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Dublin’s Cosgrave Gaynard Solicitors accepts bitcoin

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With more and more individuals and companies getting involved with cryptocurrencies these days in Ireland, including an increasing number of companies operating within the ICO space, Dublin based Cosgrave Gaynard Solicitors have recently announced that they are now accepting payment in bitcoin against legal services. So now if you need to hire a lawyer for litigation, property law, insolvency, restructuring, aviation, finance, leasing, probate, family law or any other legal requirements, you can now use your cryptocurrency to pay for legal fees. The announcement is available here. Source: https://bitcoinsinireland.com/dublins-cosgrave-gaynard-solicitors-accepts-bitcoin/

Blockchain

TA: Bitcoin Key Indicators Suggest Risk of Extended Downside Correction

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Bitcoin price is down over $500 from the $13,850 swing high against the US Dollar. BTC is showing bearish signs and it could even decline below the $13,000 support.

  • Bitcoin failed to stay above the $13,500 support and declined below $13,200.
  • The price is currently consolidating near $13,200 and the 100 hourly simple moving average.
  • There is a key contracting triangle forming with support near $13,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to resume its decline below $13,200 and $13,100 in the near term.

Bitcoin Price Starts Downside Correction

Bitcoin price traded to a new monthly high at $13,850 before starting a major downside correction. BTC broke the key $13,500 support level to move into a short-term bearish zone.

The decline gained pace below the $13,200 level and the 100 hourly simple moving average. The price even spiked below the $13,000 level and traded as low as $12,899. Recently, there was a recovery wave above the $13,000 and $13,100 levels.

The price traded above the 23.6% Fib retracement level of the recent decline from the $13,850 high to $12,899 low. Bitcoin is currently consolidating near $13,200 and the 100 hourly simple moving average.

Bitcoin Price

There is also a key contracting triangle forming with support near $13,220 on the hourly chart of the BTC/USD pair. If there is a downside break below the triangle support and $13,200, there is a risk of a fresh decline. The next major support is near the $13,000 level.

If the bulls fail to defend the $13,000 support level, it could open the doors for an extended downside correction towards the $12,600 level or $12,500 in the coming sessions.

Upside Break in BTC?

If bitcoin stays above the $13,200 support level, it could clear the triangle resistance near the $13,315 level. The next key resistance is near the $13,375 level. It is close to the 50% Fib retracement level of the recent decline from the $13,850 high to $12,899 low.

The main hurdle for the bulls is near the $13,500 level, above which the price is likely to restart its rally and it could even revisit the $13,850 high.

Technical indicators:

Hourly MACD – The MACD is likely to move into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $13,200, followed by $13,000.

Major Resistance Levels – $13,315, $13,375 and $13,500.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-risk-of-extended-downside-correction/

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MicroStrategy CEO Michael Saylor HODLs $230M Worth Of Bitcoin Privately

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Michael Saylor, the founder and CEO of the Nasdaq-listed company MicroStrategy, has revealed that he personally HODLs nearly 18,000 bitcoins.

Additionally, he announced that his company has instituted a new Bitcoin-oriented treasury reserve policy and plans to make further BTC purchases.

Michael Saylor Owns 17,732 Bitcoins

The CEO of MicroStrategy has a somewhat compelling history with Bitcoin. As CryptoPotato reported recently, he said in 2013 that BTC’s days are “numbered.” However, he has completed a one-eighty since then and has been quite bullish on the cryptocurrency in recent months.

The company that he founded more than three decades ago bought a total of 38,250 bitcoins in two batches. This substantial amount represents 0.18% of all bitcoins ever to exist.

Apart from MicroStrategy’s holdings, Saylor disclosed today his own BTC balance.

“Some have asked how much BTC I own. I personally hodl 17,732 BTC, which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy Bitcoin for itself.” – he tweeted.

To put his Bitcoin holdings into USD perspective, the amount equals $230 million, with BTC’s price trading around $13,000 per coin at the time of this writing.

MicroStrategy’s Bitcoin-Focused Reserve Policy

In a recent interview, Saylor also revealed his company’s Q3 results. Apart from displaying impressive quarterly numbers, MicroStrategy’s CEO announced a compelling new treasury reserve policy that focuses on Bitcoin.

