Category Archives: Cryptocurrency

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Bitcoin Drop Was “Capitulation”

This Crypto Fund Manager Claims Bitcoin Drop Was “Capitulation”

By eduardoprospero – May 16, 2021 in Bitcoin Reading Time: 3min read

It’s widely believed that even experts can only identify capitulation after it’s already happened. The thing is, in regulated markets, unscrupulous Billionaires/ Bond villains have the decency to manipulate the market behind closed doors. Traditional markets don’t have as strong a sign as infamous Elon’s tweet.

The CEO of investment advisory firm Vailshire Capital Management, Dr. Jeff Ross, proposes the theory that Elon’s attack on the Bitcoin network generated a “short-term capitulation.” That means, everybody who was ready to sell their Bitcoin at the slight sign of trouble, already did it. The weak hands and short-term traders are out of the game.

Is this Bitcoin’s new bottom?

Of course, so far, the capitulation is just a theory. We can’t really be sure. But, if this is what’s happening, that also means that we’re seeing the new bottom of the Bitcoin market. And other indicators point in that direction. Capriole investment’s founder Charles Edwards identified a dip below 100 Simple Moving Average yesterday, which usually means one thing.

This, of course, has happened before. After 2020’s Bitcoin halving, capitulation hit the market and NewsBTC was there to ease everyone’s minds:

While “capitulation” sounds scary, especially since it has been affiliated with the late-2018 Bitcoin crash, it’s not exactly a bad thing.

As prominent finance podcaster and Bitcoin bull Preston Pysh explained in response to D’Souza’s analysis:

“During the 2016 halving, the price went sideways for 9 days and then had a 28% drop, and it took 100 days to get back to the halving price. Mentally prepare yourself for the efficiency cleansing and difficulty adjustment as the protocol prepares all passengers for launch.”

So, summarizing, if capitulation happened and we’re watching a new bottom, we might see the world’s favorite digital asset bounce and climb to new and incredible heights.


BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com

How will Bitcoin bounce after such a catastrophic capitulation?

This is the easiest question to answer. And with it, we can also answer another burning question: Did Tesla not do their due diligence before investing more than $1B in BTC? Did Elon just find out about the supposed dangerous levels of energy consumption that the Bitcoin network needs to secure itself? Probably not.

For a possible explanation, we give the mic to Mark Yusko, Morgan Creek Capital Management’s CEO:

Bitcoin will bounce back with institutional money snatching every coin from scared retail investor’s hands. In fact, the process is probably already happening.

Other theories about Elon Musk’s possible motives include Tesla trying to get tax breaks from the US government’s green policies and that this is the rollout for a renewable-energy-powered mining rig. To learn more about both, jump to our sister site Bitcoinist.

Featured Image by ShutterStock – Charts by TradingView

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The original article was written by eduardoprospero and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Jack Dorsey Doubles Down on Bitcoin

Tech Mogul Jack Dorsey Doubles Down on Bitcoin As BTC Faces Wave of Criticisms

By Daily Hodl Staff • May 16, 2021 // BITCOIN

Jack Dorsey, the CEO of Twitter and Square, is coming to Bitcoin’s defense after Elon Musk announced that Tesla will no longer accept BTC as payment.

In a string of tweets, Musk tells his more than 50 million followers that Tesla is suspending Bitcoin payments, citing concerns over the flagship cryptocurrency’s harmful impact on the environment.

Musk’s changed stance on Bitcoin renews long-time concerns that the cryptocurrency is an energy hog. According to a report from the Cambridge Center for Alternative Finance, Bitcoin mining consumes more energy than small countries like Sweden.

Amid a wave of criticisms surging toward Bitcoin, Dorsey unveils his stance on the leading crypto asset by replying to a tweet by Square CFO Amrita Ahuja, which addresses concerns that the payment platform no longer plans to buy more BTC for its Bitcoin holdings currently worth over $400 million.

Dorsey says his firm will continue to help improve the Bitcoin network.

“Bitcoin changes *everything*…for the better.

And we will forever work to make bitcoin better.”

