•The price of Bitcoin (BTC) is consolidating near the $25K resistance level as bulls continue to retest the area.
•On February 20, the BTC price made another attempt to cross the resistance zone, but it was unsuccessful.
•Bitcoin has reached a new high for the year despite macroeconomic headwinds and regulatory crackdowns on cryptocurrencies.
Current Bitcoin Price Statistics
The current price of Bitcoin (BTC) is $24,102.49 with a market cap of $465,248,872,105 and a circulating supply of 19,298,687 BTC. The total supply stands at 505,478,733,067 BTC and its Coinmarketcap rank is #1.
Resistance and Support Levels
The major resistance levels for Bitcoin are set at $50,000, $55 000 and $60 000 while support levels are set at $25 000,$20 000 and $15 000 respectively.
Recent Attempt to Cross Resistance Level
On February 20th ,the BTC attempted to cross the resistance level again but failed due to significant bearish pressure. Currently Bitcoin is trading in a constrained range above the support level of $24 000 while still being in an uptrend zone based on RSI (Relative Strength Index).
New 2023 High Achieved
Despite macroeconomic headwinds and regulatory issues surrounding cryptocurrencies ,Bitcoin has achieved a new high for 2023 by reaching 25000 USD . This is quite impressive considering that during middle June 2020 ,the last time this height was achieved ,it dropped from 19000 -21000 USD before stabilizing there .
If bulls break through the 25000 USD resistance level then they will likely surge past 25200 USD with no significant resistance ahead up until 30000 USD . However if neither side dominates then we can expect further consolidation around 24000 USD until further developments arise .
• Activist investors in GBTC, the world’s biggest bitcoin investment trust, are planning a takeover.
• Investors have lost billions of dollars due to Grayscale Investments’ administration of GBTC.
• Novice investors who bought into the trust have watched their wallets empty as the GBTC shares fall to 52% of its value.
GBTC: Major Uprising By Investors
Investors in GBTC, the biggest bitcoin investment trust in the world, are planning a major uprising against its current steward, Grayscale Investments. This coalition of hedge funds, asset managers and novice investors is challenging Grayscale’s administration for costing them billions of dollars since 2015.
What Is GBTC?
GBTC is promoted as an easy way for average individuals to purchase bitcoin without having to deal with an exchange or transfer cryptocurrency between wallets. For every share issued in this trust, a fraction of a bitcoin is added to it and thus ties its value to that of bitcoin. Grayscale gave out public service announcements promoting Bitcoin as “the future” and “the ideal investment” for retirees and other investors on major US TV networks. Currently, tens of thousands own shares in this trust.
The Cost To Investors
Unfortunately for shareholders, they can only get back $0.52 back per each $1 worth of Bitcoin when they sell their GBTC shares on the market since mid-December 2020 when these shares fell significantly from their previous high prices (sometimes even double). This has caused billions upon billions overall worth of losses all around for investors who had put money into this trust such as Christian Galández Beltrán with about $200k invested or an anonymous investor with around $30k in it expecting retirement security amidst inflation worries now being called “Bitcoin Bozos” by his wife out fear that his losses may be irreversible..
A Takeover In The Works?
With these large losses incurred by many different people from different walks of life now at stake here, activist investors are rallying together and plan on taking control over things from Grayscale Investment which has so far been running things here at least partly responsible for these huge loses to occur at all according to them anyway.. Their goal is yet unclear but with so much money involved here we can expect some kind if major changes coming soon one way or another whether it be through legal action or otherwise..
Grayscale Investments‘ handling of the largest Bitcoin Investment Trust – GBTC – has resulted in billions upon billions worth of losses across different types of investors worldwide ranging from novice ones all the way up to hedge fund managers alike who have been affected by this situation greatly enough that an uprising is now underway seeking answers and potential solutions moving forward either through legal action or otherwise yet still remain unclear what exactly will come out if it though there should no doubt be some kind if major changes coming soon one way or another
• Algorand (ALGO) is a decentralized, fast and secure blockchain with smart contract capabilities.
• ALGO has been showing impressive performance since the start of this year, rising steadily and attracting attention from investors.
