{"id":435875,"date":"2020-08-22T05:01:54","date_gmt":"2020-08-22T05:01:54","guid":{"rendered":"https:\/\/wncen.com\/?p=435875"},"modified":"2020-08-22T05:01:54","modified_gmt":"2020-08-22T05:01:54","slug":"crypto-tidbits-dave-portnoy-drops-bitcoin-tether-supports-ethereums-omg-network-defi-still-hot","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-tidbits-dave-portnoy-drops-bitcoin-tether-supports-ethereums-omg-network-defi-still-hot\/","title":{"rendered":"Crypto Tidbits: Dave Portnoy Drops Bitcoin, Tether Supports Ethereum’s OMG Network, DeFi Still Hot"},"content":{"rendered":"

Another week, another round of\u00a0Crypto Tidbits<\/a>.<\/p>\n

It’s been quite a week for the Bitcoin market. In the past seven days, the leading digital asset has traded at both $12,500 and $11,400, facing volatility due to crypto market trends and the macroeconomic trends. Bitcoin’s rally earlier this week came on a decisive break of the pivotal $11,900-12,000 resistance; BTC’s ongoing retracement has seemingly been triggered by somewhat of a bounce in the value of the U.S. dollar, along with selling pressure on spot markets.<\/p>\n

Ethereum has suffered worse than Bitcoin has, falling to $380 as of this article’s writing. Altcoins, in general, have been hurt more than Bitcoin during this retracement as the altcoin market finally cools off after months of straight rallying.<\/p>\n

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Chart of BTC's price action over the past seven days from TradingView.com<\/a><\/pre>\n
Analysts remain optimistic about the cryptocurrency market despite the recent technical weakness.<\/p>\n
Raoul Pal, the CEO of Real Vision and a Wall Street vet, recently took to Stephan Livera’s podcast to assert that he is macro bullish on Bitcoin due to a flurry of fundamental reasons. This comes shortly after he took to Twitter to say:<\/p>\n
\u201cThese are all INCREDIBLY BULLISH long-term chart patterns. The probabilities in the charts suggest that Bitcoin is likely set to be the best performing major asset in the world over the next 24 months and by a big margin.\u201d<\/p><\/blockquote>\n
Bloomberg analyst Mike McGlone is also bullish. He recently wrote that something “unexpected” will need to happen for Bitcoin to stop its ongoing uptrend:<\/p>\n
\u201cBloomberg Intelligence Commodity Primer \u2013 Something unexpected needs to happen for #Bitcoin\u2019s price to stop doing what it\u2019s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the #crypto asset\u2019s unique attribute of fixed supply.\u201d<\/p><\/blockquote>\n
Related Reading: Crypto Tidbits: MicroStrategy\u2019s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC<\/a><\/h6>\n
Crypto & Bitcoin Tidbits<\/strong><\/h2>\n