Square already committed $10 million for the Bitcoin Clean Energy Initiative to support companies that help drive the use of clean energy sources. In April, the firm released the paper “Bitcoin Is Key To An Abundant, Clean Energy Future,” which discusses how Bitcoin can encourage the transition to renewables.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/gyn9037

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The original article written by Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

Uniswap, Cardano, Solana, and Dogecoin

Why Uniswap, Cardano, Solana, and Dogecoin Could Become Best-Performing Cryptos Of 2021

By Mr Oak – May 16, 2021

The year has been a good one so far for altcoins. There’s no denying Bitcoin’s pedigree and influence on the market as it is still the biggest cryptocurrency by far in the crypto space. Having said that, there are a lot of altcoins or relatively smaller and cheaper cryptocurrencies which have attracted investors and newbies looking to diversify their crypto portfolios. As crypto adoption continues to grow so has the interest in it which has been evident in the last few months. Institutional interest is at an all-time high as many traditional companies, firms and institutions are boarding the cryptocurrency bandwagon.

There are a lot of altcoins putting up impressive numbers guaranteed to give back good yields and this article sheds light on four of them.

Uniswap (UNI)

Uniswap is one of the dApps based on the Ethereum blockchain. The project allows users to trade Ethereum tokens through liquidity pools. The DeFi coin boasts of being the first decentralized exchange with the option of a margin and leverage trading.

The UNI coin has two main services, thus delivering and utilizing liquidity. Although it is new in the crypto space as it was released into the market last year, its performance has made it one of the leading DeFi coins on the market.


UNIUSD Chart By TradingView (Click image for larger view)

Uniswap v3 was released days ago, an upgrade of its protocol and aims to provide better oracles, new fee tiers as well as give users more control over the liquidity they provide. Many analysts believe the coin is expected to blow and with its price at $36, it would be a steal compared to others.

Cardano (ADA)

Cardano has been one of the popular coins on the crypto market for some while. Its network has a smaller footprint which makes it flexible, more adaptable, and secure. Transactions are faster as it requires less energy, and have interoperability and scalability among its pros.


ADAUSD Chart By TradingView (Click image for larger view)

Cardano’s recent update has equipped it with the ability to build smart contracts which have attracted a lot of dApp developers, a sector that is blowing up this year. The coin is 4th on the crypto ladder with a trading price of $2.32 which has seen a 27.35% rise within the last seven days.

Solana (Sol)

Another coin that is making a name for itself in the fast-growing DeFi ecosystem is Solana.

Launched in March 2020, the digital project has enjoyed a steady rise, making its way up the crypto ladder with impressive runs. Sol is currently at 16 on the crypto ladder with an impressive market valuation of $14 billion.


SOLUSD Chart By TradingView (Click image for larger view)

Its Proof-of-History algorithm has the highest speeds of a transaction and offers relatively cheaper transaction fees as compared to other coins such as Ethereum. The digital asset currently trades above $50.

Dogecoin (DOGE)

DOGE has defied many odds to become one of the fastest-growing digital coins on the crypto market presently. Created as a meme coin back in 2013, it has seen a major resurgence taking its price from $0.0076 to an all-time high of $0.7 in less than 21 days led by Elon Musk’s never-ending endorsements.


DOGEUSD Chart By TradingView (Click image for larger view)

Dogecoin has seen a surge of over 8000% so far this year and remains one of the cheapest coins to buy. It is currently trading at $0.5, and despite the many controversies surrounding DOGE, it does have what it takes to yield massive progress if adopted by Tesla for payments.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Mr Oak and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Cardano smashes $2 resistance

Cardano smashes $2 resistance as bullish signals enter for Bitcoin price

New all-time highs keep rolling in for ADA/USD but familiar BTC hodlers have reasons to be “excited” about the coming months.


Image courtesy of CoinTelegraph

            MAY 15, 2021

Cardano’s ADA token neared $2.40 on May 15 as a select few altcoins bucked the bearish mood to steal the spotlight from a weak Bitcoin (BTC).


ADA/USD 1-hour candle chart (Binance). Source: Tradingview (Click image for larger view)

ADA in price discovery as $2.50 nears

Data from Cointelegraph Markets Pro and TradingView showed ADA/USD climbing through the weekend to hit a record $2.38.

Traders had suspected that the long-awaited $2 would come into play in the short term, with Cardano bulls taking down resistance in one fell swoop overnight on Friday.

With $2 out of the way, price discovery mode was activated, which delivered the new all-time highs before a consolidation period began at around $2.30.

As such, Cardano was giving even previously successful altcoins such as Ether (ETH) a run for their money as most tokens saw losses on Saturday.

“$ADA is now narrowing the gap between $ETH & Altcoin Market Cap,” popular trader and analyst Rekt Capital noted on the day.