• Currently, ALGO is trading at $0.28, with a market capitalization of $2,023,028,615 and 0.178% market dominance.
What is Algorand?
Algorand (ALGO) is a decentralized, fast and secure blockchain that allows 1000 transactions per second with minimal fees. The transactions‘ finality is under five seconds, as the network solves the blockchain trilemma when it comes to scalability, security and decentralization by using pure proof of stake consensus process. Furthermore, its smart contract functionality gives access to dApps that make valuable blockchains for financial activities institutions and users.
Recent Market Performance
Since January 2023 ALGO has been up 41%, with a current market price of $0.28 and low of $0.25 in the past 24 hours. It also has a trading volume of $236,466,201 with a total market capitalization of $2,023,028,615 representing 0.178% market dominance. Moreover it hit an all-time high back in June 2019 but has since then dropped slightly in value over time until recently starting to show impressive performance again.
Cross-Chain Communications & Translation Speed Improvements
Recently the token blockchain launched cross-chain communications and translation speed improvements which will enable the ALGO chain to work smoothly with other blockchains along with implementing stake proofs into their system which will further strengthen their dApp scalability for organizations and developers alike.
Can ALGO Reach its ATH?
With its recent surge in growth many investors have started asking if ALGO can reach its all time high which was reached back in June 2019 at $3.56 USD per coin? This remains to be seen as it depends on various factors such as investor sentiment and overall cryptocurrency markets conditions but so far things are looking good for ALGO token holders who got in early enough on this one!
In conclusion Algorand (ALGO) has been performing impressively well since beginning of 2023 gaining over 40% so far during this period making it an attractive investment opportunity for those looking for exposure to blockchain technology tokens within their portfolio’s allocations! Furthermore recent developments such as cross-chain communication integration could mean higher prices ahead if things continue positively!
• Decentralized finance (DeFi) has grown in popularity over the recent years, promising financial freedom.
• Cake DeFi is a decentralized finance protocol built on the Ethereum blockchain that allows users to deposit, borrow, and earn interest on their cryptocurrency holdings.
• Cake DeFi has now launched Verified Proof of Reserves—a feature that allows individuals and institutions to easily view the total amount of funds held in reserve by any given project.
What is Decentralized Finance?
Decentralized finance (DeFi) is a new aspect of finance that has developed alongside the advancement of the internet. It promises financial freedom, allowing people to move away from traditional banking systems and take control of their own finances. DeFi utilizes smart contracts to create a decentralized and trustless financial system available to anyone with an Internet connection, allowing users to deposit, borrow, and earn interest on their cryptocurrency holdings without having to entrust them to a central authority or go through lengthy sign-up processes.
What is Cake DeFi?
Cake DeFi is an open source platform based on the Ethereum blockchain specifically designed for decentralized finance (DeFi). It focuses on user experience and security in order to provide an easy-to-use platform accessible by everyone. With Cake DeFI, users can stake their tokens in liquidity pools which will then earn interest depending on how long they are staked for as well as how many tokens are staked. The longer duration will result in higher interest rates earned.
Cake DeFI’s mission is ultimately about providing financial inclusion for all by creating a trustless financial system powered by smart contracts.
Verified Proof of Reserves
In order to bring greater transparency and trust into such projects, Cake DeFI has recently launched Verified Proof of Reserves—a feature that enables individuals and institutions alike to easily view the total amount of funds held in reserve by any given project at any given time. This feature provides an extra layer of assurance when it comes to verifying reserves held by any particular project; one which can be especially useful when dealing with larger amounts of money or more complex transactions involving multiple parties involved.
The Benefits Of Verified Proof Of Reserves
The launch of Verified Proof Of Reserves provides numerous benefits for those using the Cake DeFI platform: it offers increased transparency when it comes to viewing reserves held by projects; it adds an extra layer of security so users know their funds are being properly managed; finally, this feature may help increase confidence amongst investors who may be considering investing into such projects knowing that there is greater visibility into what exactly they are investing in.
Ultimately, Cake DeFI’s launch marks an important milestone within the world of decentralised finance; one which could further revolutionise how people manage their finances going forward as we continue towards a more digital future where cryptocurrencies become increasingly commonplace within society at large