Bitcoin (BTC) continues to exhibit bullish sentiment, maintaining its position above the $50,000 mark as the market anticipates a possible push toward a new record high. Despite the optimistic market conditions, uncertainty over the digital assets next move still looms.

In this line, cryptocurrency trading expert Gareth Soloway, during an interview with David Lin published on February 18, suggested that Bitcoin can potentially experience a drop, drawing parallels with the stock market.

According to Soloway, amid the bullish conditions, Bitcoin could retest the $30,000 mark if the stock market undergoes a correction ranging between 20% to 30%. He considers this potential new Bitcoin position a line in the sand and views it as an accumulation opportunity.

This perspective aligns with Soloways broader thesis that Bitcoin tends to behave as a risk asset and could naturally undergo sell-offs during periods of broader market decline.

My major line in the sand is that $30,000 to $32,000 level, so if we can retrace there Ill start accumulating pretty heavily. <> My thesis is that if we see a 20-30 % correction in the stock market, then have to talk about Bitcoin possibly coming back to $30,000 to $32,000, he said.

Additionally, while highlighting the frothiness in the market, Soloway drew parallels between the current sentiment on social media and the behavior seen during the previous Bitcoin market top at $69,000.

He expressed concern about a prevailing attitude reminiscent of stock market bubbles, where speculative behavior leads to an assumption that any investment choice is a winning one.

At the same time, while anticipating a price pullback, Soloway dismissed the possibility of Bitcoin reclaiming its last record high of almost $69,000 before any potential correction. However, he acknowledged the existence of fundamental, long-term reasons to be bullish on Bitcoin.

Furthermore, the expert commented on the drivers behind the recent Bitcoin rally. Despite the recent surge, Soloway believes the rally is no longer solely driven by the spot exchange-traded fund (ETF) or the upcoming halving.

Instead, he pointed to broader market dynamics, emphasizing the role of money and risk assets in propelling Bitcoins recent gains.

Its worth noting that Soloway joins other market players who believe that Bitcoin has the potential to correct. For instance, as reported by Finbold, crypto trading expert Alan Santana suggested that based on recent technical indicators, Bitcoin faces a possible fast, sudden, and strong drop.

By press time, Bitcoin was trading at $51,669, reflecting a daily gain of nearly 1%. The maiden cryptocurrency has surged by almost 8% on the weekly chart.

In technical analysis, Bitcoin is currently dominated by bullish sentiments. A summary of the one-day gauges retrieved from TradingView aligns with the buy signal at 10. Moving averages signal a strong buy at 13, while oscillators recommend a neutral stance at 9.

In the meantime, Bitcoin bulls hope the asset maintains its valuation above the $50,000 mark, as its crucial to helping the cryptocurrency mount a new all-time high.

Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Continued here:
'Major line in the sand': Analyst names next BTC levels to watch - Finbold - Finance in Bold

Last updated: February 18, 2024 04:57 EST | 3 min read

Solana (SOL) recently clinching the title of the 3rd most traded cryptocurrency globally with its current valuation at $108.79, despite a modest 24-hour dip of 0.84%, SOLs market dynamics paint a picture of resilience and growth potential.

Nestled at the 5th spot on CoinMarketCap with a market capitalization nearing $47.95 billion, and a circulating supply of 440.7 million coins, Solanas journey is marked by robust technological foundations and a vibrant ecosystem.

This backdrop sets the stage for speculation on whether SOL can scale the lofty heights of $1,000 in the coming year, a milestone that would redefine its market stature and investor perception.

The technical landscape for Solana is defined by several pivotal price points. The current pivot point stands at $109.73, serving as a baseline for potential price movements.

Immediate resistance is observed at $113.40, followed by subsequent resistance levels at $117.39 and $121.97.

On the downside, immediate support is found at $105.73, with further cushions at $102.25 and $99, indicating potential areas for price stabilization or reversal.

Upon closer examination, Solana exhibits a promising trend as it teeters on the 50 EMA line at $109.55. This crucial point suggests a potential bullish crossover, which, if achieved, could signal the start of a buying trend. Furthermore, the RSI underscores this optimistic outlook, despite remaining below the 50 mark for the time being.

