Bitcoin’s rally stalls as it enters a new trading range

Bitcoin, the leading cryptocurrency, has seen its price stabilize after reaching a 20-month high last week. The digital asset surged to over $43,000 on November 10, breaking its previous record set in February this year. Since then, however, bitcoin has been trading in a narrow range, mostly between $42,000 and $43,000, with occasional dips and spikes.

What is behind this consolidation? Some analysts suggest that bitcoin is facing strong resistance at the $43,000 level, which was a previous all-time high in February. Others point to the lack of momentum and volume in the market, as traders and investors await more catalysts and signals for the next move. Still others attribute the sideways movement to the uncertainty and volatility in the global markets, as the coronavirus pandemic continues to impact the economy and politics.

Whatever the reason, bitcoin seems to have found a new equilibrium for now, after a remarkable rally that saw it gain more than 70% since October. The question is: how long will this range last, and what will trigger the next breakout or breakdown?

Some bullish factors that could support bitcoin’s price include:

• The growing adoption and acceptance of bitcoin by institutional investors, corporations, and governments. For example, PayPal recently announced that it will allow its users to buy, sell, and hold bitcoin and other cryptocurrencies on its platform. This could open the door for millions of new customers and merchants to use bitcoin as a payment option.

• The increasing scarcity and demand for bitcoin, as more than 18.5 million bitcoins have been mined out of the total 21 million that will ever exist. Moreover, many bitcoin holders are reluctant to sell their coins, preferring to hold them for the long term. This reduces the supply and increases the price pressure on the market.

• The innovation and development in the bitcoin ecosystem, such as the launch of new products and services that enhance the usability, security, and efficiency of bitcoin transactions. For example, the Lightning Network is a second-layer solution that enables fast and cheap payments on top of the bitcoin blockchain. This could improve the scalability and performance of bitcoin as a medium of exchange.
  
  Some bearish factors that could weigh on bitcoin’s price include:

• The regulatory and legal risks that surround bitcoin and cryptocurrencies in general. Many governments and authorities are still wary of the potential impact of bitcoin on their monetary sovereignty, financial stability, and tax revenue. Some countries have banned or restricted the use of cryptocurrencies, while others have imposed strict rules and regulations on their users and providers. This could limit the growth and adoption of bitcoin in some markets.

• The technical and security challenges that face bitcoin and its network. Bitcoin relies on a decentralized network of nodes and miners to validate and process transactions. However, this network is vulnerable to attacks, disruptions, and glitches that could compromise its functionality and integrity. For example, in May this year, a bug caused a temporary split in the network, resulting in some nodes rejecting valid blocks. This could erode the trust and confidence in bitcoin as a reliable system.

• The competition and innovation from other cryptocurrencies and blockchain platforms. Bitcoin is not the only game in town when it comes to digital assets. There are thousands of other cryptocurrencies that offer different features, benefits, and use cases. Some of them are faster, cheaper, more scalable, more flexible, or more user-friendly than bitcoin. For example, Ethereum is a platform that enables smart contracts and decentralized applications that can run on its network. This could challenge bitcoin’s dominance and market share in the crypto space.

As you can see, there are many factors that influence bitcoin’s price movement and direction. It is hard to predict what will happen next, as the market is driven by supply and demand, sentiment and emotion, news and events. However, one thing is certain: bitcoin is here to stay, and it will continue to surprise us with its volatility and innovation.

Bitcoin NFT Hysteria auctions at Sotheby’s as Super-Mario

The world of digital art and collectibles is booming, thanks to the rise of non-fungible tokens (NFTs) that are powered by blockchain technology. NFTs are unique and verifiable digital assets that can represent anything from art, music, games, sports, and more. They have been selling for millions of dollars in online auctions, attracting celebrities, investors, and enthusiasts alike.

The crypto art market has exploded in recent months, with some NFTs (non-fungible tokens) selling for millions of dollars. But what are NFTs and why are they so popular? And how can you get involved in this new form of digital art?

NFTs are unique digital assets that are stored on a blockchain, a distributed ledger that records transactions and ensures their security and authenticity. Unlike traditional digital files, which can be copied and shared endlessly, NFTs cannot be duplicated or altered. They have a provable ownership and history, which makes them valuable and scarce.

NFTs can represent any type of digital content, such as images, videos, music, games, or even tweets. But one of the most popular categories of NFTs is crypto art, which is digital art that is created, sold, and collected on the blockchain.

Crypto art has been around for a few years, but it gained mainstream attention in March 2021, when a collage of 5,000 images by the artist Beeple sold for $69 million at Christie’s auction house. Since then, many other artists, celebrities, and brands have jumped on the NFT bandwagon, creating and selling their own digital artworks.

One of the latest NFT craze is the Super-Mario series, created by the artist known as Beeple, Beeple is the online pseudonym of Mike Winkelmann, a graphic designer and digital artist from Wisconsin, USA. Beeple has been making one digital artwork every day since 2007 and has amassed a huge following on social media. His NFTs have been breaking records in the crypto art market, with one piece selling for $69 million at Christie’s in March.

Now, Beeple is bringing his Super-Mario NFTs to Sotheby’s, one of the world’s oldest and most prestigious auction houses. The collection, titled “The Super-Mario Bros. Collection”, features 21 NFTs that depict iconic scenes and characters from the popular video game franchise. Each NFT is a pixelated animation that pays homage to the retro style and nostalgia of the original games.

The collection will be auctioned online from December 18 to December 22, with bidding starting at 1 Bitcoin (around $48,000 at the time of writing). The winner will receive not only the NFTs, but also a physical display case that contains a custom-made Nintendo console and a cartridge that can play the animations on a TV screen.

Beeple said that he chose to use Bitcoin as the currency for his auction because he believes that it is “the future of money”. He also said that he is a huge fan of Super-Mario and that he wanted to create something that would appeal to both gamers and art lovers.

“I think Super-Mario is one of the most iconic and influential video games of all time, and I wanted to celebrate its legacy and impact on culture,” he said. “I hope that these NFTs will bring joy and nostalgia to the people who grew up playing these games, as well as introduce them to a new generation of collectors who appreciate digital art and innovation.”

Sotheby’s said that they are excited to host Beeple’s Super-Mario NFTs, as they reflect their commitment to exploring new frontiers in art and technology. They also said that they expect a high demand for the collection, as it combines two of the hottest trends in the market: NFTs and gaming.

“NFTs have revolutionized the way we perceive and value digital art, and Beeple is one of the pioneers and stars of this movement,” they said. “His Super-Mario NFTs are a perfect example of how he blends creativity, humor, and technical skill to create works that are both entertaining and engaging. We are thrilled to offer this collection to our global audience of collectors, who are always looking for new and exciting ways to express their passions and personalities.”