hodler

26 Jan 2026, 13:15

Davos Takeaways - Bitcoin Is Not Here To Replace Banks, And That's A Good Thing

Summary Recent debates at Davos once again highlight how Bitcoin isn’t meant to replace traditional banking. I think that’s a good thing; the two systems can coexist peacefully. BTC's deflationary nature makes it unsuitable as a global currency but ideal for long-term wealth preservation and institutional adoption. I'm upgrading to a Strong Buy rating on BTC due to its asymmetric upside potential, with a valuation model targeting $162,500–$275,000 and up to $1,000,000 per coin in a bullish scenario. Key risks include failure to achieve reserve asset status, persistent volatility, and ongoing high correlation with equities. With the World Economic Forum having just taken place in Davos, Bitcoin ( BTC-USD ) has been discussed between central bankers, institutional investors, and the like. In one interview , the CEO of Coinbase Global, Inc. ( COIN ) was very confrontational towards members of the TradFi (Traditional Finance) sector, mentioning that “banks are lending customers’ deposits without their permission.” In a different part of that same interview, the same Brian Armstrong called out a French Central Banker on a mistake relative to Bitcoin. The Banker incorrectly assumed that Bitcoins can be controlled by any participant in its network and brought that as an example of why independent central banking cannot be substituted. As an observer of the Crypto world, I am surprised by such conversations. I think they reveal how exponents from both “sides”—TradFi and DeFi (Decentralized Finance)—do not fully grasp the other side’s arguments and functioning. Today, I want to spend a few words to clarify what, in my view, is the role of Bitcoin in TradFi and why the two sides do not need to be at odds with each other, but rather realise they will need to coexist. Why Bitcoin is not an alternative to the global banking system How Banking Works (Project Instill) Anyone who has ever taken an Economics 101 course will be familiar with how banking works. In a nutshell, clients’ deposits are lent out at an interest rate to borrowers. The borrowing is done to a higher degree than the amounts available in deposits in the bank, meaning banks lend out more than they hold in deposits. This is the reason why fractional reserves exist in most legislation (with the notable exception of the US, where there has been no legally mandated minimum reserve ratio since 2020). I am surprised how sometimes this very basic function of our economy is brought up as an example of quasi-conspiracy. Yet, this is literally one of the core functions of our economic system. Businesses and governments effectively function because they can access financing to invest and hire. What is Bitcoin’s role in all this? None, in my opinion A banking system based on Bitcoin would not work. Because Bitcoin’s supply is limited to 21 million, banks holding Bitcoin could not lend out more than what they have available. Bitcoin, as a decentralized, algorithm-based form of money, could not be multiplied. It is deflationary in nature. Bitcoin, in this regard, was never conceived as an alternative to banking. Rather, it was conceived as a decentralized system of payment and then matured as an alternative reserve. This is a concept I discussed in my previous work on Bitcoin, bringing on-chain data that shows how Bitcoin behaves more like a reserve asset than a currency, with a somewhat limited number of transactions and mostly “holders.” The role of a global reserve asset Imagine a world where your everyday currency buys you twice the amount of goods than what it bought five years earlier. Would you spend it to buy, for example, a car that depreciates the moment you step out of the car dealer? What about spending it to buy groceries? If you had the reasonable expectation that everything you purchased were to become cheaper in the future, it would be logical to delay most of your purchases (in other words, save as much as possible). What I am describing with this example is the reason why deflation is worse than inflation. China is currently struggling with deflation . Not as a result of the yuan getting stronger, but due to an overcapacity of production that cannot be fully absorbed by internal demand and exports. In simple words, goods get cheaper over time. The results are that more than 25% of the listed Chinese companies reported a loss in the first half of 2025, and youth unemployment is stubbornly stuck above 15% . And this is official data, which is famously unreliable . In academic terms, the chart below showcases the effect of deflation on an economy. When people and businesses spend less (AD shifts left from AD₁ to AD₂), prices drop (from P₁ to P₂), and output falls below full employment (to Y₁). Over time, lower wages and costs shift SRAS (Short-Run Aggregate Supply) right, causing even lower prices (to P₃), while output slowly returns toward the unchanged full-employment level (Y-FE). The Curious Economist Back to Bitcoin. Bitcoin is a deflationary currency in nature. With a limited cap, it would be a horrible choice as a global currency. It would cause chronic, undefeatable deflation of the world's economy. A global reserve asset serves another purpose. Like gold, which has been on the run lately, it serves as a reliable, neutral store of value and hedge for nations' central banks in an uncertain world. Central banks hold it for safety, liquidity in extreme scenarios, and long-term wealth preservation. Due to the deflationary nature of Bitcoin, I see it as a potential (with emphasis on potential) global reserve asset, rather than a global currency used for commercial transactions. Conclusion: My Bitcoin price target and why I remain bullish I covered Bitcoin extensively on Seeking Alpha, with 10 articles on BTC-USD and more on the iShares Bitcoin Trust ETF ( IBIT ) as well as other Bitcoin ETFs. As I usually do at the end of most of my Bitcoin-related pieces, I will summarize my thoughts on why I am bullish. However, I invite readers to consult my previous work if they have any specific questions or thoughts on my investment thesis (which I cannot cover in detail every time). I am happy to address them in the comments, too. Bitcoin has all the technical characteristics it needs to succeed as a global reserve asset: durability, divisibility, fungibility, portability, verifiability, and, most importantly in my view, scarcity. In an ever-polarized world, I think there is enough room for more than one major global reserve asset (gold). My belief is compounded by the fact that gold is an element that can be found on Earth at 4 parts per billion, and it is therefore subject to technological disruption. New mining techniques or asteroid mining could theoretically render it obsolete. While today these technologies seem far away, humanity tends to evolve exponentially . I think that increasing institutionalization of Bitcoin, especially by the current US admin, has rendered Bitcoin easily available for most, making its adoption at this point in time purely a matter of strategic choice, beyond any technical hurdles. In the above context, I keep seeing Bitcoin as an asymmetric bet on it maturing as a global reserve asset. Should that happen, my valuation model (summarized in the table below) sees Bitcoin worth between $162,500 and $275,000 per coin, with an upside of up to $1,000,000 per coin in a bullish case. BTC Valuation Model (Author's Work) With Bitcoin trading at ~$88,000 per coin at the time of writing, I'm upgrading to a Strong Buy rating on the asymmetric nature of the investment. Concrete risks exist, which I will cover next. Risks The main risk in investing in Bitcoin today is that it may never mature as a global reserve asset. Just because Bitcoin has all the technical characteristics needed to become one, it doesn’t mean it will actually be adopted by institutions to such an extent. With gold rallying in the current geopolitical context, Bitcoin is still stuck at the level of late 2024. Measured in gold , Bitcoin is actually in a bear market, and its price is below 2021 lows. In other terms, it is clear to me that Bitcoin is not yet being adopted as a global asset. In this sense, any investment in BTC remains a high-risk bet. My own bear case sees Bitcoin remaining “an online casino,” with value only extracted from its volatility by active traders. If that’s the future of Bitcoin, the cryptocurrency will never mature to the size of a global reserve asset and may forever trade at levels around its current price. Other risks include high volatility and the fact that Bitcoin continues to be highly correlated with equities. Anyone willing to take an asymmetric bet on Bitcoin should be aware of these risks.

