Bitcoin (BTC) Stopped Caring About Bad News, Up 11 Percent

Dalmas Ngetich

1 year ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin (BTC) add 11 percent
Changpeng Zhao wanted to roll-back the Bitcoin blockchain

Hackers have no borders and funds are after all, not SAFU after yesterday’s hack that saw Binance lose 7,000 BTCs. All in all, Bitcoin (BTC) prices are in a solid uptrend. As a result, traders have an opportunity to buy on dips with the first target at $6,000.

Bitcoin Price Analysis

Fundamentals

If anything, it has been a tumultuous 24 hours for Binance, the world’s largest exchange. As reported by NewsBTC, a team of skilled and patient hackers went behind Binance security, siphoning more than $40 million worth of BTCs. It came as a shocker to the community and even the exchange as this is the first time it is announcing the loss of investor funds two years after launching. Calling the hack an expensive lesson, Changpeng Zhao is now reassuring victims of their compensation. That’s thanks to the exchange’s decision to create a SAFU fund, a safety net against eventualities as today’s.

Nonetheless and despite the transparency of Changpeng admitting flaws, it is his controversial proposal of re-securing lost Bitcoins that is a source of debate. Earlier on, he was considering a re-organization in a bid to roll back transactions. However, the idea proved expensive, and the whole exercise would end up damaging the credibility of Bitcoin. Apart from that, a re-organization demands 75 percent of the network’s hash rate. As a public chain commandeered by miners with different objectives, that would be close to impossible. Even so, Binance is in talks with other exchanges, blacklisting the address and preventing the liquidation of the assets.

Candlestick Arrangement

Although hacks are often a source of FUDs, Bitcoin (BTC) is responding positively. The world’s most valuable asset is up 11 percent in the last week. All the same, what is impressive is the development in the daily chart. Reacting to yesterday’s heist is the reversal of NY session losses.

Replacing it is a wide-ranging bull bar bouncing from Apr-2019 highs of $5,600. That means the investor community is confident and in line with our BTC/USD trade plan, risk-off, aggressive traders should fine tune entries in lower time frames with modest targets of $6,000.

On the reverse side, risk-averse traders should wait for a full close above $6,000 because of what’s at stake. Close above $6,000 automatically nullify bears of Nov 2018 signaling the beginning of a new wave of higher highs with targets at $8,500.

Technical Indicator

Buyers are back albeit with light volumes below those of Apr-25 of 19k. As per our trade plan, any bull bar further driving BTC towards $6,000 with high volumes preferably above 19k confirms buyers of early April.

Chart courtesy of Trading View

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.