This happens as big corporates like Mastercard, BNY Mellon, and Uber warm up to the king cryptocurrency. At 11:20 GMT On Friday, the world’s largest cryptocurrency was selling at $47,499, gaining 2.69% in the last 24 hours.
According to on-chain data provided by Glassnode, there are signs that show that BTC can skyrocket 135% from the current price. If it does, this will break $100k per coin. Glassnode CTO and co-founder Rafael Schultze-Kraft stated that the Bitcoin marketcap to thermocap ratio suggests that BTC can shot 135% from the current levels. He said:
Last bull market, $BTC was at ~$8,500 when Marketcap to Thermocap was at the current levels – and surged another 135% to the top in just a month. Things can go

Read More »

As Liquidation Fades, HODLing Bitcoin Hurts Case for Buying, Says Morgan Stanley

24 days ago

The recent bull market appears to be driving Bitcoin liquidity in the downward momentum. Most of the bull market is concentrated in a relatively small number of investors who are unwilling to sell. According to a new research by Morgan Stanley, the lack of liquidity may potentially hurt the pioneer cryptocurrency use for transactions.
The number of addresses with Bitcoin worth more than $1 million are on the rise. The Investment bank noted that over 60% of all coins issued are owned by wallets with over 100 Bitcoins. Wallets with between 1,000 and 10,000 coins hold 30% of coins issued.
In the report, Morgan Stanley said this may make Bitcoin as a means of exchange “harder to defend.” The report suggests that if BTC liquidity continues to fade, the use of Bitcoin in the trading of goods

Read More »

Tesla Pump Liquidates $500M in BTC Shorts

26 days ago

Few hours after Tesla’s news caused Bitcoin to gain a massive percentage to over $47,000, around $500 million worth of positions were liquidated.
Just a day after the US Securities and Exchange Commission (SEC) revealed filing that Tesla bought $1.5 billion worth of BTC, the price per coin immediately soared from $39,000 to $45,000. Then breaking into an all-time high of $47,500.
At 12:53 GMT on Tuesday, BTC was trading at $46,584 per coin.
$500 million liquidation
As the Bitcoin initially rallied to $45,000, it caused $500 million worth of short positions to get liquidated.
The term liquidation in the Bitcoin futures market refers to when the price of BTC moves quickly in a short period beyond the liquidation prices of futures contracts.
According to data provided by Bybt.com, $1.3

Read More »

Bitcoin Hits $47,500: Is Tesla Creating a Deluge of Corporate Adoption?

26 days ago

After Tesla’s announcement of its $1.5 billion purchase of BTC, Bitcoin gained a massive percentage in the last 24 hours. The pioneer cryptocurrency surged 22% to a new all-time high of $47,500 a few hours back.
At 8:58 GMT on Tuesday, the coin was trading at $47,056, a 20.61% gain over the last 24 hours.
Just a few hours after Tesla’s announcement, BTC moved past Tesla’s market valuations. The question to be answered after Tesla’s $1.5 billion BTC purchase is: will corporate America follow suit?
Speculations about tech giants
There is already speculation that big tech giants like Amazon, Apple, Microsoft and others will adopt BTC and may put part of their cash treasury into BTC.
Predictions about Apple are already ripe. The publicly traded company worth more than $2 trillion could

Read More »

Bitcoin Price Wobbles, Analysts Hope for a Bull Run

February 4, 2021

Bitcoin was trading at $37,556 at 22:42 GMT on Tuesday, gaining 0.68% in the last 24 hours. According to CoinDesk 20, in the last 24 hours, the price ranged from $36,207 to 38,731. This is above the 10-hour and 50-hour moving average on the hourly chart, implying a bullish momentum for traders and investors.
The price of Bitcoin had dropped to as low as $36,207. Then rising back up to above $37,500 at press time.
Chris Thomas, head of institutional sales for Swissquote Bank said:
Still trading around the 50-day moving average, so all good. Moved a long way back up over the last week or so again, so there’s just a little lack of energy today. And no more Elon pumps!
Although Elon Musk is not tweeting about Bitcoin as he seems to vested in dogecoin (DOGE) at the moment. Notwithstanding this,

Read More »

Bitcoin Shows Strongest Bullish Signal in 3 Weeks

February 2, 2021

After Bitcoin failed to move past the $40,000 hurdle, all eyes have remained on the king cryptocurrency. At 22:05 GMT, Bitcoin was trading at $35,785, a 5.97% gain in the last 24 hours. At press time, outflows from exchanges were high.
It appears that 15,000 BTCs have flown out of Coinbase at the $32,400 price level. Such a significant outflows signals a bullish shift in the price rally as the pioneer cryptocurrency outflow transactions have moved to custody wallets that support incoming only. These wallets do not support withdrawals. This may mean that these transactions represent OTC deals from institutional investors. These transactions remain the strongest bullish signal in the last three weeks.
Ki Young Ju noted this signal on Twitter:
Massive Coinbase outflows. 15k $BTC at 32.4k

Read More »

Elon Musk Support May Take Bitcoin to a New ATH

February 1, 2021

Elon Musk latest endorsement of cryptocurrency on his Clubhouse App chat caused Bitcoin prices to race toward $35,000.
The Tesla and SpaceX founder called the flagship cryptocurrency “a good thing.” He mentioned his regret for not hopping on board sooner. He added that Bitcoin is on the “verge of getting broad acceptance by conventional finance.” He said this responding to Andressen Horowitz and other prominent investors during a Clubhouse meetup on February 1.
This endorsement jolted the BTC exchange rate to 4.8% during the Asian and early European trading session to hit an intraday high of $34,728. At 13:54 GMT on Monday, Bitcoin was trading at $33,817, gaining 0.7% in the last 24 hours.
This follows his earlier support of Bitcoin on Twitter which led to retail to a boost of retail

Read More »

Positive Sentiment Rises: Recipe for the Next Bull Run

January 31, 2021

The Satoshi street was stormed on Friday, January 29, after Elon Musk changed his Twitter bio to “#bitcoin.” This quickly boosted the price of Bitcoin into breaking past its past two weeks downward momentum. The price surged to $38,000 and settled back to $34,000. At 12:34 GMT, the price per coin was at $33,685, losing 1.01% in the last 24 hours.
The price of Bitcoin is now consolidating around $32k to $34k. Simultaneously, BTC saw a massive influx of new users investing in Bitcoin. Analyst Willy Woo noted on Twitter that the new users entering the market per day is higher than any other time.
He said:
An indication of the sheer numbers of new Bitcoin users arriving here. Even during this consolidation, new users arriving per day is higher than any other time in this bull market.

An

Read More »

Bitcoin Reclaims Key Level After Friday’s Price Action

January 30, 2021

The last few days has seen some price action for the king cryptocurrency. A quick “pump and dump” rally occurred yesterday pushing the price per coin to around $38,000 before quickly plummeting to $32,000.
This revealed that there are many bears looking to fade BTC’s price action. Although, the coin has recovered and not showing signs of falling further, the price action has remained. As Bitcoin show heavy market action, alternative coins are also struggling to gain massive momentum as bears continue to sell.
The direction of the pioneer cryptocurrency in the next few weeks is dependent on if bulls can hold off the bears sell off which resulted in Bitcoin recent fall. At 17:52 GMT on Saturday, Bitcoin was trading at $34,262, losing 2.13% in the last 24 hours.
This is a huge dip succeeding

Read More »

Bitcoin May Emulate GameStop

January 30, 2021

The recent success of GameStop at the stock market may soon be replicated by Bitcoin.
After a redditor found that Melvin Group Hedge Fund had bought billions in short positions against the gaming chain, he created a group asking fellow redditors to short squeeze the stocks by buying as much as everyone can. Following this crowd buying, GME stocks skyrocketed above $450 liquidating billions in short position.
Noticing this success, the crypto community joined in this crusade against the rich and bankers on Wall Street. Bitcoin has been functioning as a financial revolution against the wealthy established and flawed financial Institutions and infrastructure.
The sentiment continues
As a bunch of redditors and the retail market have rocked the entire Wall Street, the sentiment against the big

Read More »

Bitcoin Is Short-Term Bearish, Trader Says

January 28, 2021

As Bitcoin continues to test the $30,000 support area, a trader popularly known as the “Byzantine General” has said that Bitcoin is short-term bearish as the options market hints at consolidation.
The trader noted that the price action of Bitcoin is not bullish despite the price of BTC staying above a key support level.
In the midst of all this chaos, here’s a bitcoin chart. Not much to do. It’s bearish no matter how you look at it. But we’re sitting on support, so no swing short opportunity either… It’s just waiting now. > YO needs to hold.
The option market is short-term bearish
It does not seem like only the trader is of this opinion. Analysts have noticed a similar trend from the options market and the previous fractals of Bitcoin. A candle chart that reveals the patterns that analysts

Read More »

As Wall Street Panics, Bitcoin Attempts Strong Recovery

January 28, 2021

Despite Wall Street closing in red after yesterday’s trading session, Bitcoin has recovered some of its losses. Currently putting the flagship cryptocurrency on a launchpad to $40,000.
After losing key support levels at $31,000, the bearish leg explored levels slightly under the $30,000. However, buyers were keen on ensuring a limit to the downward momentum. Most alternative coins also enjoyed a bounce off the lows as ETH hit $1,300 while UNI jumped to an all-time high.
Earlier this week, the flagship cryptocurrency attempted to overcome $35,000 in an unsuccessful bullish run. From them on, the coin gradually decreased in value. This drop led to an adverse decrease below the psychological level of $30,000.
After the dip, bulls quickly gripped the market and pushed the price to reclaim

Read More »

Bearish Run Continues As FOMC Meets

January 27, 2021

It appears that the bearish momentum continues. Bitcoin edged lower on Wednesday pressured by the stronger US dollar. The markets awaited the Federal Reserve’s monetary policy outlook and progress concerning the stimulus deal.
At 11:08 AM GMT on Wednesday, Bitcoin was trading at $31,589, a 1.7% decrease over the last 24 hours. In the past few days, the bearish wave in Bitcoin price below $38,200 against the US dollar. The key support levels between $35,000 and $34,000 were broken, moving BTC into a bearish zone.

The TradingView chart shows that BTC/USD fell more than 3% in the early hours of the Asian trading session. With this fall, it hit an intraday low of $31,567 per BTC. While CME Bitcoin Futures fell by as much as 3.38% to $31,550.
Key Support Levels – $31,000 and $30,000.
Key

Read More »

Favored Bears: Analyst Eyes $26K

January 26, 2021

Bitcoin’s price action as of late has greatly favored bears, with bulls being unable to generate any significant momentum. At 7:28 PM GMT press time, the cryptocurrency was trading at $32,156, losing 4.4% in the last 24 hours.
The pioneer cryptocurrency had a brief surge yesterday as the price hit $34,800, but holders sold off their BTC despite this price pump. Cryptoquant Exchange Whale Ratio broke 0.87, a level that it had last seen when the price of Bitcoin fell to $28,956. This suggest that there might be another price correction underway.

In the past few weeks, the crypto has seen some strange price action. The mid-term trend has slipped through the hands of the bears and the bulls. However, the price action has continued to be favorable to sellers. As they move to sidelines, BTC

Read More »

Bitcoin to Break $36K After Breaking Out from 4-Day Range

January 25, 2021

Bitcoin finally breached the $34,000 price resistance after nearly 4 days of consolidation between $30,000 and $33,500. The top cryptocurrency was trading at $33,880 at 5:42 PM GMT on Monday at press time.
After entering a new ATH of $40,000 in the first week of 2021, the cryptocurrency’s bull run took a pause and slowed down significantly for the past two weeks of the year.

Bitcoin whales seemed to have accumulated more of the cryptocurrency against the dip, suggesting that the market is still bullish on the cryptocurrency despite the recent correction. After breaching the $34,000 price resistance BTC would be eyeing to regain the $36,000 levels before testing the ATH again as on-chain metrics are still in its favor.
Last Thursday, BTC faced a massive influx of selling pressure that

Read More »

Will Institutions Continue to Pull the Weight for Bitcoin Price Rally?

January 24, 2021

The range-bound of Bitcoin’s price rally has left many traders waiting for another dip. While there have been swift recoveries in the current market cycle and institutions with large Bitcoin holdings have supported the rebound in price, the question that has continued to plague is for how long?

Grayscale, the largest digital asset manager in the world, had the premium on Bitcoin drop below 10% and this is alarming for retail traders. It signals a pause towards the much-awaited reversal from institutional buyers. However, it is expected that once the demand levels for the flagship cryptocurrency is revived, the premium will be back above 10%. Sadly, current data shows that there is a likelihood of drop in demand.
Over the past week, Bitcoin price lost approximately 10% of its value,

Read More »