Bitcoin Fractal Predicts a Strong Correction In the Near FutureBitcoin could soon see a strong reversal, predicts an eerie inverse fractal pattern observed by a crypto-asset trader. The trader recently shared the chart below, which shows that Bitcoin’s inverse price action since the February highs looks similar to the macro price action from the 2017 bubble. This fractal comparison suggests that the cryptocurrency will soon drop towards the $6,000-7,000s as bears take over once again. Chart of BTC's price action (inverse) over the past few months (from Feb) on the left and chart of Bitcoin macro price action on the right. Chart/fractal made by Coiner-Yadox (@Yodaskk on Twitter). Chart from TradingView.com It’s worth noting that the analyst that shared this fractal is one that has shared historically accurate charts. For one, at the end of August, he predicted that the leading cryptocurrency would drop to $9,700 in the weeks after his analysis. This was when Bitcoin was trading around $12,000, meaning he was one of few suggesting such a drop would take place. The reason why he expected a retracement was that price action was trending bearish and there was a confluence of technical supports in the range he specified. His prediction proved to be mostly accurate as Bitcoin proceeded to drop from the $12,000 region it was at to $9,800 over the span of a week. Should history rhyme, Bitcoin may be poised to undergo a strong retracement in the weeks ahead. On-Chain Trends Supporting BullsOn-chain trends are supporting bulls, though. Willy Woo, a prominent on-chain analyst, recently commented on the trends of the underlying Bitcoin network:
Corroborating this further, the hash rate of the Bitcoin network has continued to march higher despite short-term weakness. The hash rate of the Bitcoin network has regularly been testing and setting new all-time highs over recent weeks as more mining machines come online. This suggests that BTC miners are committed to the long-term growth of the network and see value in turning on more machines. Featured image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Scary Inverse Fractal Predicts a Bitcoin Correction Is Imminent Originally from Bitcoinist.com https://ift.tt/3cKUzQu Bitcoin was firm in the early Thursday trading session as new signs of progress emerged in negotiations over the second coronavirus stimulus. The Donald Trump administration agreed to increase the size of the aid to $1.5 trillion – a trillion-dollar higher than their previous proposal. Steven Mnuchin, the US Treasury Secretary, confirmed in an interview with CNBC that a bipartisan group, known as the “problem solvers caucus,” backed the Republicans’ proposal. On the other hand, Democratic House speaker Nanci Pelosi responded by delaying the vote on their own $2.2 trillion stimulus bill. She agreed to dwell further into the Republicans’ proposition, showing one of the first positive steps in months towards finalizing the relief package.
The Trump government’s offer still stands short of the Democrats’ proposal, which includes new direct payments to American households, further unemployment benefits, and aid to small and medium scale businesses battered by the coronavirus pandemic. Risk Appetite BackStill, the gap between what Republicans are offering and what the Democrats are expecting have narrowed down vastly. That has increased investors’ risk appetite as US stock and gold futures hint to open in a positive area this Thursday. Bitcoin, too, is maintaining itself above crucial support levels. 
BTC/USD is trading upwards towards $11,000 in a choppy session Thursday. Source: TradingView.com The benchmark cryptocurrency rose by almost 1.5 percent to $10,857 in an overnight rally. Its gains closely followed Mr. Mnuchin’s optimistic statements on the stimulus and sustained after Ms. Pelosi’s response. Bitcoin also rose as sentiment for the US dollar grew weaker. Edward Moya, a senior market analyst at OANDA in New York, used the gold recovery on Wednesday as context to explain the said shift from cash markets, saying:
Both gold and Bitcoin have risen sharply this year as governments and central banks worldwide rolled out unprecedented stimulus packages to revive coronavirus-hit economies. Investors considered the two as their hedge against the potential, long-term currency debasement.