Considering the confluence of technical indicators and key price levels, the overall trend for Solana appears bullish above the pivot point of $109.73. Should the asset maintain its trajectory above this threshold, it could further validate the bullish sentiment prevalent among investors and traders alike.

In the short term, market participants should closely monitor Solanas interaction with its immediate resistance and support levels.

The assets ability to breach the $113.40 resistance could pave the way for testing higher resistance levels in the near future.

Conversely, sustaining above the immediate support at $105.73 remains crucial for maintaining the current bullish outlook.

$SMOGtokenomics is setting the stage for whats being hailed as the most monumental airdrop ever, uniquely distributed on the Solana blockchain. With 50% of its supply earmarked for marketing initiatives and 35% dedicated to rewarding its community through an unprecedented airdrop, $SMOG is generating palpable excitement.

A strategic allocation sees 10% reserved for Centralized Exchange (CEX) launches and the remaining 5% for bolstering liquidity in anticipation of its Decentralized Exchange (DEX) debut.

The roadmap delineates a captivating journey, starting with foundational steps like website development and token deployment, to ambitious goals like achieving social dominance and crowning itself as the SOL King.

Each phase is meticulously crafted to enhance community engagement and expand $SMOGs footprint across the digital landscape.

Dont miss out, buy or stake $SMOG, and prepare to embark on a journey that promises not just rewards but a chance to be at the forefront of cryptocurrency innovation.

Link:
Solana Price Prediction as 3rd Most Traded Cryptocurrency in the World Can SOL Reach $1,000 in 2024? - Cryptonews

The cryptocurrency market started off to a good start early this year with Bitcoin touching $48,000 in January. Ethereum reached close to $2,700 leading to believe that the cryptocurrency markets could ignite a rally. Additionally, the SEC approved the Bitcoin ETF making the cryptocurrency markets attract fresh investments from trillion dollars worth of financial institutions. Therefore, the cryptocurrency sector entered the year on its best foot making investors hopeful of a price jump.

Also Read: Shiba Inu Unlikely To Hit $1

In this article, we will highlight if these developments could make the cryptocurrency markets enter a bull run in February 2024. Here are the top 3 cryptocurrencies you need to watch out for this month that might generate profits in February 2024.

The king cryptocurrency slipped from $48,000 to $42,000 but is holding on to its resistance level. Bitcoin fared better in the charts when the US stock market was on a slippery slope due to the Red Sea crisis in mid-January. BTC could have another leg-up when the financial institutions take another entry position in the cryptocurrency. It is advised to pull out your investments once Bitcoin climbs around the $45,000 level and book profits.

Also Read: Dogecoin: You Could Have Had $13 Million With Just $8k in DOGE

Ethereum moves in tandem with Bitcoin and could deliver equal returns to that of BTC. Historically, BTC and ETH have performed well in February, and 2024 could repeat the feat. The cryptocurrency market is firmly placed breaking new resistance levels each week. Therefore, ETH could spike in price this month and it is advised to initiate profit bookings when it climbs up the charts.

Also Read: US Stock Market: Tesla Will Crash To $23, Analyst Warns

The leading meme currency is currently trading with five zeroes and has more chances of deleting a zero this month. The Shibarium layer-2 network could burn a series of SHIB tokens that could propel its price in the indices. However, an upward trajectory might not last long as SHIB could head south after the burns. It is advised to sell the token when it reaches four zeroes and jump ship.

Link:
Cryptocurrency: Top 3 Coins To Watch In February 2024 - Watcher Guru

The City of West Hollywood is launching an effort to help inform community members about how to protect themselves from cryptocurrency fraud and scams. Cryptocurrency is digital currency acquired through an app on a phone, a website, or at a cryptocurrency Automated Teller Machine (ATM). Bitcoin and Ether are some of the most well-known cryptocurrencies, but there are many others. Scammers may use cryptocurrencies because they do not have the same legal protections as credit cards or debit cards, and payments usually cannot be reversed.

Here are some tips to avoid cryptocurrency scams:

The State of California Department of Financial Protection and Innovation (DFPI) has announced the launch of a Crypto Scam Tracker to help Californians spot and avoid crypto scams. The tracker details apparent crypto scams identified through a review of complaints submitted by the public and allows California consumers and investors to do their own research and prevent harm to themselves and others. The site features a database that is searchable by company name, scam type, or keywords to learn more about the crypto-specific complaints the DFPI has received. An accompanyingglossary aims to help consumers better understand common scams. As reports of new crypto scams emerge, the DFPI will continually update this tracker to promptly alert and protect the public.

