TIME Magazine invests in Bitcoin

Recently, popular magazine TIME partnered with giant Grayscale to launch a series of educational videos about cryptocurrencies and, more specifically, agreeing to pay in Bitcoin.

The partnership was announced on April 13 by Grayscale’s chief executive, Michael Sonnenshein. He stated that TIME and the president of the magazine, Keith Grossman, will officially accept payments in Bitcoin.

Moreover, TIME has no intention of converting the Bitcoin they receive through transactions into fiat money but will keep the crypto assets on its balance sheet.

Source: Twitter

TIME was first published on 3/3/1923. With the recent boom in the crypto market, TIME has entered the field, especially the NFT. In March, Time magazine auctioned off three NFT covers of the famous Is God Dead design.

This event makes TIME the 33rd publicly traded company to hold Bitcoin on its balance sheet. TIME joins the ranks of leading US companies, Microstrategy, Square, and Tesla.

The deal marks a vital partnership between the giants of the crypto world and mainstream companies. Grayscale was founded in 2013 and has a $ 46 billion crypto asset under management, covering about 3% of Bitcoin’s total circulating supply.

Bitcoin dropped to a two-week low as $ 6 billion options were about to expire

The Bitcoin (BTC) price has fallen lower, about 20% since its recent all-time high at $ 62,000 in mid-March. Since the cryptocurrency market is so volatile, this is most likely a wave. Another normal price decrease in the current bull cycle.

It is necessary to adjust to strengthen the momentum to go up further because the market cannot go up in a straight line. Additionally, the record $ 6 billion options contracts are expected to expire on March 26, which usually brings some volatility.

Bitcoin must reserve the $ 53K level in order to gain bullish momentum

4-hour BTC / USD chart | Source: TradingView

The 4-hour chart shows a clear downtrend since the recent all-time high at $ 62,000 with bearish support / resistance flips.

In it, Bitcoin’s price was rejected by a key resistance zone at $ 56,500 in the latest rally after Tesla announced that it had begun accepting Bitcoin payments in the United States. Since BTC failed to break out of this level to move higher, new tests of the $ 53,000 support zone were inevitable.

The $ 53,000 support zone has weakened due to being tested multiple times in recent weeks, so the price broke below it on March 25 and dropped to as low as $ 51,500.

Hence, Bitcoin price must now regain the $ 53,200 – $ 53,800 zone to revive any upward momentum in the near term. If that doesn’t happen, the price is likely to drop to the next support zone between $ 49,500 and $ 51,500.

The overall structure of the uptrend remains strong

Daily BTC / USD Chart | Source: TradingView

The daily chart of BTC / USD still paints a bullish outlook that shows higher lows and higher highs. In that view, even if Bitcoin corrects to as low as $ 44,000, the uptrend is still in effect.

In that regard, Bitcoin price currently has a strong support zone between $ 49,500 and $ 51,500 and is unlikely to drop further.

Additionally, the bearish divergence is not confirmed until the market starts making lower lows and lower highs below $ 44,000, as outlined above.

The dollar shows strength

Daily DXY chart | Source: TradingView

The US dollar is showing strength once again as yields are also increasing significantly. So it’s not surprising to see risky assets drop, namely commodities and cryptocurrencies.

A rebound in USD often leads to a downtrend in the cryptocurrency market, especially in the short term. But this latest rally in the dollar may be temporary as it is approaching a stiff resistance. Furthermore, the structure still shows lower highs and lower lows, meaning a trend reversal is likely to happen soon.

Hence, if the dollar’s rally is stalled, then Bitcoin and the crypto market will be more likely to rise in price.

A possible scenario for Bitcoin

4-hour BTC / USD chart | Source: TradingView

Bitcoin’s 4-hour chart shows a downtrend, where a retest of the $ 53,200 – $ 53,800 zone is likely to be rejected. Therefore, a further decline in the short term is the most likely scenario at the moment.

The green area shown in the chart above is the area to watch for potential bullish divergence or immediate bounce. If such a move occurs, the ideal scenario for the bulls will then be to establish a higher low.

Once a higher low is established, Bitcoin price will continue to rise towards the next key points of $ 68,000 and $ 82,000.

Litecoin completes the MimbleWimble code to scale and enhance privacy for LTC

The Litecoin Foundation has completed the code for its MimbleWimble Extension Block (MWEB), which enhances scalability and privacy for cryptocurrencies.

After more than a year of non-stop development, MWEB has now “perfected the code,” according to David Burkett, lead developer of Litecoin.

He added that the code is now ready for official testing by fellow developers. However, this process can take anywhere from a few weeks to a few months depending on the adjustment.

Once completed, the code will be incorporated into Litecoin’s main codebase. It will then be ready for node operators and miners to broadcast support signals. The announcement adds that MWEB activation sooner or later depends on the community.

What does MWEB offer?

The MimbleWimble Extension Block upgrade will improve the key features Litecoin is missing: fungibility and privacy. The MimbleWimble testnet launched in October 2020, and the code has been in combat testing for the past five months.

The protocol is named after a fictional Harry Potter spell that uses secret transactions. It allows senders to encrypt the amount of money sent using “blurring factors” while obfuscating the address. This greatly improves the privacy of the blockchain while simultaneously enhancing the scalability.

Litecoin founder Charlie Lee has focused on fungibility, scalability, and privacy over the past few years. He sees this as an important stage in the development of LTC.

Interchangeability is that certain items are interchangeable, for example 1 USD = $ 1. The same doesn’t apply to cryptocurrencies, as historical transactions are recorded on the blockchain. So money used for nefarious activities can be discovered in some way.

MimbleWimble solves this problem by using the expansion block. These are basically adjacent chains that are interconnected that run next to Litecoin’s main chain. This is an optional feature for users who want more privacy and an alternative to their LTC trading.

LTC price outlook

Litecoin may not get as much acclaim as other altcoins, but it is a solid cryptocurrency. LTC has been in or near the top 10 since 2011 when it was launched as an alternative to Bitcoin’s “silver” versus “gold”.

Historically, when BTC had a bull run, LTC followed. At press time, LTC is trading above $ 201 – up almost 2% on the week.

LTC / USD 3 months | Source: Tradingview

LTC is yet to return to its all-time high forming December 2017 – more than $ 350. However, it hit a 3-year high of $ 238 on Feb. 20. The price has risen 60% since the start of 2021.