That further explains why a second stimulus package by the US government could lift Bitcoin further up. Bitcoin Technical SetupA push led by optimistic fundamentals expects to take the Bitcoin price to $11,000 by the end of this week. Josh Rager, the founder of BlackRoots.com, highlighted the cryptocurrency for its recent ability to hold above $10,800, noting that the level could allow BTC/USD to retest higher levels this October. Excerpts:
$11,000 serves as a psychological resistance before the next Bitcoin bull run begins. Originally from Bitcoinist.com https://ift.tt/3ijIzGS Polkastarter is one of the new hot projects in the cryptocurrency space today. At its core, it allows for interoperable token pools on the Polkadot network. Its native POLS token is surging in value, partially thanks to the help of MXC. A Brief Polkastarter OverviewExpanding the Polkadot ecosystem requires innovative and accessible projects. Polkastarter is one solution, with a strong focus on interoperable token pools. Allowing for cross-chain swaps to occur naturally, combined with KYC integration, cheap transactions, and permissionless listing make this offering very appealing for a wide variety of reasons. The native token of Polkastarter, called POLS, is currently making its way to various exchanges. Trading the token is possible on Uniswap and Poloniex already, with MXC adding the token later today. Speaking of MXC, the platform has integrated an interesting way to let users “generate” POLS before the trading goes live. MXC Yield Mining for POLSBringing extra use cases to the table for an exchange’s native token is an ongoing balancing act. So far, the MXC team has succeeded in doing so through yield mining efforts. Two days ago, MX token holders were invited to begin mining POLS by staking MX tokens. A total of 200,000 POLS tokes – a combined value of $160,000 – are up for grabs.
Looking at the project annual yield, MX token holders can earn up to 950% through this method. There is a locking period of three days in place. Yields will begin accumulating the day after the MX token deposit was made, with distribution occurring the day after. Once the staking maturity has been met, tokens will unlock automatically. POLS Token SkyrocketsThere is often a lot of excitement regarding new DeFi tokens. Polkastarter’s asset has seen its value shoot up from $0.237 to $0.914 in quick succession. The market remains bullish, especially since the news by MXC broke. A lot of people want to earn POLS in one way or another, as it may be the next big thing. It is also worth noting POLS has ample trading liquidity already. Over $20 million worth of tokens has changed hands in the past 24 hours. Considering how this token is yet to be listed on MXC and other platforms, there is ample room for growth.
The POLS token supply is hard capped at 1 million tokens. That is extremely low, creating a degree of scarcity from day one. With yield mining active on MXC, and trading heating up on Uniswap, purchasing the token below $1 will seemingly become a challenge. The post POLS Price Surges Thanks to MXC Yield Mining, Token Listing Tonight appeared first on NullTX. via NullTX https://ift.tt/3ilcf6z 2020 has been a rollercoaster year for Bitcoin. The lockdowns caused by the coronavirus pandemic earlier in the year pushed the crypto lower by almost 60 percent. Its crash shortly followed an equally aggressive rebound that took its price up by 220 percent. It is safe to say that Bitcoin is sitting in a profitable position so far into the year. The cryptocurrency’s year-to-date performance at 50 percent above zero stands taller than the one logged by traditional markets, including the US benchmark S&P 500 index. But entering the fourth and final quarter of 2020, the Bitcoin market struggles with the prospect of paring a good portion of its yearly gains, if not all. Here are three reasons why the cryptocurrency risks trending lower in the session ahead. #1 US Election UncertaintyBitcoin moved almost in tandem with the US equities at the end of the third quarter. So it appears, the cryptocurrency traders were waiting for further clarity on the outcome of the US presidential election in November. But even when polls showed that the Democratic contender Joe Biden might win the presidency, Donald Trump spoiled the outlook. The incumbent US president said that he wouldn’t leave the oval office quietly over his suspicions of voter fraud. Investors took his statement to heart. They dumped stocks the entire September 2020 to seek safety in cash. Bitcoin, meanwhile, also dived by 9 percent in the month despite closing the third quarter in extremely positive territory. 