26 Jan 2026, 12:43

Ripple signs MOU with Riyad Bank's innovation subsidiary for Saudi Arabia use cases

Ripple, the RLUSD stablecoin issuer has signed a memorandum of understanding with Riyad Bank’s innovation subsidiary to explore blockchain applications within the Kingdom’s financial infrastructure. We are committed to demonstrating how Ripple’s enterprise-grade digital asset technology can unlock efficiencies in areas such as cross-border payments, supporting Saudi Arabia’s ambition to build a world-leading and competitive fintech ecosystem. Reece Merrick, the Managing Director, Middle East & Africa, Ripple. Ripple and Jeel are collaborating to develop distributed ledger use cases and test how blockchain systems could be embedded into Saudi Arabia’s financial architecture. Riyad Bank’s Jeel taps Ripple for payments, custody, and tokenization Ripple and Jeel plan to develop several financial technology applications under the agreement, including cross-border payments and digital asset custody. For financial institutions in the Gulf region, blockchain systems are viable for cross-border settlements because they are fast and transparent. More big news from the Middle East! @Ripple is partnering with @Jeelmovement , the innovation arm of @RiyadBank , to advance Saudi Arabia’s financial future through blockchain innovation 🇸🇦 The Kingdom’s visionary leadership has established Saudi Arabia as a forward-thinking… pic.twitter.com/KhQ7giluhE — Reece Merrick (@reece_merrick) January 26, 2026 Tokenization initiatives could also form part of the exploratory work, as converting traditional assets into digital representations gains traction in financial centers worldwide. Saudi policymakers have added financial innovation as a pillar of the Vision 2030 agenda . This includes open banking, digital payments, blockchain, and AI-powered financial services. Jeel, the innovation and technology arm of Riyad Bank, was established to actualize the seven-decade-old digital initiatives and financial technology partnerships. In September, the subsidiary partnered with FinTech Saudi to launch digital innovation programs. That collaboration led to the launch of the Jeel Sandbox, a technical platform for the Saudi fintech community that supports development, testing, and licensing processes. It allows financial technology firms to try out digital asset trading services in line with the monarch’s regulatory boundaries. Supporting Vision 2030 through our technology developments and partnerships with leaders in the area demonstrates how committed Mambu is to furthering the goals of the region. We look forward to working with Jeel to support financial institutions in the initial stages of growth. Mambu regional lead Harjit Kang. Jeel also teamed up with cloud-native core banking technology provider Mambu, which provides the modular banking architecture that underpins the platform’s technology layer. The sandbox is hosted on the Google Cloud platform and enables developers to deploy simulated interfaces for wallet services into banking-as-a-service platforms. Cloud zone centers fuel Saudi’s digital infrastructure push According to a report from local news publication AGBI, Saudi Arabia is also launching a cloud computing special economic zone near Riyadh. The initiative is set to take effect from early April 2026 and will include tax and regulatory incentives for investors. The policy targets cloud providers and data center operators with high setup costs, along with the energy demands of digital infrastructure projects. Companies in the cloud zone will be subject to corporate income tax, but zakat rules will not apply, different from other Saudi economic zones. For the domestic tech community, it’s a strong signal that Saudi Arabia wants to accelerate cloud adoption and scale local digital infrastructure. Practically, it should make it easier for local cloud and digital infrastructure firms to build, partner, and grow around a larger cloud ecosystem. Yusef Alyusef, managing director at Alvarez & Marsal. Regulatory frameworks for the zones will enter legal force from early April 2026, following the publication in the official gazette on January 16. Licensed entities will have an additional 90 days to comply with requirements. Alyusef noted that the guidance on tax relief and qualification conditions is pending, although he predicted a short settling-in period as administrative processes develop. Meanwhile, Fitch Ratings said the Kingdom’s debt capital market could reach $600 billion outstanding by the end of 2026. The outstanding Saudi debt exceeded $520 billion in 2025, a 21% year-over-year increase, while Sukuk instruments accounted for 62% of the total. “Almost all Fitch-rated Saudi sukuk are investment grade, with issuers on Stable Outlooks and no defaults. Following reforms, foreign investors now contribute more than 10 percent of the government’s outstanding direct domestic issuance in primary local markets at the end of 2025,” Fitch Ratings Islamic Finance head Bashar Al-Natoor told reporters earlier today. Join a premium crypto trading community free for 30 days - normally $100/mo.