For community members who believe they have been a victim of a scam or fraud, or hear about a scam that is currently not listed on the Scam Tracker, please notify the DFPI immediately by filing a complaint with the DFPI online at https://dfpi.ca.gov/submit-a-complaint or by calling toll-free: (866) 275-2677.

For more information, please contact Anita Shandi, the City of West Hollywoods Public Safety Manager at (323) 848-6446 or at ashandi@weho.org. For people who are Deaf or hard of hearing, please call TTY (323) 848-6496.

For up-to-date information about City of West Hollywood news and events, follow @wehocity on social media, sign-up for news updates at http://www.weho.org/email, and visit the Citys calendar of meetings and events at http://www.weho.org/calendar. West Hollywood City Hall is open for walk-in services at public counters or by appointment by visiting http://www.weho.org/appointments. City Hall services are accessible by phone at (323) 848-6400 and via website at http://www.weho.org. Receive text updates by texting WeHo to (323) 848-5000.

For reporters and members of the media seeking additional information about the City of West Hollywood, please contact the City of West Hollywoods Public Information Officer, Sheri A. Lunn, at (323) 848-6391 or slunn@weho.org.

Original post:
City of West Hollywood is Getting the Word Out About Cryptocurrency Fraud and Scams | News - City of West Hollywood

Washington, D.C.

Today the U.S. Energy Information Administration (EIA) announced that it is initiating a provisional survey of electricity consumption from cryptocurrency mining companies in the United States.

Cryptocurrency mining expanded rapidly in the U.S. following Chinas ban on cryptocurrency mining in 2021. By 2023, estimates indicate that nearly 38% of cryptocurrency mining in the world occurred in the U.S., making it the top country for cryptocurrency mining in the world. The growth of cryptocurrency mining threatens to keep polluting coal-and gas-fired power plants active, strains the grid, and can raise electricity rates for American families.

Mandy DeRoche, Deputy Managing Attorney of the Clean Energy Program at Earthjustice, issued the following statement:

Until now, proof-of-work cryptocurrency mining has been largely invisible to U.S. regulators with little-to-no reporting requirements.The massive energy consumption of cryptocurrency mining and its rapid growth in the United States threaten to undermine progress towards achieving climate goals, and threaten grids, communities, and ratepayers.

We are encouraged by the EIAs actions to collect information on this hugely energy-intensive industry, which has grown so substantially in the United States in just the past couple of years and for which there is so little publicly-available information. Many organizations and individuals have attempted to gather this information but have been unable to do so. Requiring cryptocurrency mining operations to report their energy use is a turning point for this industry that has thrived in the shadows. The data on cryptocurrencys energy use is crucial for grid operators, state and federal regulators and communities who host these problematic facilities. We look forward to next steps from the EIA after this provisional step.

In November and December 2022, Earthjustice, in partnership with many other organizations, submitted comments to the U.S. Energy Information Administration about the negative climate and environmental impacts of cryptocurrency mining requesting that the agencies collect data about cryptocurrencys energy consumption.

In September 2022, the White House Office of Science and Technology Policy released a report about the industrys climate threats and the need for regulation. Earthjustice and the Sierra Club released a guidebook, The Energy Bomb finding that in one year from mid-2021 to mid-2022, Bitcoin mining in the U.S. alone consumed as much electricity as four states combined, emitting 27.4 million tons of CO2 equivalent to the emissions of as much as 6 million cars annually.

The massive energy consumption of cryptocurrency mining threatens to undermine decades of progress toward achieving climate goals and reducing local pollution. In addition, cryptocurrency mining practices raise costs and risks for utilities and their ratepayers, can stress electric grids, and flood communities with noise.

Rather than investing in long-term energy infrastructure that benefits the grid, the cryptocurrency mining industry seeks the cheapest available energy that can serve its needs. In practice, that translates to mining cryptocurrency at and near coal and gas plants and tapping into power grids that are often fossil-fuel heavy.

Read the rest here:
U.S. Energy Information Administration Announces It Will Require Cryptocurrency Mining Companies to Report Their ... - Earthjustice