Bitcoin-SPX correlation against the US election uncertainty. Source: TradingView.com The month of October expects Bitcoin and Wall Street indexes to stay choppy, if not bearish. The cryptocurrency could therefore revisit previous support levels near $10,400, $10,200, and $10,000 as investors move into the safety of cash. Meanwhile, traders with a long-term outlook could cap the downside momentum by buying BTC at local lows. #2 DelinquenciesAnother factor that would test the Bitcoin and Wall Street bulls is the rise in bad loans in the US. The lack of agreement over the second coronavirus stimulus package is a cause of concern for the unemployed and small and medium-sized businesses. With economists expecting no stimulus until the presidential election, the market is liable to see a rise in mortgages, loans, credit, and rental crimes in the fourth quarter. That could leave finance stocks–the backbone of the US economy–lower. And sooner, its losses could ripple through the Bitcoin market, as traders start offloading their profitable positions to cover their losses on Wall Street. It is–again–because of the correlation between Bitcoin and the S&P 500. #3 CoronavirusThe US markets will keep trading under the risks of the second wave of coronavirus infections. In the absence of a stimulus, followed by threats of another round of business lockdowns, investors may be forced to back into risk-off assets, including the US dollar and government bonds. Earlier through February until March, a similar sentiment had caused the Bitcoin market to crash lower. Therefore, not unless there is fresh aid available for the US economy, the cryptocurrency may get trapped in the coronavirus-led sell-off sentiment. The bottom line is that stimulus and liquidity can save Bitcoin from getting anywhere below $10,000. Traders should watch the development on Capitol Hill for further cues. Until then, the risk of major downside moves remain. Originally from Bitcoinist.com https://ift.tt/3ikj602
Ethereum Could Soon Move to $400, Analyst Says as Market Bid Comes InOver the past few days, multiple analysts have noted that Ethereum is likely to fall in the very near term. They point to the asset’s rejection in the resistance range of $365-375 just a few days ago, which suggests a return to local lows. Yet another trader agreed with this sentiment just recently, however, he caveated that with the expectation of a rally afterward. He shared the chart below on September 30th, noting that after Ethereum corrects, it is likely to revert higher to $400. He added that there are some whales (large holders) supporting the cryptocurrency as per the heat maps of leading exchanges:
Chart of ETH's price action since the end of July with analysis by crypto trader Chase NL (@Chase_NL on Twitter). Chart from TradingView.com ETH2 Launch ApproachingSupporting the Ethereum bull case is the upcoming launch of ETH 2.0 (a.k.a. Serenity or ETH2). The upgrade is expected to imbue the cryptocurrency with a staking premium, along with giving it the capacity to scale over time to combat scaling concerns currently seen with Ethereum 1.0. ETH2 is nearing as developers roll out a “rehearsal” testnet Spadina. Unfortunately, there were some issues with the testnet:
These bugs may be addressed in the next rehearsal testnet, set to launch in a week or two. Photo by Liana Mikah on Unsplash Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum is Primed to Shoot Towards $400 as On-Chain Support Is Strong Originally from Bitcoinist.com https://ift.tt/36l8kUJ
Bitcoin has been consolidation between $10,200 and $11,200 for the past couple of weeks, but this trading range has narrowed as of late. The cryptocurrency is now caught between $10,600 and $10,800, with bulls and bears reaching an impasse as its volatility and trading volume both show signs of dwindling. Where the entire market trends next will likely depend largely on BTC, as altcoins have lost virtually all of their momentum throughout the course of this consolidation phase. That being said, one trader is now pointing to an influx of new investors into the market, noting this is a bullish sign. Bitcoin’s Volatility Dwindles as Consolidation PersistsAt the time of writing, Bitcoin is trading down 1% at its current price of 1%. This is around where it has been trading throughout the past few days and marks a narrowing of a much wider range formed over the past two weeks. This range exists between $10,200 and $11,200. Until one of these levels is broken above or below, the cryptocurrency still remains relatively trendless. The entire crypto market’s outlook also hinges on BTC’s reaction to these levels, as virtually all altcoins have been seeing tempered price action as they observe the benchmark cryptocurrency. On-Chain Analyst: Bullish Divergence Seen While Looking at New BTC Investors’ ActivityWilly Woo – a respected on-chain analyst – explained in a recent tweet that he is witnessing a bullish divergence between Bitcoin’s dwindling price and the uptick in activity amongst new crypto market participants. He reckons that this is a bullish trend, indicating that upside is imminent for BTC.