26 Jan 2026, 12:30

Stablecoin rules stall South Korea’s digital asset legislation

Debates on South Korea’s comprehensive Digital Asset Basic Act have spilled into 2026 with no end in sight as regulators continue to clash over who should control stablecoin issuance and how far major cryptocurrency exchanges should be regulated. Lee Eog-weon, the Financial Services Commission (FSC) chair, had promised that the second-phase virtual asset legislation would be ready by the end of last year. However, divisions between the FSC, the Bank of Korea, industry participants, and political parties have pushed implementation into the new year, with no clear timeline for resolution. What is South Korea’s disagreement about stablecoins? The Bank of Korea also wants the issuance of won-pegged stablecoins to be dominated by banks, with Governor Rhee Chang-yong stating that the structure will help to prevent monetary policy complications and risks. The FSC does not share the same position with the Bank of Korea on this matter, as it calls for a more inclusive authorization system that would allow fintech companies and other approved entities to participate in the stablecoin market. Industry groups want more participation for fintechs, stating that excessive bank control will yield the adverse effect of stifling innovation. They say this will in turn affect South Korea’s ability to compete on the international stage as global digital payment systems advance. The proposed legislation would require stablecoin issuers to maintain reserves that are over 100% of their circulating supply. This reserve will be held exclusively in bank deposits or government bonds and must not be part of the issuer’s balance sheet. The draft also introduces no-fault liability for digital asset operators, making them responsible for user losses even when there’s no proof of negligence. Exchange ownership caps draws opposition A separate proposal that is being contested would see a cap on individual voting shares in major exchanges at 15% to 20%. The FSC argues that concentrated ownership allows founders to exercise excessive control and capture disproportionate profits from transaction fees. The restrictions will mean that those who own significant stakes in the affected companies that exceed 20% may have to divest some of their holdings. Industry critics warn the caps could violate property rights, destabilize management structures, and deter investment at a time when South Korean exchanges are faced with more competition. What are the implications if this bill continues to lag? The legislative impasse has blocked progress on related initiatives. Plans to launch spot Bitcoin exchange-traded funds, announced as part of the government’s 2026 economic growth strategy, cannot proceed without digital assets being recognized as underlying securities under the second-phase law. Korea Exchange has declared itself ready to list and trade crypto ETFs, but regulatory uncertainty continues to delay its fruition. A pilot program allowing approximately 3,500 corporations to transact in virtual assets, originally scheduled for the second half of last year, has similarly stalled. Financial authorities say they will only consider corporate access after implementing the broader legislative framework. These delays come as other jurisdictions advance. The US approved spot Bitcoin ETFs in January 2024 and passed the GENIUS Act, its legislation on stablecoins in 2025. Hong Kong enacted stablecoin legislation in August 2025, while Japan launched its first yen-backed stablecoin in October. The People Power Party plans to introduce a separate second-phase bill through a special committee, suggesting that all National Assembly deliberations will only begin once that legislation is tabled. The smartest crypto minds already read our newsletter. Want in? Join them .

26 Jan 2026, 12:26

Bitcoin trails gold as yen intervention concerns weigh on risk assets

Your day-ahead look for Jan. 26, 2026

26 Jan 2026, 12:15

Bitcoin Price Prediction: Critical Analysis Reveals How a Yen Shock Could Spark Volatility Before Historic Rally