“We have also instituted our new treasury reserve policy, which states that Bitcoin will be the primary treasury reserve asset for the company for capital that exceeds our working capital needs.”

MicroStrategy plans to purchase even more bitcoins as the company generates cash beyond what it needs to run the business of a day-to-day basis.

Millions of (Unrealized) Profit

Having in mind Saylor’s averaged price when he bought his BTC stack, simple math shows that he spent a little over $175 million. As mentioned above, the 17,732 bitcoins now have a value of over $235 million. As such, his profit, should he choose to sell the coins now, would be north of $50 million.

Additionally, a popular cryptocurrency commentator Kevin Rooke brought up similar statistics regarding MicroStrategy’s numbers. He said that the Nasdaq-listed company had earned $78 million in the last three and a half years from their business endeavors. However, if they sell their BTC stack now, their profit will be about $100 million in just two months.

MicroStrategy's Business vs. Bitcoin Profits. Source: Twitter
MicroStrategy’s Business vs. Bitcoin Profits. Source: Twitter

It’s worth noting that to register profit or a financial gain, one has to sell the asset he has previously purchased. Since neither MicroStrategy nor its CEO had actually disclosed selling their Bitcoin holdings, the numbers above provide a hypothetical viewpoint instead of hard numbers.

Featured Image Courtesy of The Business Journals

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Source: https://cryptopotato.com/microstrategy-ceo-michael-saylor-privately-hodls-235m-worth-of-bitcoin/

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Bitcoin to Surpass $20,000 ATH By Early 2021 According to Raul Pal

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Former hedge fund manager and CEO of Real Vision, Raoul Pal, believes that the real impact of the COVID-19 pandemic is about to reach the financial markets. By outlining several upcoming cornerstones among traditional financial assets, he highlighted Bitcoin as the “life raft” in this situation.

Raoul Pal: Everything Has Changed

In a recent Twitter thread, the Wall Street veteran outlined the rapidly growing COVID-19 cases worldwide. The total number of infected has neared 45 million, while the death toll is almost 1,2 million.

Pal predicted that these rising numbers in Europe, the US, and Canada are about to “exert economic pressures and extinguish the Hope phase of reflation dreams.” He believes that the upcoming consequences will harm the economy even more than the early 2020 developments. A real economic recovery “will take more than a post-election stimulus in January.”

COVID-19 Cases In Europe. Source: Twitter
COVID-19 Cases In Europe. Source: Twitter

He continued by looking at several markets that have started to feel the adverse consequences and have fallen to long-term support levels. Those included the oil price, Spain’s benchmark stock market index – the IBEX 35, the EU Banks Index, the euro, the British pound, the US dollar, and more.

EU Banks Index. Source: Twitter
EU Banks Index. Source: Twitter

As such, he broached a few possible solutions – “you can buy bonds and dollars, or you can take the life raft – Bitcoin.”

“Or, to dampen the volatility of a risk-off event (we can and will see sharp BTC corrections), you can have all three for a near-perfect portfolio for this phase.” – Pal concluded.

Bitcoin Will Eat The World And Price Predictions From Pal

Pal further highlighted his positive views on Bitcoin by saying the cryptocurrency “will eat the world.” He attributed it to its performance, which is so dominant and so “all-encompassing” that it will “suck in every single asset narrative dry and spit it out.”

“Never before in my career have I seen a trade so dominant that holding any other assets makes almost no sense.”

As far as price predictions go, Pal said that $14,000 is the only resistance left in Bitcoin’s way to the all-time high at $20,000. He expects that BTC should overcome the December 2017 high by “early next year at the latest.”

Additionally, CryptoPotato recently reported an even more optimistic and long-term forecast. By using a regression on the logarithmic chart since inception, Pal brought up a model that sees Bitcoin reaching $1 million by 2025.

Featured Image Courtesy of BusinessInsider

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Source: https://cryptopotato.com/bitcoin-to-surpass-20000-ath-by-early-2021-according-to-raul-pal/

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