“ADA is now up +80% compared to ETH and Altcoin Market Cap which have both rallied +150%.”

PlanB on BTC price: I’m “excited”

Joining Cardano were only a handful of major cap altcoins, these led by Polygon (MATIC) which delivered 24-hour gains of 24% and weekly returns above 130%.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for MATIC on May 12, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.


VORTECS™ Score (green) vs. MATIC price. Source: Cointelegraph Markets Pro (Click image for larger view)

As seen in the chart above, the VORTECS™ Score peaked a 93 on March 12 before declining to the 60 range over the next 48 hours as MATIC price consolidated in a tightening range.

According to data from Cointelegraph Pro NewsQuakes, on May 14 Kraken exchange announced that it would list MATIC, GHST and RARI and a second NewsQuake highlighted that MATIC deposits and trading had commenced.


NewsQuakes™. Source: Cointelegraph Markets Pro (Click image for larger view)

Hours before both NewsQuakes announcements the VORTECS™ score began to increase, peaking at a new high at 99 on May 15 as MATIC price rallied to $1.89

Others, such as Dogecoin (DOGE) and Ethereum Classic (ETC), delivered mild losses in line with the general trend. Bitcoin, having recovered some of its lost ground after falling 20% earlier in the week, stayed near the lower end of its trading range without managing to reclaim $50,000.

On short timeframes, however, fellow trader Scott Melker nonetheless highlighted bullish signals for Bitcoin’s relative strength index (RSI) — something which could deliver more solid progress in the coming days.

For PlanB, creator of the stock-to-flow family of BTC price models, the RSI behavior was “typical” and comparable to the ranging seen before BTC/USD hit all-time highs in late 2017.

“Bitcoin relative strength index (RSI): we are at the typical mid-bull-cycle drop in RSI (yellow circles), in between 2013 and 2017,” he commented alongside an accompanying chart.

“Excited about next couple of months.”


Bitcoin RSI chart vs. months between block subsidy halvings. Source: PlanB/ Twitter (Click image for larger view)

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Original article posted on the CoinTelegraph.com site, by William Suberg.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin Could Drop to $12k – $15k

Bitcoin Could Drop to $12k – $15k if it Enters a Bear Market – Analyst

JOHN P. NJUI   •   BITCOIN (BTC) NEWS •   MAY 15, 2021

  • MagicPoopCannon has explored the possibility of Bitcoin entering a bear market
  • If it happens, Bitcoin could drop to as low as $12k or $15k
  • Bitcoin is currently trading below the 50-day moving average which is a sign of weakness
  • Magic speculates that perhaps Tesla knew Bitcoin was near a top hence the announcement to stop accepting BTC for car payments

Bitcoin and crypto analyst, MagicPoopCannon, has explored a possible scenario of Bitcoin has entered a bear market with the recent dip below $50k. According to Magic, Bitcoin is currently trading below the 50-day moving average which is a sign of weakness. He explains this scenario as follows.

I am neutral to bearish right now, but if BTC can rally back above the 50 day, and start making higher highs and lows again on the daily, I will be more bullish. Right now, I just see more and more weakness developing in a market that appears exhausted.

Bitcoin Could Drop to $12k – $15k if it Enters a Bear Market

Magic also added that if Bitcoin enters a bear market, chances are, that it dips to as low as $12k or $15k.

If this is the beginning of the bear market, I think BTC could fall as low as 12,000-15,000. Notice the key word **if**. We don’t know for sure that the top is in, but if it is, I think 12-15K could be where we end up.

Maybe Tesla Realized that Bitcoin Might Have Topped

With respect to the recent sell-off due to Tesla announcing the end of Bitcoin as a car payment option, Magic jokingly stated that the move was probably because the electric car company realized BTC was close to a top or had already topped. He explained the logic behind such a theory through the following statement.

If someone pays them in BTC, and they hold it into a bear market, they would be holding rapidly depreciating assets, and losing massively on the profits from selling their cars.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

You Can Now Buy Cardano Wine

You Can Now Buy Cardano Wine – With Cardano

By Daily Hodl Staff • May 14, 2021 // ALTCOINS

Cardano Estates Winery is now accepting smart contract platform Cardano’s ADA token as a means of payment for its red wines.

The Napa Valley, California-based winery says it accepts ADA on purchases made via its website or through social media channels.

