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Crucial Moment for BTC, Bull Run Prediction, Halving Frenzy: Hodler’s Digest, Apr. 20–26

Crucial Moment for BTC, Bull Run Prediction, Halving Frenzy: Hodler’s Digest, Apr. 20–26

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Bitcoin faces a crucial test at the weekly close, Bloomberg says BTC is setting up for a 2017-like bull run, and hodlers take action as May’s halving draws nearer.

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin pushes to clear $7,750 as key weekly close approaches

It’s a nail-biting time for Bitcoin owners. The cryptocurrency mounted a strong rebound and surged from $6,800 to $7,600 this week — with a dramatic surge on Thursday taking many traders by surprise. But the question now is whether these higher prices are here to stay. On Sunday, Bitcoin needed to hold above $7,475 or else its price was prone to retest underlying support levels. Two technical factors could push BTC to $8,000 near-term as traders anticipate a strong weekly close. Some Cointelegraph analysts, such as Michaël van de Poppe, also believe BTC has the potential to hit $9,000 — with just over two weeks to go until the halving. Alas, there are also signs that the upsurge was a bull trap, not least because altcoins aren’t rallying in tandem with BTC. The Crypto Fear & Greed Index shows investors remain extremely cautious about Bitcoin’s short-term prospects. Currently, the score stands at 21 — “extreme fear.”

Bloomberg: Bitcoin is setting up for a 2017-like bull run

A new Bloomberg report this week was exceedingly flattering about Bitcoin and suggested that the cryptocurrency is preparing for a mahoosive bull run. The report claimed that Bitcoin and gold stand to be “primary beneficiaries” of the coronavirus-induced market turmoil. With BTC’s correlation to the precious metal hitting all-time highs, it added that Bitcoin could be about to transition from a “risk-on speculative asset to the crypto market’s version of gold.” The “Bitcoin Maturation Leap” report adds that the inception of BTC futures has tamed “the raging bull market” — with authors predicting that volatility will continue to decrease. This is significant since the all-time low volatility in October 2015 “marked the beginning of the bull market.”

Bitcoin investors hodl $530 million more BTC each day as halving nears — data

Hodlers are accumulating more coins every day than at any time in over a year, according to data from Glassnode. The monitoring resource says we’ve seen a significant increase in BTC positions this month. At current rates, hodlers are adding in excess of 75,000 BTC to their positions each day. All of this comes as mentions of the Bitcoin halving spike on Twitter — with data from TheTIE suggesting that crypto media coverage may be starting to shift away from the coronavirus. Block rewards are going to be slashed by 50% next month, and as ever, there’s lively debate over whether the event has already been priced in. If you’ve been to our homepage today, you’ll know that we’ve now got a shiny new countdown to the halving, and it’s estimated to happen on May 12. If you want to read more about what a halving actually is, you can find our handy guide here.

GoDaddy email confirmed: New details on KuCoin’s legal troubles in Singapore

Earlier this month, Cointelegraph reported that KuCoin’s primary web domain Kucoin.com has been locked by a Singaporean court. The exchange hit back — alleging that the article was “untrue” and “unverified.” This week, Cointelegraph published new evidence surrounding its original report. Andrew Capon’s original story had included a screenshot of an email that GoDaddy had sent to KuCoin, in which the exchange was told that its domain name was locked in light of an order issued by the High Court of Singapore. (Note: the KuCoin website remains accessible in Singapore, as the order means that the domain name cannot be transferred from one owner to another.) Cointelegraph has since obtained the original email file, and we have been able to authenticate that the email was indeed sent by GoDaddy. There’s a lot we don’t know about the court order, but we do know one exists. Neither KuCoin’s representatives nor any of the entities involved in the legal action have responded to requests for comment.

Ripple files lawsuit against YouTube: “Enough is enough”

A new legal fight is also brewing in California. Ripple Labs has filed a lawsuit against YouTube, and the company is seeking damages for the video-sharing site’s alleged failure to stop XRP scammers and impersonators. Brad Garlinghouse, Ripple’s CEO, claims the scam — often referred to as “The XRP Giveaway” — has already defrauded victims out of crypto worth hundreds of thousands of dollars. The sophisticated scam allegedly sees the owners of legitimate YouTube channels targeted with a malicious email, meaning attackers gain control of their accounts. It’s claimed these credentials are then used to strip the creator’s YouTube accounts, with the channel transformed into one that impersonates the official pages of Ripple and Garlinghouse. Viewers are then urged to send “between 5,000 XRP and 1,000,000 XRP” to a listed address, which promises 5 times the returns from the recipient. YouTube is accused of profiting from the scam by “knowingly selling paid ads on behalf of fraudsters” — and awarding verification badges to channels taken over by the scammers.

