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Billionaire hedge fund founder Ray Dalio has stepped down as chief executive of Bridgewater Associates, according to a transfer of voting rights on September 30. Bridgewater’s co-chief executive explained on Tuesday that “Ray no longer has the final word,” in regard to the hedge fund’s future. Hedge Fund Giant and Bridgewater Associates Founder Ray Dalio Steps Down, Co-CEOs Mark Bertolini and Nir Bar Dea to Take Over Senior Management On Tuesday, October 4, after founding Bridgewater Associates more than 40 years ago, Ray Dalio stepped down as co-CIO. Bloomberg’s Erik Schatzker first reported on the matter after the hedge fund founder relinquished all of his voting rights to the board of directors on September 30. After founding Bridgewater in 1975, Dalio was considered a mogul hedge fund titan and within the first ten years of business, Bridgewater got a $5 million investment from the World Bank. Schatzker report cites Bridgewater’s co-chief executive, Nir Bar Dea, who told the reporter “Ray no longer has the final word.” Dalio also spoke about his resignation on Twitter and he told the public that today was a special day for him because he “transitioned my control of Bridgewater to the next generation.” Dalio added: I feel great about the people and ‘machine’ now in control. This transition moment is the culmination of a 47-year journey. Dalio is also well known for being a critic of bitcoin (BTC) and blockchain technology. The hedge fund titan has explained on many occasions that he believes governments would eventually outlaw cryptocurrencies. “I think at the end of the day if it’s really successful, they will kill it, and they will try to kill it,” Dalio said two months before bitcoin (BTC) reached $69K per unit. “I think they will kill it because they have ways of killing it,” he added. Last February, Dalio noted that he had a “tiny percentage” of crypto in his portfolio because he wanted to “diversify.” However, he further stressed: “It’ll be outlawed, probably by different governments.” As far as Bridgewater is concerned, Dalio explained that the hedge fund’s co-CEOs Mark Bertolini and Nir Bar Dea would be in charge of senior management. “Hopefully until I die, I will continue to be a mentor, an investor, and board member at Bridgewater, because I and they love doing those things together,” Dalio concluded in his remarks on Tuesday. What do you think about Ray Dalio stepping down as co-CIO of Bridgewater Associates? Let us know what you think about this subject in the comments section below.
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NEWS BTC | Published on 2022-10-04 | 13 hours ago

Cryptocurrency market capitalization could be ready to break out from the downtrend as price gears up for a short-term recovery creating more bullish sentiment for the altcoins. Cryptocurrency market capitalization looks strong on both low and high timeframes.  Cryptocurrency market capitalization prepares for a breakout on the daily timeframe after forming a descending triangle. The Crypto Marketcap had had a tough time regaining its hype when the crypto market cap was at its peak of over $2.8 trillion, with most crypto assets performing at their best. The crypto market capitalization also called the crypto market cap, takes in market data from a range of cryptocurrencies — including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and EOSIO network (EOS) — to provide a fuller, real-time picture of how the crypto asset sector is performing. Crypto Market Capitalization Price Analysis On The Weekly Chart Weekly Total Market Cap Price Chart | Source: On Tradingview.com The new month has been a relief for most crypto projects, with altcoins such as BTC, ETH, and even XRP, with the market cap, continues to look promising ahead of a major rally.   With the market having a rally to an all-time of over $2.9 trillion, this positively impacted the price of altcoins and major assets as the market found itself in a blooming phase with so much euphoria. After hitting over $2.9 trillion market cap, the price declined from that region, acting as resistance or blown-off top as the price struggles to regain its form. It dropped to a region of $774 billion market cap seeing a huge sell-off in assets across the crypto market. The market cap bounced from its weekly low of $774 billion as the price rallied to a region of $1.17 before facing resistance to breaking above this region as the price retraced to $850 billion as the price formed a good support zone with what seemed to be a key demand zone for buy orders across the market. In recent weeks, the price of assets in the crypto market has not shown some strength as prices rally, showing some glimpses of relief bounce. Weekly resistance for the price of crypto market cap – $1.2T. Weekly support for the price of crypto market cap – $850T. Crypto Marketcap Analysis Of REN On The Daily (1D) Chart Daily Total Market Cap Price Chart | Source: On Tradingview.com On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B) as the price range in a descending triangle trying to break out.  The crypto market cap is currently trading at $930 billion, with the price holding above the 8 and 20-day Exponential Moving Averages (EMA) after breaking through resistance in this region.  If the market cap maintains its structure, we could see more relief rallies for all most crypto assets. Daily resistance for the crypto market cap price – $1.2 Trillion Daily support for the crypto market cap price – $850 Billion. Featured Image From zipmex, Charts From Tradingview 
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In recent times, non-fungible tokens (NFTs) and their physical counterparts have started to debut at well known retail stores and luxury boutiques. On October 4, the NFT project called Veefriends revealed that the team is launching its limited edition series of collectible characters exclusively at Macy’s and Toys”R”Us. Veefriends holds the 20th position in terms of all-time NFT collection sales, with approximately $240.15 million in sales since the NFT project launched. Veefriends Are Coming to Macy’s and Toys’R’Us Retail Locations, Existing Veefriends Holders Can Claim Physical Counterparts The non-fungible token (NFT) project created by the serial entrepreneur Gary Vaynerchuk aims to debut in both physical and digital form at the retail stores Macy’s and Toys”R”Us. The collection is starting its pre-sale today and will officially launch on October 17. The collection will feature plush and vinyl characters of the Veefriends, and people can pre-order leveraging the Macy’s mobile app, at all Toys”R”Us locations, and via the website shop.veefriends.com. “This partnership means way more to me than you could ever imagine,” Gary Vaynerchuk, the CEO and creator of Veefriends said in a statement on Tuesday. “I fondly remember growing up in Edison, New Jersey, walking down these stores’ aisles as a kid. We chose characters that we think embody exciting features for first-time collectors, much like some of the toys I picked up on the shelves of Toys”R”Us the first time.” Vaynerchuk added: I can’t wait to see them in-store and on the shelves – it’s a full circle moment for me and a very big step for the company. Veefriends Joins the Slew of NFT Projects Entering the Retail Space, NFT Project Teams up With Mattel Creations NFTs have been entering the retail space for quite some time as a number of projects have been featured in physical locations. For instance, clothing featuring Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) can be found at Pacific Sunwear stores. At the end of September, the pop culture collectibles firm Funko (Nasdaq: FNKO) introduced DC digital collectibles and physical counterparts with Walmart. NBA Top Shot NFT packs were distributed to last year’s NBA Summer League Games attendees. Luxury jewelry and specialty retailer Tiffany & Co. launched Cryptopunk pendants tethered to NFTs, and at the end of February 2021, Topps introduced Garbage Pail Kids (GPK) NFTs inside packs of physical trading cards sold at Walmart and Target. Moreover, pre-existing Veefriends NFT holders are eligible for a free physical figure. Each physical counterpart will feature a QR code that leads to 3D animated videos and character songs. “Veefriends wants to bring value to our NFT community – not only will they get first access to claim the collection, they also get priority at the in-store events,” Andy Kraniak, the president of Veefriends remarked during the announcement on Tuesday. “It’s just one more way we want to connect with our NFT holders and show them how we are developing the IP behind the characters,” Kraniak concluded. Veefriends’ CEO Vaynerchuk also revealed a partnership with Mattel Creations in order to release a reimagined UNO deck featuring the Veefriends characters. The new deck will include a non-playable foil card featuring one of 17 Veefriends and the character “Gary Bee” will be the rarest foil card in the collection. The Veefriends and UNO The collectable packs will sell for $25 per pack and are only available via the website creations.mattel.com. What do you think about Veefriends coming to Macy’s and Toys”R”Us? Let us know what you think about this subject in the comments section below.
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In this episode of NewsBTC’s daily technical analysis videos, we compare Bitcoin price with the S&P 500, WTI Crude Oil, Gold, and the almighty dollar through the DXY. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): October 4, 2022 Bitcoin price is back over $20,000 and you can finally feel the sentiment starting to change. The change is happening all across the rest of finance, and not just crypto, which is the focal point of this video. Stock Market Correlation With Crypto Continues To start, comparing the S&P 500 against Bitcoin, shows that Bitcoin tends to top out prior to the stock market. Importantly, BTC and the SPX have been more tightly correlated than in the past.  This is notable because along with Bitcoin, US stock indices have turned sharply up. Both asset classes are down considerably from all-time highs, so this is nothing yet to celebrate. Bitcoin tops well ahead of the SPX | Source: BTCUSD on TradingView.com Oil Slips Slightly After BTC, But Turning Up Sharply In yet another macro comparison with WTI Crude Oil, we can see that oil tends to trail crypto and stocks slightly.  Oil prices tend to fall even more sharply than crypto during corrections, but are fewer and further between. Oil prices are also turning up sharply at the same time as Bitcoin and the stock market. Oil bounce harder from Black Thursday than BTC | Source: BTCUSD on TradingView.com Related Reading: Bitcoin And The Golden Ratio Bottom | BTCUSD Analysis September 29, 2022 Will The Digital Gold Narrative Return? Comparing gold against the top cryptocurrency by market cap, we can see that the bullish impulse that began in 2019 in gold kept running far beyond what Bitcoin was capable of. Despite this, this was the birth of the digital gold narrative, as trade tensions between the US and China increased under the Trump administration.  With currencies beginning to fall apart across the globe, gold is also suddenly rebounding alongside stocks, oil, Bitcoin, and other assets. Has Bitcoin bottomed at the cost of production? | Source: BTCUSD on TradingView.com Bitcoin Versus The Dollar Gets Interesting If the value of all assets priced in USD suddenly are surging all at once, it probably has more to do with the strength of the dollar side of each trading pair. As the global reserve currency, all other assets are quoted in the dollar as a standard measure.  The dollar is retreating after its most overextended rally in years. Other currencies have been plummeting against the USD side of the trade, but central bankers have stepped in to save their currencies and it possibly prompted a reversal in the dollar. The UN has also stepped in asking the Fed to help calm the volatility in markets and bring relief to the rest of the world. When comparing the DXY with crypto, bull market peaks in Bitcoin coincide with the DXY beginning to rise. The recent downtrend in Bitcoin was brought about by one of the most vertical uptrends in DXY history.  The move was similar in strength and length as the move in the dollar that caused the 2014 and 2015 bear market in Bitcoin. After another failed attempt at new highs, the DXY was rejected. The two events lead to what was possibly the greatest cryptocurrency uptrend in history, and was what made Bitcoin a household name. What happens this time? And is it all starting now? Will Bitcoin have another incredible rally? | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. Here is a $49 discount pass to 21 Days To Better Crypto Trading by @elliottwaveintl. It gets you instant access to 3 learning resources on how to trade crypto using EW, the Crypto Trader’s Classroom service, & on Oct.5, access to the Crypto Pro Service https://t.co/ICKzvNnvG5 pic.twitter.com/gAyKxTdQNl — Tony "The Bull" Spilotro (@tonyspilotroBTC) September 28, 2022 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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