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NEW CRYPTO BREAKTHROUGH in Amsterdam and Political Support for Bitcoin [FREE POST]

NEW CRYPTO BREAKTHROUGH in Amsterdam and Political Support for Bitcoin [FREE POST]

  1. Bitcoin Amsterdam Conference: Which is set to take place on October 12-14 in Amsterdam, Netherlands. The conference aims to bring together professionals and enthusiasts in the cryptocurrency space to discuss various topics related to the industry.
  2. Media Partner: The event is supported by Bitcoin Magazine, a well-known publication in the cryptocurrency space. The author mentions their involvement as a media partner for the conference, emphasizing that readers will receive timely updates and information about the event.
  3. Speakers: The conference is expected to feature notable speakers from the cryptocurrency industry. Some mentioned speakers include Adam Back (Blockstream co-founder and CEO), Ray Youssef (Paxful CEO), Sergey Kotlyar (Bitrefill CEO), Andy Long (White Rock Management CEO), and Prince Filip Karageorgovich of Serbia. The list is not exhaustive, and other authoritative figures are expected to participate as well.
  4. Tom van Lamoyen: Tom van Lamoyen, a member of the Libertarian Party of the Netherlands, is highlighted as a significant figure in the crypto space. He is known for his support of the crypto market and his involvement in addressing economic, financial, and taxation issues related to cryptocurrencies. His quote, "Bitcoin is digital libertarianism," is mentioned in the article.
  5. Libertarian Party (LP) of the Netherlands: The Libertarian Party of the Netherlands is discussed as a political party that has been active for 30 years and advocates for individual freedoms and property rights. The LP became the first political party in the Netherlands to adopt and support Bitcoin in 2014.
  6. Crypto Interest in the Netherlands: The article mentions growing interest in cryptocurrencies in Europe, particularly in the Netherlands. CoinGecko's survey is referenced, which ranked the Netherlands second in terms of interest in digital assets after the United Kingdom.
  7. Legalization and Crypto Companies: While full legalization of cryptocurrencies hasn't been achieved in the Netherlands, the Central Bank of the Netherlands (DNB) has issued work permits to numerous crypto companies, including well-known names like Crypto.com, Coinbase Europe, eToro, and Bitstamp.
  8. Crypto Activism and Initiatives: The article highlights the presence of strong crypto activism in the Netherlands, citing examples like the Bitcoin Bloem initiative—a carbon-neutral Bitcoin mining operation powered by solar panels on the roof of a greenhouse near Rotterdam.
  9. Political Support for Cryptocurrencies: The article discusses instances of political support for cryptocurrencies in various countries. Examples include Daniel Risch (Prime Minister and Finance Minister of Liechtenstein), Yaroslav Gowin (a member of the Accord party in Poland), Cynthia Lummis (US Senator from Wyoming), and Robert F. Kennedy Jr. (Democratic presidential candidate).
  10. Role of Political Support: The article emphasizes the importance of political support in the development and widespread legalization of the cryptocurrency market. The author suggests that such support could help stabilize the financial market.
  11. Serhiy Tron: The author of the article is introduced as Serhiy Tron, an investor and the founder of White Rock Management.

Why is Bitcoin price up today?

  1. Bitcoin Price Movement: The price of Bitcoin has seen a 5% increase, rising to over $28,000. This surge follows a U.S. Court of Appeals Circuit Judge Neomi Rao's decision to side with Grayscale Bitcoin Trust (GBTC) in a case against the U.S. Securities and Exchange Commission (SEC).
  2. Institutional Interest: The decision by the judge has highlighted growing institutional interest in Bitcoin. Companies like BlackRock and Fidelity Investments are scheduled to receive answers about their Bitcoin spot ETFs on September 2. BlackRock, in particular, is the world's largest asset manager and plans to use Coinbase for BTC custody.
  3. Grayscale ETF Boost: The judge's decision has also provided a boost to the Grayscale ETF, and the discount on its shares is approaching 2023 highs under 25%.
  4. SEC's Approach to ETFs: Despite various applicants, the SEC has not yet approved a spot Bitcoin ETF. This includes notable names like BlackRock, Fidelity, Cathie Wood's ARK, and 21Shares, which has filed for approval multiple times.
  5. Lower BTC Supply on Exchanges: The supply of BTC on exchanges has decreased to its lowest level since January 2018. This is generally seen as a bullish signal, as traders often withdraw BTC from exchanges to hold it in self-custody for the long term.
  6. On-Chain Data: Data from the blockchain indicates that exchanges have been losing BTC since May 18, 2023. This suggests that many Bitcoin investors are positioning themselves for a potential price rally despite the bearish market trend.
  7. Liquidations and Short Positions: BTC leaving exchanges has led to lower cushion for liquidations, resulting in higher volatility. Over $46.5 million worth of BTC shorts have been liquidated in the past 24 hours. Despite this, 48% of the futures market remains short on Bitcoin, which could potentially lead to a short-squeeze and further upward price movement.

Mastercard Stock: Price Surges Above $400

  1. Stock Price Performance: The recent intraday trading session saw Mastercard's stock price close at $407.44, reflecting a gain of 1.13%. The stock has been trading above various exponential moving averages (20-day, 50-day, 100-day, and 200-day), which suggests a positive trend. The year-to-date return for Mastercard is noted to be 16.42%.
  2. Price Movement and Breakout: After forming a support level at $343, Mastercard's stock entered an uptrend, forming higher lows and rising around 18.33% from the support level. The stock price had been consolidating between $387.50 and $405.30. A recent breakout occurred as the stock closed above the resistance level of $405.30, reaching an all-time high at $407.80.
  3. Developments in Mastercard: Mastercard has partnered with the United Arab Emirates Artificial Intelligence, Digital Economy, and Remote Work Applications office to enhance artificial intelligence capabilities in the region. Mastercard also launched a global center for Advanced AI and Cyber Technology in Dubai. Additionally, Mastercard and Nuvei, a Canadian fintech company, plan to enable near-instantaneous payouts for online trading platforms and investors in the Asia Pacific region via Mastercard Send.
  4. Technical Analysis: The stock's technical analysis reveals bullish momentum. It's trading above key EMAs (20-day, 50-day, 100-day, and 200-day). The 50-day EMA is acting as support. The Chaikin Money Flow indicator shows strength in the market, while the Relative Strength Index (RSI) suggests strong bullish momentum nearing overbought territory. The Bollinger bands have contracted, indicating decreased volatility. The stock price has crossed above the upper Bollinger band, suggesting the possibility of a short-term pullback.
  5. Conclusion and Forecast: The overall market structure and price action for Mastercard are highly bullish. The company has shown consistent revenue and EBITDA growth over the past few years. Consensus estimates project further revenue and EPS growth for the current and upcoming years.
  6. Technical Levels: Major support levels are identified at $387.50 and $380, while major resistance levels are noted at $412 and $420.
  7. Disclaimer: The content includes a disclaimer indicating that the views and opinions expressed are for informational purposes only and do not constitute financial or investment advice. Investing in or trading crypto assets involves inherent risks of financial loss.

Please note that this analysis should not replace professional financial advice, and it's essential to consider multiple factors and consult experts before making any investment decisions.