Winners and Losers

At the end of the week, Bitcoin is at $7,646.84, Ether at $197.84 and XRP at $0.19. The total market cap is at $220,694,686,067.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are DigiByte, Aave and MaidSafeCoin. The top three altcoin losers of the week are Terra, Synthetix Network Token and Swipe.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis

Most Memorable Quotations

“We see that significant quantities were cashed out during bull markets of Bitcoin, and net new positions were accumulated by HODLers in bear phases.”

Adamant Capital, Bitcoin alpha fund

“A bet on Bitcoin is a bet that the deflationary pressures will win. When everyone gets nervous, they all go to cash, that includes selling Bitcoin, but it’s still one of the best stores of value that exists out there.”

Alex Mashinsky, Celsius Network CEO

“This year will confirm Bitcoin’s transition from a risk-on speculative asset to the crypto market’s version of gold.”

Bloomberg report

“The most influential group of new adopters since the early days of Bitcoin is just entering the arena.”

Gabor Gurbacs, VanEck digital asset director

“My only question is whether Bitcoin is actually living up to its high expectations. This question does NOT make me a hater.”

Peter Brandt, veteran trader

Prediction of the Week

“Boomers are f*cked” — new macro report forecasts $1 million Bitcoin by 2025

A damning new macro report claims Bitcoin can rally to $1 million, but the coronavirus means that the baby boomer generation is, well, “f*cked.” Global Macro Investor CEO Raoul Pal says the COVID-19 pandemic is inflicting “incomprehensible” damage on the U.S. pension system. Summarizing the market losses seen since March, he wrote: “The Baby Boomers will sell every rally they can to protect their last, rapidly diminishing nest egg. The Baby Boomers are totally f*cked. I have been publicly warning and warning about this.” Since the report was published, we’ve seen a bizarre trend where stocks have been recovering even as record levels of unemployment have continued to worsen. Pal believes BTC represents a striking exit opportunity from the rapidly deteriorating status quo over the next five years, estimating: “I think it can get to $1M in the same period. I think it can go from a $200B asset class to a $10T asset class.”

FUD of the Week

Vitalik Buterin trolls Craig Wright over patent trolling

Ethereum Co-Founder Vitalik Buterin took a veiled swipe at Craig Wright this week, the Australian entrepreneur who claims to be the pseudonymous Bitcoin creator, Satoshi Nakamoto. Wright has previously claimed that nChain, where he works as chief scientist, has filed more than 800 applications for blockchain patents, and has been granted between 50 and 100. In a scathing tweet, Buterin argued that this is beside the point, writing: “If you’re bragging about how many ‘blockchain patents’ your country/company/organization has, you don’t understand blockchains.” Meow. This prompted vitriolic responses from others on crypto Twitter, with Wright’s mentor, Calvin Ayre, firing back: “You tech has been used for more scams in the ICO shitecoin storm than the world has ever seen.”

COVID-19 domain seized after attempted sale for BTC

The United States Attorney’s Office has seized a fraudulent COVID-19 domain name after its owner attempted to sell it in exchange for Bitcoin. CoronaPrevention.org was put up for sale on a “hackers forum” the day after President Donald Trump declared a national emergency in response to COVID-19, the U.S. Department of Justice alleges. An undercover agent engaged with the domain’s owner on the forum and pretended to be selling fake coronavirus kits. The site’s owner said this was “genius,” and allegedly added that there had been the intention to do the same but “couldn’t get enough cash to bulk buy them on Alibaba.” The domain name has now been taken down and redirected to the Justice Department’s notice of seizure.

City’s ransomware denials exposed, still faces 100 BTC demand

A ransomware gang has published personal and financial data from the Californian City of Torrance online — and threatened to reveal 200GB more unless their demands are met. “DoppelPaymer” is demanding 100 BTC, worth about $760,000 at the time of writing, in exchange for not releasing any more of the files stolen in the March 1 cyberattack. The incident exposed the city’s local backups and encrypted approximately 150 servers and workstations. The StateScoop website reports it has examined the files and uncovered individuals’ names, dates of birth, Social Security numbers, and other personal information. Despite Torrance’s bad luck, a recent report by Emsisoft actually showed there was a significant drop in the number of successful ransomware attacks in the first quarter of 2020.

Best Cointelegraph Features

The road to Bitcoin adoption is paved with whole numbers

A cup of coffee can’t be 0.00071428571 Bitcoin or 71,420 Satoshis. Paul de Havilland has been writing for Cointelegraph Magazine about the challenges BTC faces in becoming appealing for retail buyers and sellers.

The next Bitcoin halving: To halve and to hold?

The upcoming Bitcoin halving may result in greater demand and higher prices, but what are the challenges for the 2020 halving? Here’s Ashish Singhal.

Litigation and steady price decline — can XRP sustain such attrition?

Ripple’s user support is in decline and its price continues to drop as experts share the possible reasons behind the negativity. Joseph Birch has the story.

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Spread & Containment

The Coming Of The Police State In America

The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now…

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The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now patrolling the New York City subway system in an attempt to do something about the explosion of crime. As part of this, there are bag checks and new surveillance of all passengers. No legislation, no debate, just an edict from the mayor.

Many citizens who rely on this system for transportation might welcome this. It’s a city of strict gun control, and no one knows for sure if they have the right to defend themselves. Merchants have been harassed and even arrested for trying to stop looting and pillaging in their own shops.

The message has been sent: Only the police can do this job. Whether they do it or not is another matter.

Things on the subway system have gotten crazy. If you know it well, you can manage to travel safely, but visitors to the city who take the wrong train at the wrong time are taking grave risks.

In actual fact, it’s guaranteed that this will only end in confiscating knives and other things that people carry in order to protect themselves while leaving the actual criminals even more free to prey on citizens.

The law-abiding will suffer and the criminals will grow more numerous. It will not end well.

When you step back from the details, what we have is the dawning of a genuine police state in the United States. It only starts in New York City. Where is the Guard going to be deployed next? Anywhere is possible.

If the crime is bad enough, citizens will welcome it. It must have been this way in most times and places that when the police state arrives, the people cheer.

We will all have our own stories of how this came to be. Some might begin with the passage of the Patriot Act and the establishment of the Department of Homeland Security in 2001. Some will focus on gun control and the taking away of citizens’ rights to defend themselves.

My own version of events is closer in time. It began four years ago this month with lockdowns. That’s what shattered the capacity of civil society to function in the United States. Everything that has happened since follows like one domino tumbling after another.

It goes like this:

1) lockdown,

2) loss of moral compass and spreading of loneliness and nihilism,

3) rioting resulting from citizen frustration, 4) police absent because of ideological hectoring,

5) a rise in uncontrolled immigration/refugees,

6) an epidemic of ill health from substance abuse and otherwise,

7) businesses flee the city

8) cities fall into decay, and that results in

9) more surveillance and police state.

The 10th stage is the sacking of liberty and civilization itself.

It doesn’t fall out this way at every point in history, but this seems like a solid outline of what happened in this case. Four years is a very short period of time to see all of this unfold. But it is a fact that New York City was more-or-less civilized only four years ago. No one could have predicted that it would come to this so quickly.

But once the lockdowns happened, all bets were off. Here we had a policy that most directly trampled on all freedoms that we had taken for granted. Schools, businesses, and churches were slammed shut, with various levels of enforcement. The entire workforce was divided between essential and nonessential, and there was widespread confusion about who precisely was in charge of designating and enforcing this.

It felt like martial law at the time, as if all normal civilian law had been displaced by something else. That something had to do with public health, but there was clearly more going on, because suddenly our social media posts were censored and we were being asked to do things that made no sense, such as mask up for a virus that evaded mask protection and walk in only one direction in grocery aisles.

Vast amounts of the white-collar workforce stayed home—and their kids, too—until it became too much to bear. The city became a ghost town. Most U.S. cities were the same.

As the months of disaster rolled on, the captives were let out of their houses for the summer in order to protest racism but no other reason. As a way of excusing this, the same public health authorities said that racism was a virus as bad as COVID-19, so therefore it was permitted.

The protests had turned to riots in many cities, and the police were being defunded and discouraged to do anything about the problem. Citizens watched in horror as downtowns burned and drug-crazed freaks took over whole sections of cities. It was like every standard of decency had been zapped out of an entire swath of the population.

Meanwhile, large checks were arriving in people’s bank accounts, defying every normal economic expectation. How could people not be working and get their bank accounts more flush with cash than ever? There was a new law that didn’t even require that people pay rent. How weird was that? Even student loans didn’t need to be paid.

By the fall, recess from lockdown was over and everyone was told to go home again. But this time they had a job to do: They were supposed to vote. Not at the polling places, because going there would only spread germs, or so the media said. When the voting results finally came in, it was the absentee ballots that swung the election in favor of the opposition party that actually wanted more lockdowns and eventually pushed vaccine mandates on the whole population.

The new party in control took note of the large population movements out of cities and states that they controlled. This would have a large effect on voting patterns in the future. But they had a plan. They would open the borders to millions of people in the guise of caring for refugees. These new warm bodies would become voters in time and certainly count on the census when it came time to reapportion political power.

Meanwhile, the native population had begun to swim in ill health from substance abuse, widespread depression, and demoralization, plus vaccine injury. This increased dependency on the very institutions that had caused the problem in the first place: the medical/scientific establishment.

The rise of crime drove the small businesses out of the city. They had barely survived the lockdowns, but they certainly could not survive the crime epidemic. This undermined the tax base of the city and allowed the criminals to take further control.

The same cities became sanctuaries for the waves of migrants sacking the country, and partisan mayors actually used tax dollars to house these invaders in high-end hotels in the name of having compassion for the stranger. Citizens were pushed out to make way for rampaging migrant hordes, as incredible as this seems.

But with that, of course, crime rose ever further, inciting citizen anger and providing a pretext to bring in the police state in the form of the National Guard, now tasked with cracking down on crime in the transportation system.

What’s the next step? It’s probably already here: mass surveillance and censorship, plus ever-expanding police power. This will be accompanied by further population movements, as those with the means to do so flee the city and even the country and leave it for everyone else to suffer.

As I tell the story, all of this seems inevitable. It is not. It could have been stopped at any point. A wise and prudent political leadership could have admitted the error from the beginning and called on the country to rediscover freedom, decency, and the difference between right and wrong. But ego and pride stopped that from happening, and we are left with the consequences.

The government grows ever bigger and civil society ever less capable of managing itself in large urban centers. Disaster is unfolding in real time, mitigated only by a rising stock market and a financial system that has yet to fall apart completely.

Are we at the middle stages of total collapse, or at the point where the population and people in leadership positions wise up and decide to put an end to the downward slide? It’s hard to know. But this much we do know: There is a growing pocket of resistance out there that is fed up and refuses to sit by and watch this great country be sacked and taken over by everything it was set up to prevent.

Tyler Durden Sat, 03/09/2024 - 16:20

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate…

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Low Iron Levels In Blood Could Trigger Long COVID: Study

Authored by Amie Dahnke via The Epoch Times (emphasis ours),

People with inadequate iron levels in their blood due to a COVID-19 infection could be at greater risk of long COVID.

(Shutterstock)

A new study indicates that problems with iron levels in the bloodstream likely trigger chronic inflammation and other conditions associated with the post-COVID phenomenon. The findings, published on March 1 in Nature Immunology, could offer new ways to treat or prevent the condition.

Long COVID Patients Have Low Iron Levels

Researchers at the University of Cambridge pinpointed low iron as a potential link to long-COVID symptoms thanks to a study they initiated shortly after the start of the pandemic. They recruited people who tested positive for the virus to provide blood samples for analysis over a year, which allowed the researchers to look for post-infection changes in the blood. The researchers looked at 214 samples and found that 45 percent of patients reported symptoms of long COVID that lasted between three and 10 months.

In analyzing the blood samples, the research team noticed that people experiencing long COVID had low iron levels, contributing to anemia and low red blood cell production, just two weeks after they were diagnosed with COVID-19. This was true for patients regardless of age, sex, or the initial severity of their infection.

According to one of the study co-authors, the removal of iron from the bloodstream is a natural process and defense mechanism of the body.

But it can jeopardize a person’s recovery.

When the body has an infection, it responds by removing iron from the bloodstream. This protects us from potentially lethal bacteria that capture the iron in the bloodstream and grow rapidly. It’s an evolutionary response that redistributes iron in the body, and the blood plasma becomes an iron desert,” University of Oxford professor Hal Drakesmith said in a press release. “However, if this goes on for a long time, there is less iron for red blood cells, so oxygen is transported less efficiently affecting metabolism and energy production, and for white blood cells, which need iron to work properly. The protective mechanism ends up becoming a problem.”

The research team believes that consistently low iron levels could explain why individuals with long COVID continue to experience fatigue and difficulty exercising. As such, the researchers suggested iron supplementation to help regulate and prevent the often debilitating symptoms associated with long COVID.

It isn’t necessarily the case that individuals don’t have enough iron in their body, it’s just that it’s trapped in the wrong place,” Aimee Hanson, a postdoctoral researcher at the University of Cambridge who worked on the study, said in the press release. “What we need is a way to remobilize the iron and pull it back into the bloodstream, where it becomes more useful to the red blood cells.”

The research team pointed out that iron supplementation isn’t always straightforward. Achieving the right level of iron varies from person to person. Too much iron can cause stomach issues, ranging from constipation, nausea, and abdominal pain to gastritis and gastric lesions.

1 in 5 Still Affected by Long COVID

COVID-19 has affected nearly 40 percent of Americans, with one in five of those still suffering from symptoms of long COVID, according to the U.S. Centers for Disease Control and Prevention (CDC). Long COVID is marked by health issues that continue at least four weeks after an individual was initially diagnosed with COVID-19. Symptoms can last for days, weeks, months, or years and may include fatigue, cough or chest pain, headache, brain fog, depression or anxiety, digestive issues, and joint or muscle pain.

Tyler Durden Sat, 03/09/2024 - 12:50

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Uncategorized

February Employment Situation

By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…

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By Paul Gomme and Peter Rupert

The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.

Temporary help services employment continues a steep decline after a sharp post-pandemic rise.

Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.

The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.

The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.

Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.

As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.

Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.

The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.

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