Some wine enthusiasts say they’re already using the sixth-largest cryptocurrency by market cap to make purchases.

One such investor is thanking Cardano creator Charles Hoskinson for spreading the news.

The Cardano Estates’ wines available online range in price from $65 to $125, or approximately 35 to 67 ADA.

The Estates and the blockchain bear a similar name, and while Hoskinson is interested in farming, the two entities do not share an origin.

While Cardano Estates does not explicitly state on its website how its name came about, the current owner’s grandfather, Martin Garzoli, traces his roots to Cardano Al Campo, Italy, from where he emigrated over a century ago to live and work in Napa Valley. Edward Lewis Snider is the owner and winemaker.

The Cardano cryptocurrency, on the other hand, is named for Italian mathematician Girolamo Cardano.

Cardano’s ticker symbol ADA pays homage to Augusta Ada Lovelace, who is considered the world’s first computer programmer.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/DrHitch

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The original article written by Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe

MicroStrategy Not Fazed By Musk-Induced $300 Billion Crypto Market Crash

MicroStrategy Not Fazed By Musk-Induced $300 Billion Crypto Market Crash – Continues To Spend Millions On Bitcoin

By Nick James – May 14, 2021

Bitcoin’s status as a viable asset hasn’t withered even as the market takes a hit from Elon Musk suspending Bitcoin payment for Tesla cars.

In fact, it seems that shrewd entities in the crypto market have grabbed this opportunity to accumulate more coins. One of the largest business intelligence firms in the world, MicroStrategy, is still buying Bitcoin.

In an announcement shared in a tweet by CEO Michael Saylor, MicroStrategy intimates that it has bought an additional 271 BTC worth $15 million at an average price of $55,387 per bitcoin.

Accelerating Pace

The continued accumulation of Bitcoin by big entities like MicroStrategy, Grayscale as well as other crypto whales is a testament to the fact that the top crypto has finally won the battle to go mainstream. MicroStrategy holds around 91,850 BTC, with about $2.241 billion spent on the purchases.

Taking into account the earlier purchases made when BTC was worth less than its current valuation, the average purchase cost of each BTC held by MicroStrategy averages around $24,403.

These details were given by the CEO in his tweet. The firm is still buying BTC despite the market seemingly dragging into a bear market. As of publication, Bitcoin is exchanging at around $50,312, a drop from earlier prices of above $52k just a few hours prior.


(Click image for larger view)

BTC Still Up There

Just like any market, the crypto market has its ups and downs. The downs have always been followed by ups. Over the years since Bitcoin debuted into the global market, people have become used to its downtimes and subsequent bullish cycles.

BTC’s price jump over the last few months is clear evidence of that, especially after the crypto spent a while in a dormant price range.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Nick James and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin whale MicroStrategy

Bitcoin whale MicroStrategy buys additional 271 BTC

CEO Michael Saylor disclosed the $15 million BTC purchase on Thursday.


Image courtesy of CoinTelegraph

            MAY 13, 2021

MicroStrategy, a Virginia-based business intelligence firm, has added another 271 Bitcoin (BTC) to its strategic reserves, underscoring CEO Michael Saylor’s growing conviction in the digital asset.

The purchases were made through May 13 for an average price of $55,387, Saylor disclosed on Thursday. MicroStrategy now has 91,850 BTC on its books for an average purchase price of $24,403.

MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin. As of 5/13/2021, we #hodl ~91,850 bitcoins acquired for ~$2.241 billion at an average price of ~24,403 per bitcoin. $MSTRhttps://t.co/EwZnRkAt6k

— Michael Saylor (@michael_saylor) May 13, 2021

MicroStrategy also disclosed the purchase to the United States Securities and Exchange Commission through a Form 8-K filing that was submitted on Thursday.

Although MicroStrategy’s purchase appears to have coincided with the latest correction in Bitcoin’s price, which was spurred on by Elon Musk’s sudden decision to stop accepting BTC payments for Tesla vehicles, the business intelligence firm isn’t timing the market. Saylor indicated in February that he doesn’t intend to slow the rate of his company’s BTC purchasin as he snatched up another $1 billion worth of the digital asset.

MicroStrategy sits atop the Bitcoin corporate treasuries list, accounting for 0.437% of the asset’s circulating supply.

MicroStrategy is acquiring Bitcoin on the premise that the digital asset is a dependable store of value in the face of systemic dollar debasement. It has gone as far as issuing debt to expand its Bitcoin portfolio.

