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Here’s What Cardano Founder Charles Hoskinson Wants For Christmas

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Picture of Cardano founder Charles Hoskinson

Christmas is just around the corner and Cardano founder Charles Hoskinson is already in the Christmas spirit. The founder went live on YouTube on Monday to do another surprise AMA where he answered questions from the community. As usual, Hoskinson responded to a number of questions from community members who asked about the Cardano project.

What Cardano Founder Wants For Christmas

During the AMA, Hoskinson gave a rundown of what he would like for Christmas and it was not your usual itemized list of stuff people want for Christmas. Instead, Hoskinson decided to address a pressing issue in the crypto space and that is the divide that is very much present among investors of different projects.

Related Reading | Cardano Records Over 20 Million Transactions Ahead of DEX Launches

Cardano has been one of the harder hit projects when it has come to FUDs in recent times. The project had been subjected to what can be described as hateful comments all-around social media especially since its token ADA began its two-month-long decline. To this end, Hoskinson wants everyone in the crypto industry to start getting along.

“The one thing I want for Christmas is for everyone to start getting along in our industry. It’s extraordinary to me that when people are so close in philosophy and viewpoint, and in some cases technology, they can be so far apart as people. It’s extraordinary,” the founder said.

ADA trending low at $1.4 | Source: ADAUSD on TradingView.com

Pushing For Better Systems Going Forward

Hoskinson also addressed the systems that have kept investors against each other for years. He said that the crypto space is where this is more prominent as other industries do not see as much hate between each other as the crypto industry.

Related Reading | Number Of Cardano Wallets Staking ADA Crosses 1 Million

“You don’t see this in other industries,” Hoskinson said. “You don’t see in physics or biology, or cellphone manufacturing, or whatever, pick an industry, the amount of tribalism, hate, and vitriol that our industry has for each other.”

The founder went on to explain that as long as people keep hating each other, there will be no way to fight the real enemy, which he identified as the legacy systems. He said this system has held down three billion people and will continue to do so. The founder also acknowledged that this will not be easy as there will always be those who try to divide others in the space.

Hoskinson explains that there will be books and podcasters saying things to divide people. Even on social media, where the majority of the vitriol will be spilled. However, it is up to everyone in the industry to take a stand and put a stop to the hate.

“That has to stop and the only way it’s going to stop is if we get better systems that are more fair. And the only way we do that, is we have to work together. So, we’ll see, 2022, whether that’s accomplished.”

Featured image from Yahoo Money, chart from TradingView.com
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TA: Bitcoin Eyes Steady Recovery, Why Bulls Might Struggle

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Bitcoin started a recovery wave above $36,000 against the US Dollar. BTC must settle above the $38,000 zone to start a steady upward move.

  • Bitcoin is trying to clear the $37,500 and $38,000 resistance levels.
  • The price is now trading above $36,500 and the 100 hourly simple moving average.
  • There is a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a steady upward move if there is a clear move above the $38,000 resistance.

Bitcoin Price Eyes Upside Continuation

Bitcoin price managed to stay above the $35,000 zone and started a recovery wave. BTC climbed above the $36,000 resistance zone to move into a short-term bullish zone.

There was a break above the $36,500 and $36,800 resistance levels. Besides, there was a move above the 23.6% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. It is now consolidating near the $37,000 level and trading well above the 100 hourly simple moving average.

On the upside, an initial resistance is near the $37,400 level. There is also a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The first major resistance is near the $38,200 zone. It is near the 50% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. An upside break above the $38,200 resistance could start a steady upward move. The next key resistance is near the $49,200 level, above which the bulls might aim a test of $40,000. Any more gains might send bitcoin towards the $41,200 level.

Fresh Decline in BTC?

If bitcoin fails to start a fresh increase above $38,200, it could start another decline. An immediate support on the downside is near the $36,800 zone.

The first major support is seen near the $36,000 zone and the 100 hourly SMA. A downside break below the $36,000 support zone may perhaps start a fresh decline. The next major support is near $35,400, below which the price could revisit $34,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $36,000, followed by $35,400.

Major Resistance Levels – $37,400, $38,000 and $38,200.

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ARK Invest: Why Bitcoin Could Be Worth $1 Million Per Coin By 2030

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ARK Invest: Why Bitcoin Could Be Worth $1 Million Per Coin By 2030

ARK Invest, the brainchild of savvy investor Cathie Wood, has had a rough go over the past few months. The flagship fund ARKK is down nearly 60% from it’s record high last year, however Wood and her team of analysts aren’t stopping their full-focus on innovative and forward-thinking investments – even when fundamental investments are running the show.

This week was host to ARK’s ‘Big Ideas Summit,’ and ARK crypto analyst Yassine Elmandjra supplemented that material with a boisterous bitcoin tweet that will be music to BTC maxi’s ears.