BitcoinWorld Bitcoin Price Prediction: Critical Analysis Reveals How a Yen Shock Could Spark Volatility Before Historic Rally Financial analysts are closely monitoring the Japanese yen, as a potential currency shock could create significant short-term volatility for Bitcoin before catalyzing a substantial upward move, according to a detailed market analysis. This examination of historical correlations between forex interventions and digital asset prices provides a crucial framework for understanding potential 2025 market dynamics. The analysis, referencing specific past events, suggests Bitcoin’s price could experience a notable correction if Japanese authorities act to support their currency, potentially testing a range between $65,000 and $70,000 before embarking on a recovery phase. Market participants globally are weighing this scenario against broader macroeconomic indicators. Bitcoin Price Prediction and the Yen’s Precarious Position The Japanese yen has faced sustained pressure throughout 2024 and into 2025, trading near multi-decade lows against the US dollar. Consequently, speculation is mounting that Japan’s Ministry of Finance and the Bank of Japan may soon intervene directly in foreign exchange markets. Historically, such interventions create ripples across global asset classes. Analysts point to a specific pattern observed during previous yen-supportive actions. Following these events, Bitcoin has demonstrated a tendency to undergo a sharp, albeit temporary, decline. For instance, during the September 2022 intervention, BTC corrected approximately 30% from its local peak before subsequently rallying over 100% in the following months. This pattern repeated in a notable fashion during a prior episode, establishing a correlation that market strategists now scrutinize. Several factors contribute to this observed relationship. First, a stronger yen, achieved through intervention, often leads to a temporary strengthening of the US dollar index (DXY). Bitcoin and other risk assets frequently exhibit an inverse correlation with dollar strength in the short term. Second, intervention signals broader financial market stress and a shift in liquidity conditions, prompting risk reassessment by institutional investors. Third, the unwinding of popular carry trades, where investors borrow in low-yielding yen to invest in higher-yielding assets like cryptocurrencies, can trigger rapid capital flows. This analysis does not predict certainty but outlines a probabilistic scenario based on observable precedents. The current macroeconomic backdrop, characterized by divergent global central bank policies, adds further relevance to this thesis. Historical Precedents and Market Mechanics Understanding the mechanics behind this correlation requires examining the two key historical instances referenced in the analysis. In both cases, the trigger was official yen-buying intervention by Japanese authorities, which caused immediate dollar-yen volatility and broader market uncertainty. Instance One (2022): The intervention occurred amid global monetary tightening. Bitcoin, which had been trading near $22,000, fell to a low near $15,500 within weeks—a decline of roughly 30%. The market then consolidated before beginning a sustained rally that saw prices more than double over the subsequent quarter. Instance Two (Prior Episode): A similar dynamic played out, with a sharp, intervention-associated drop followed by a powerful recovery phase that exceeded 100% gains from the cycle low. The table below summarizes the key metrics from these events: Event Period BTC Pre-Intervention High Post-Intervention Low Decline Subsequent Rally 2022 Instance ~$22,000 ~$15,500 ~30% >100% Prior Instance Varies Varies ~30% >100% These patterns highlight a market behavior where an initial shock from a macro-financial event leads to a liquidity-driven selloff in crypto, followed by a recognition of underlying strength and a resumption of the broader trend. The analysis emphasizes that past performance does not guarantee future results, but it provides a valuable risk-management framework. The proposed $65,000 to $70,000 range for a potential dip is derived from applying a similar percentage decline to Bitcoin’s recent price structure, acknowledging current support levels identified by technical analysts. Expert Perspectives on Correlation and Causality Market economists caution against oversimplifying the relationship. While correlation exists, establishing direct causality is complex. The interventions themselves often coincide with periods of broader global risk aversion, which independently pressure cryptocurrency prices. However, the consistency of the pattern warrants attention. As noted in financial research, Japan’s interventions are among the few predictable, large-scale official actions in forex markets, making their potential impact a necessary