The United States’ M2 money supply has exploded since the 2008 financial crisis and, more recently, since the onset of the COVID-19 pandemic. Since February 2020, the money supply has expanded nearly 30% to $19.896 trillion, according to the St. Louis Federal Reserve Bank. To put that in perspective, the year-over-year increase in the M2 money supply had never exceeded 15% until 2020.

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Original article posted on the CoinTelegraph.com site, by Sam Bourgi.

Article re-posted on Markethive by Jeffrey Sloe

Ethereum (ETH) Could Close the Month of May Between $3.5k and $6.2k

Ethereum (ETH) Could Close the Month of May Between $3.5k and $6.2k

JOHN P. NJUI   •   ETHEREUM (ETH) NEWS •   MAY 13, 2021

  • Timothy Peterson has forecasted that Ethereum could close the month of May at a value of between $3,500 and $6,200
  • His analysis is based on ETH’s seasonal trend of performing well in the first half of the year
  • $4.6k is a possible mid-point value for the monthly close with the higher range of $6.2k seeming likely
  • Short-term, ETH has lost $4k after Elon Musk’s tweet of Tesla no longer accepting BTC

Bitcoin and crypto analyst, Timothy Peterson, has forecasted that Ethereum could close the month of May at a value of between $3,500 and $6,200. Mr. Peterson’s price range is based on Ethereum’s seasonal trend of performing rather well in the first five months of the year.

According to his analysis, Ethereum has a high probability of closing the month of May at the higher end of this range. Mr. Peterson shared his analysis of Ethereum’s price through the following statement and accompanying chart.

Ethereum has strong seasonal trends. Based solely on these historical trends, one could expect $ETH to end May 2021 between $3,500 and $6,200, with a midpoint value of $4,600.

2020 and 2017 were bull years, and since we seem to be in a bull year now, I’m thinking the higher end of this range is more likely.

Ethereum Loses $4k After Elon Tweets About Tesla No Longer Accepting Bitcoin

In the last 24 hours, Ethereum has dipped by 16.67% from $4,200 levels to a local low of $3,500. The pullback was the result of Elon Musk announcing that Tesla would no longer be accepting Bitcoin for car purchases due to the environmental impact of BTC mining.

At the time of writing, Ethereum has somewhat recovered from the dip and is currently trading at $3,766 with the $3,700 price area acting as short-term support. However, chances are that Ethereum revisits the local low of $3,500 as the world digests the Tesla news and realizes that Bitcoin and crypto will continue to thrive regardless of Elon’s comments.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

One Catalyst Could Send Bitcoin Into the Stratosphere

This One Catalyst Could Send Bitcoin Into the Stratosphere, Says CryptoQuant CEO

By Daily Hodl Staff • May 12, 2021 // BITCOIN

CryptoQuant CEO Ki Young Ju is naming one catalyst that he says could send Bitcoin’s (BTC) value into the stratosphere.

In a new tweet, the CEO of the on-chain analysis firm tells his 165,00 followers that he believes the approval of a Bitcoin exchange traded fund (ETF) could act as a big catalyst to push Bitcoin’s price to greater heights.

“NYSE (New York Stock Exchange) listed the first gold ETF in Nov 2004, and the price never came back. Many economic factors have affected the gold price, but listing ETF would have played a major role in the inflow of global institutional funds. We may never see this BTC price again once ETF’s approved.”


Source: Ki/Twitter (Click image for larger view)

The CryptoQuant CEO implies that Bitcoin’s consolidation below $60,000 is largely driven by retail capital being allocated in memecoins and low-cap crypto assets such as Dogecoin (DOGE), Shiba Inu (SHIB), and SafeMoon.

“I think this is why the BTC price is going down in spite of strong fundamentals. The market will become smart money soon, and the funds will go to major coins that have intrinsic value.”


Source: Ki/Twitter (Click image for larger view)

Although Bitcoin continues to struggle to breach resistance at $60,000, Ki believes that the leading crypto asset remains bullish.

“This BTC correction is more like a technical correction, and the fundamentals are still strong. US institutional demand has driven this bull market. There’s no change in this trend…

We may see a series of announcements of BTC purchases from institutions like Facebook soon. Institutions have been accumulated BTC in the $48,000 – $60,000 range since February. Approximately, 154,000 Bitcoin have flowed out from Coinbase into multiple cold wallets.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/sdecoret

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The original article written by Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe