From the assessment that Bitcoin is ready to enter the parabolic phase of the current market cycle to Spacecoin XYZ launching its first satellite into orbit, here are some notable news in the crypto market.
An analyst continues to build a following with macro predictions about crypto, believing that Bit (BTC) is nearly ready to enter the parabolic phase of the market cycle.
Anonymous analyst TechDev told his 490,300 watchers on the X platform that Bit is sending technical signals that have preceded major price surges in the past.
The trader shared a chart showing Bit has broken above the upper Bollinger Band in the two-month timeframe after spending about two years recovering from the market Dip.
Traders use Bollinger Bands to identify potential volatility expansions and see if an asset is overbought or oversold.
TechDev's chart also shows that these two signals have appeared in the market cycles of 2016 and 2020, just before Bit created parabolic price spikes.
"This is when things get interesting."
Looking at other indicators, TechDev said Bit is in the early stages of a parabolic price rise based on the LMACD indicator, designed to reveal changes in the trend, strength, and momentum of an asset.
"Focusing on the higher timeframes (HTF) provides the best opportunity to trade the cycle, and the HTF expansion is not yet complete in the $100,000 zone."
Based on the trader's chart, it appears Bit will not see a cycle top until the LMACD on the two-month chart reaches resistance at 0.12. This indicator is currently oscillating around 0.04.
Peter Schiff opposes the establishment of a Strategic Bit Reserve
Peter Schiff has once again expressed his staunch opposition to the establishment of a Strategic Bit Reserve. This time, the renowned economist has proposed an alternative solution the US could adopt.
In a post on X, Peter Schiff declared that the US could save a lot of money by creating a 'USA Coin' instead of a Strategic Bit Reserve. Interestingly, he said that like Bit, the supply of USA Coin could be capped at 21 million.
He further stated that this coin should operate on an upgraded blockchain to be truly viable for payments. The famous economist, a Bit skeptic, has repeatedly made it clear that he opposes the idea of a Strategic Bit Reserve.
Recently, Schiff claimed that the best thing Biden could do before leaving office is to sell the US's Bit holdings. According to him, this would put an end to the creation of a Bit Reserve.
However, despite Peter Schiff's skepticism, the creation of a Bit Reserve in the US appears to be making progress.
Senator Cynthia Lummis, the sponsor of the 2024 Bit Act, has proposed a plan for a Bit Reserve to help reduce the $36 trillion national debt. VanEck's Matthew Sigel also explained that a reserve scenario could offset 36% of the national debt by 2050.
XRP has seen a strong price surge, jumping from below $2.4 to over $2.7 around the launch of RLUSD. However, it has since reversed course, and the broader market collapse has led to a sharp decline.
In fact, the Ripple token has dropped 28% from its local peak to $1.96. Many XRP whales have taken advantage of this opportunity to accumulate more tokens, and this may have helped the asset recover partially, rising to around $2.4 yesterday.
However, XRP has once again lost momentum and is now struggling to maintain a price above $2.2. According to analyst Ali Martinez, this level is particularly crucial for the future price volatility of XRP.
If it can hold this level, XRP may continue its recent upward momentum and target $2.7 once again. Conversely, it risks dropping below $2 for the third time in December.
XRP slipped below $2.17 early today but has managed to bounce back. The next few days will be crucial in determining the year-end closing price of XRP, and many are anticipating a Santa Claus rally.
With the latest correction, the market capitalization of XRP has once again fallen below $130 billion. This means it has lost its third position to USDT, with a market capitalization of nearly $140 billion.
Spacecoin XYZ has launched its first satellite into orbit, marking the initial step of the project towards deploying a satellite constellation to help secure the blockchain network in space.
Spacecoin XYZ co-founder Daniel Bar said the officially standardized first satellite is an important milestone in bringing the "Spacecoin layer" to the Earth's orbit.
The satellite was launched as part of the SpaceX Falcon Heavy project, taking off on December 21.
Bar said Spacecoin will be the first of many satellites to be launched in the coming months.
He said Spacecoin plans to launch an additional seven to ten satellites by 2025, enough to bring the Spacecoin mainnet into operation.
Google's advertising of digital asset exchanges and wallets in the United Kingdom will require registration with the country's financial services regulator, as the search giant's new policy update takes effect in January 2025.
The search company stated that starting January 15, 2025, advertisers providing crypto exchange products and services in the UK will only be allowed to advertise if they meet certain requirements.
For crypto exchanges and software wallets, Google said it will allow advertising of these products if they are registered with the Financial Conduct Authority (FCA).
Google also announced that they will allow advertising for hardware wallets designed to store private keys for Bit, Non-Fungible Token, or other digital assets, as long as they do not provide additional services such as buying, selling, or trading. You can view the coin prices here. Disclaimer: The article is for informational purposes only and is not investment advice. Investors should do their own research before making a decision. We are not responsible for your investment decisions. Join Telegram: https://t.me/tapchibitcoinvn Twitter (X): https://twitter.com/tapchibtc_io Tiktok: https://www.tiktok.com/@tapchibitcoin Viet Cuong Bitcoin Magazine