consideration for crypto asset allocators. The analysis suggests monitoring dollar-yen volatility and official statements from Japanese financial authorities as leading indicators. Furthermore, the structure of the crypto market has evolved since 2022, with increased institutional participation and ETF flows potentially altering the sensitivity to such forex events. Nevertheless, the core driver—global liquidity shifts—remains a primary factor for digital asset valuations. Broader Macroeconomic Context for 2025 The potential for a yen intervention occurs within a specific global financial environment. Central banks in the United States and Europe have paused or slowed their rate-hiking cycles, while the Bank of Japan has only recently begun a gradual policy normalization. This divergence creates the weakness in the yen. A sudden reversal via intervention would signal a forceful attempt to correct what Japanese officials may deem “disorderly” market moves. For Bitcoin and digital assets, the immediate impact would likely stem from a sharp, reflexive rise in the US dollar’s value. Historically, a strong dollar creates headwinds for global risk assets. However, the analysis posits that such a dip could represent a buying opportunity, as the fundamental drivers for cryptocurrency adoption—institutional investment, technological development, and macroeconomic uncertainty—remain intact. The report underscores that the predicted rally following a dip is not solely dependent on the yen but on these enduring fundamentals reasserting themselves once the initial volatility subsides. Other factors in 2025 include the maturation of Bitcoin ETFs, which provide a new channel for traditional capital, and the ongoing evolution of regulatory frameworks. These elements may provide underlying support that mitigates the depth of any potential drop or accelerates the subsequent recovery. The analysis integrates this real-world context, moving beyond simple pattern recognition to consider the changed landscape. It also highlights the importance of distinguishing between short-term technical price movements and long-term valuation trends, a discipline essential for navigating volatile asset classes. Conclusion In conclusion, the analysis of a potential yen shock presents a nuanced Bitcoin price prediction scenario for 2025. It outlines a historical pattern where yen-supportive forex intervention has preceded a temporary but sharp decline in BTC’s value, followed by a strong rally. While not a guarantee, this pattern offers a strategic framework for investors, suggesting the possibility of a dip toward the $65,000 to $70,000 range before a potential upward reversal. The critical takeaway is the importance of macro-financial cross-currents, particularly forex market actions, for cryptocurrency volatility. Investors and traders are advised to monitor developments in the dollar-yen exchange rate and official communications from Japan, while maintaining a focus on Bitcoin’s long-term fundamental drivers, which could ultimately dictate its price trajectory beyond any short-term disruption caused by a yen shock. FAQs Q1: What is a “yen shock” in this context? A yen shock refers to a sudden, significant movement in the value of the Japanese yen, typically caused by direct intervention in currency markets by Japanese financial authorities to strengthen the yen after a period of pronounced weakness. Q2: How could Japanese forex intervention affect Bitcoin’s price? Intervention often causes a temporary spike in the US dollar’s value. Since Bitcoin frequently moves inversely to the dollar in the short term, this can trigger selling pressure. Additionally, it may signal broader market stress, prompting a flight from risk assets. Q3: Is the historical pattern of a dip followed by a rally guaranteed to repeat? No historical pattern is guaranteed. The analysis identifies a correlation from two past instances. While it provides a plausible scenario based on precedent, future market conditions, liquidity, and structure are different, and many variables can influence the outcome. Q4: What other factors should I watch alongside the yen? Key factors include broader US dollar strength (DXY index), global equity market performance, statements from the Federal Reserve, Bitcoin ETF flow data, and overall market sentiment indicators for risk appetite. Q5: Does this analysis suggest selling Bitcoin now? Not necessarily. The analysis presents a potential volatility scenario for risk management and strategic planning. It highlights a possible short-term dip within a context that also envisions a subsequent recovery. Investment decisions should be based on individual risk tolerance, time horizon, and comprehensive research. This post Bitcoin Price Prediction: Critical Analysis Reveals How a Yen Shock Could Spark Volatility Before Historic Rally first appeared on BitcoinWorld .

26 Jan 2026, 12:00

Global Liquidity Says Bitcoin Is Extremely Undervalued – Here’s The ‘Real’ Figure

Crypto pundit Kyle Chassé has pointed to the rising global liquidity to prove that Bitcoin is currently undervalued. His comments come as fiat currencies like the Dollar and Yen continue to weaken amid concerns about governments’ fiscal policies. Global Liquidity Points To A Bitcoin Target Of $270,000 In an X post, Kyle Chassé shared an accompanying chart highlighting a Bitcoin target of $270,000 based on rising global liquidity. The pundit stated that the herd says that $90,000 BTC is expensive, but that the fiat ledger has reminded everyone why the digital ledger exists. This came as he revealed that the global M2 money supply has hit a record $98 trillion, driven by aggressive expansion from the U.S., the Eurozone, China, and Japan. Related Reading: Bitcoin Price Following The 2022 Fractal? Here Was The Previous Outcome Chassé further noted that year-to-date (YTD) global liquidity growth is now 6.2%, the fastest pace since the 2020 pandemic response. The pundit warned that in a system where the fiat denominator is permanently diluted, fixed-supply assets are not going up in price, but that cash is “loudly becoming worthless.” As such, he believes that BTC is a good hedge against currency debasement and potentially inflation. The pundit’s comments notably come amid a decline in the dollar, with the DXY down since the start of the year. The yen is also down YTD, as these fiat declines are coming amid a push by the governments to increase spending. Increased government spending is considered bullish for Bitcoin, given its fixed supply compared to fiat currencies, which governments continue to print. BitMEX co-founder Arthur Hayes had also recently predicted that a rise in dollar liquidity would spark higher BTC prices. However, that is yet to be the case as Bitcoin continues to trade like a risk asset and has erased its year-to-date (YTD) gains amid political tensions in the U.S. A U.S. government shutdown is also looking more likely by January 31, sparking a BTC drop below $87,000 yesterday. BTC Will Rise Once Liquidity Returns Crypto pundit Merlijn assured that Bitcoin will rise once liquidity comes back. In an X post, he urged market participants to zoom out and that the BTC pattern would become obvious. The pundit revealed that the flagship crypto has already recorded waves 1, 2, and 3 with lower highs, which signal trend fatigue. Related Reading: Here’s Why The Bitcoin, Ethereum, And Solana Prices Are Still Crashing Hard Now, Bitcoin is looking to form waves 4 and 5, which would signal a reset, absorption, and base building. Merlijn suggested that the bottom may not yet be in, but that once that happens, BTC could rally to as high as $124,000, bringing it close to its current all-time high (ATH) of $126,000. At the time of writing, the Bitcoin price is trading at around $87,700, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Pngtree, chart from Tradingview.com