Cathie Wood & ARK Invest: Notorious Bulls

Elmandjra’s tweet, which can be found below, showcases how a single BTC unit could hit $1M in value, with a couple prime assumptions:

Let’s take a look at that graphic specifically to drill down on the assumptions being made here, and why they’re important:

The core key assumption here, of course, is the staggering growth in bitcoin’s market cap over the next 9 years. In this model, the ARK team is projecting growth from a current market cap of $1.1T to a $28.5T market cap. How does this scale? According to an October 2021 report from securities trade group SIFMA, the U.S. equity markets carry a market cap around $50T – making a $28.5T market cap for a global bitcoin market seem not all that unreasonable. Elmandrja’s graphic also states anticipated breakdown of the use case allocated within the market cap, and it’s representative contribution towards the price per BTC.

Related Reading | Bitcoin Recovers From Seven Month Low Of $33K

ARK Invest Why Bitcoin Could Be Worth 1 Million Per

ARKK, the flagship innovation fund behind ARK Invest, has had a difficult year following strong success. Can growth stocks and innovative investments turn around? | Source: NYSE: ARKK on TradingView.com

More From The Research Desk…

Elmandrja and the ARK Invest team continue on to note that even assuming a $28.5T market cap could be more conservative than ambitious. Elmandrja added, “If Bitcoin does hit $1 million, it will still only represent a fraction of global asset values” and also highlighted the notorious ‘diamond hands’ that bitcoin holders often exhibit, stating that “market participants are maturing and remain long term focused. Aggregate cost basis (realized cap) is at all time highs and more than 13.5 million btc are held by long-term holders.”

This, of course, isn’t likely anything groundbreaking to those who have studied the bottom-line extensively. Compared to other relative global markets, a $28.5T bitcoin market cap today would even be trading at multiples less than comparable markets, such as the global real estate market, global bond market, or global equities market.

Elmandrja’s full thread is a worthy read for these reasons and several others that take deep dive into ARK’s optimism around bitcoin (and crypto at large) as an investment vehicle. You can also read their broader Big Ideas 2022 report here.

Related Reading | Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC

Featured image from ark-invest.com, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC

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Whale eating up BTC

The bitcoin crash rocked the market to its core when the digital asset had lost over 50% of its all-time high value to bottom out at $33,000. It was as a result of market sell-offs across the financial space, sparking a ripple effect that was felt heavily in the crypto market. Market sentiment had crumbled during this time as investors had scrambled to sell their holdings.

However, not everyone saw the declining prices as a signal to sell before prices tank even more. Whales, who control a large portion of the circulating supply, took this as a cue to buy and have been filling their bags with all of the bitcoin being dumped on the market by panicking investors.

Whale Gobbles Up Traded Bitcoin

In a report from CC15Capital, the trading activities of a whale are outlined. In what came out to be a long document, it shows that the whale had been purchasing tens of thousands of bitcoin every few hours while traders dumped their coins. CC15Capital which is an asset allocator tracked the wallet and discovered that a single bitcoin wallet had been purchasing millions of dollars worth of bitcoin.

Related Reading | Market Sentiment Crumbles As Sell-Offs Drags Bitcoin To $33,000

In the event of the past week’s price crash, this single whale had accumulated millions in bitcoin. Each purchase ranged from $2 to $18 million worth of BTC every few hours, averaging 48,000 BTC per purchase.

It looked like the whale was buying up all coins being dumped on the market. By the weekend, the wallet had successfully increased its holdings by a couple of hundred thousand BTC. The more the price dropped, the more bitcoin the whale bought.

BTC trading above $36k | Source: BTCUSD on TradingView.com

CC15Capital, in response, called for bitcoin investors to stop dumping their coins, which are being bought by whales, thereby increasing the concentration of bitcoin supply in the hands of large investors.

Tradable BTC On The Decline

CC15Capital also noted that the volume of bitcoin that is available for sale has gone down. Currently, 14.5 million of the total bitcoin supply is illiquid. This means that this supply has not moved, neither have they been traded. It is the highest concentration of supply which looks to be held for the long-term.

In the same tweet, the asset allocator explains that if the wallets holding this illiquid supply were to increase their holdings by a mere 27%, a total of 4 million BTC, there would be no coins left for sale, driving the supply to zero.

Related Reading | Has Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go

Other whales have also taken advantage of the sell-offs happening in the market. As the exchange supply is dwindling, these large investors are making sure there is no shortage on their end when a supply squeeze happens.

In two months, a whale wallet that had zero BTC in November has managed to gather an impressthatalance of over $1 billion in BTC. This account looks to have started buying with the crash and has continued to do so ever since. At the time of writing, the wallet balance sits at $1,013,777,643.51.

Featured image from TokeneoBit, chart from TradingView.com

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