Image Courtesy of Willy Woo. Chart via Glassnode. Once this trend does get reflected in Bitcoin’s price, it could help guide it above the upper boundaries of the current ranges it is caught within. Featured image from Unsplash. Pricing data from TradingView. Originally from Bitcoinist.com https://ift.tt/2Gh3e1l Hold Or Hoard: Data Shows Staggering Amount Of Bitcoin Supply Hasnt Moved In Several Years9/30/2020 Bitcoin is the entire reason that the term “HODL” was coined, no pun intended. The phrase “hold on for dear life” may have been taken too much too heart, with more than half of the total BTC supply locked away dormant in a wallet for a year or more. Are these committed long-term holders, hoarders, or is something else going on? We’re looking at all the possible scenarios related to the ever-increasing sleeping supply of BTC and what each could indicate. Supply Shock: Over Half Of BTC In Circulation Has Been Dormant A Year Or More
Percentage of BTC Supply Dormant 1-Year, 2-Years, and 3-Years | Source: glassnode Bitcoin is a trader’s asset, experiencing wild and explosive volatility, rising and falling 80% or more in a year or less. But it is also a long-term investor’s dream, or at least it always has been. Anyone holding Bitcoin for just about any point of its life, aside from a short-lived stint in 2019, and a month or two in 2017, would have substantial ROI to show for it. It is the best-performing financial asset of all time, and even though it can be a rollercoaster ride along the way, the returns have proven worth the stress. To ease investors first experiencing Bitcoin’s explosive volatility, a phrase was coined “hold on for dear life,” or “HODL.” RELATED READING | THIS UNUSUAL BITCOIN ADOPTION METRIC SETS NEW ATH Rather than try to sell high and buy low, then watching Bitcoin bounce and leave new traders in the dust, old-timers advocated simply holding strong. And crypto investors are listening. Or perhaps they’re simply preparing for some of the future projections the asset is predicted to reach, potentially as high as $400,000 per BTC or more. Whatever the motivation, more than 63% of the BTC supply has been dormant for over a year. 44% of the total supply has been held in wallets since September 2018 or earlier, meaning they held through the worst of the bear market and didn’t sell at the bottom, nor did they sell on Black Thursday or any time in between. The third figure, at three years dormant, reaches a surprising 31%. This data suggests that more than a quarter of the BTC supply has been sitting since September 2017, missing the peak, the entire bear market, and more.
BTCUSD Weekly Price Chart Depicting Corresponding BTC Supply Movement | Source: TradingView What’s The Reason Behind Hoarding Bitcoin The Entire Bear Market?Not selling Bitcoin at $20,000 or at any time over the last three years suggests that the holders of these coins are extremely committed to the cryptocurrency long-term, or the coins are lost, locked away, or forgotten on the blockchain for good. In the early days of cryptocurrencies, mining for BTC was the only way to obtain it. Many of these early miners may not have known what they had unlocked in potential, and lost their private keys, passed away, or more. Even Satoshi himself (or herself) as said to own 1 million BTC of the total 21 million and has since vanished without a trace and is presumed deceased. RELATED READING | OWNING BITCOIN “IS A MUST” SAYS PRICE OF TOMORROW AUTHOR, JEFF BOOTH Some could have been purchased and lost during the Silk Road days when users were buying BTC for drugs and paid no attention to how to keep the cryptocurrency long term. Whatever the reasons may be, almost two full thirds of the supply haven’t moved in a year or more, while another nearly a third hasn’t moved in three years. What’s also interesting, is the fact that Bitcoin also just set an all-time high on its 180-day moving average for address activity, which shows the other side of the coin. That data, suggests that the remaining 39% of BTC that is circulating freely, is doing so at the highest rate it has ever. Featured image from Deposit Photos, Charts from TradingView and glassnode Originally from Bitcoinist.com https://ift.tt/2SePaI8
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Every week, IntoTheBlock brings you on-chain analysis of top news stories in the crypto space. Leveraging blockchain’s public nature, IntoTheBlock’s machine learning algorithms extract key data that provide a deeper dive into the major developments in the industry. Bitcoin Sustains Above $10K as Markets DeclineBitcoin’s price has been relatively stable following a market-wide correction in early September. Despite dropping approximately 8% in September, Bitcoin has managed to achieve a record: it has closed above the $10,000 mark for its longest streak of 64 days and counting. With prices trending sideways for the past couple of days, traders are unsettled on whether this is the beginning of a larger correction or if prices are ready to climb back. By analyzing on-chain activity, we are able to obtain a clearer picture of Bitcoin’s current state and what may come next. Daily active addresses, for instance, provide a valuable metric for Bitcoin’s usage. While the number of addresses does not necessarily equate to the number of Bitcoin users, this indicator still provides a valuable approximation to Bitcoin’s daily activity. As we can see in the graph below, Bitcoin daily active addresses hit a two-year high a few days ago: 
This is a clear indication that demand to use Bitcoin has been growing steadily, as reflected in the number of active addresses. Moreover, Bitcoin saw a similar pattern in early July when daily active addresses also reached a high while prices were trending sideways. This increase in demand preceded a 20% break-out. Another key Bitcoin indicator has been reaching new highs: its hash rate. In this case, the hash rate has hit several all-time highs in 2020. The hash rate — which measures the aggregate computing power contributed by Bitcoin miners — is a key indicator of Bitcoin’s security. 
The growing hash rate is even more remarkable when considering the Bitcoin halving reduced the amount of Bitcoin rewarded to miners by 50%. Despite the reduced profitability, miners continue to contribute more resources to mining Bitcoin, potentially signalling their bullish stance on the decentralized cryptocurrency. While these indicators offer an optimistic outlook on Bitcoin, it still has several levels of large resistance before crypto traders go back to talking about lambos and moons. By analyzing all the prices at which Bitcoin was purchased on-chain, IntoTheBlock is able to assess holders’ profitability and identify key areas of support and resistance. This data is displayed in the In/Out of the Money series of indicators. 
The In/Out of the Money Around Price shows price levels where Bitcoin addresses have previously bought, categorizing addresses as in the money (profiting) or out of the money (losing money). The size of these clusters represents the volume of Bitcoin held in current positions that was purchased in this price range. Here, we can see that over 1.1 million BTC was purchased by 1.48 million addresses between $10,400 and $10,700. This is expected to (and has been) an area of strong support as there will be buying pressure from holders to sustain this key range. On the other hand, there are two areas of strong resistance for Bitcoin based on on-chain data. The first one is the current resistance it is facing around the $11,000 mark, where 626K BTC has been bought by 1.17 million addresses. This creates resistance from many of these addresses looking to close their positions to break-even. After that, there is another similar resistance level between $11,400 and $11,700 as shown in the graph above. The good news is that past these resistance levels, there is likely to be less selling pressure past $12,000. Overall, Bitcoin has seen remarkable growth throughout 2020. Despite the recent price retracement, key indicators such as its daily active addresses and hash rate continue to signal bullish momentum. While these do not necessarily predict price will break-out right away, they do highlight the sustained optimism in Bitcoin’s outlook. In order to continue its positive price action, though, Bitcoin must first overcome the strong resistance levels below the $12,000 mark. The Chainlink AftermathSeveral decentralized finance (DeFi) and oracles tokens have crashed by over 50% from their yearly highs in August. Chainlink, which had been one of the best performers this year, has been no exception, with LINK’s price dropping as much as 60% from its high around $20. While the crash coincided with a broader market retracement in crypto and equities, Chainlink and DeFi tokens had been flashing signals of traders being overly exuberant. For one, the number of short-term addresses had spiked dramatically following LINK’s price action in the summer. 
Traders, which IntoTheBlock categorizes as addresses that have been holding tokens for under 30 days, increased by over 7x compared to the number seen in January. This pattern points to high speculative activity, and can also be seen in many other oracles and DeFi tokens. By analyzing transaction activity, we can see that large players appeared to be selling LINK near the highs. Large Transactions Volume, which aggregates the volume in transfers of over $100,000 on-chain, reached an all-time high a few days prior to LINK’s peak. 
Large transactions also jumped over $300 million following the confirmation of a lower high in early September, pointing to the likely closing of whales’ positions. These values have since settled even as LINK continues in a downward trajectory. While LINK does have actual usage from its many partnerships, it is fair to say that speculative traders got ahead of themselves. As seen in the graph above, it appears that large players benefitted from the parabolic price action by selling towards the highs. Overall, this does not negate Chainlink’s success as a bridge between off-chain and on-chain data, but it does point to the aftermath of a potential bubble. Ultimately, while the use-case for oracles remains bright long-term, its short-term price action remains risky and traders should proceed cautiously. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s own and do not necessarily reflect those of CoinMarketCap. The post Bitcoin’s Records & Chainlink’s Aftermath: A Data Perspective by IntoTheBlock appeared first on CoinMarketCap Blog. Bitcoin is once again approaching $11K, after swiftly recovering from a drop alongside stocks and gold early last week. The leading cryptocurrency fell to $10K before bouncing amidst bullish headlines, including news that British overseas territory Bermuda had approved a Bitcoin ETF. Although not on U.S. soil, the event has created a stir among traders, who have long anticipated that a Bitcoin ETF listing could trigger a meteoric rise like the one that followed the first Gold ETF in 2003.
Ahead of Bitcoin, little brother Ethereum recovered even faster from the fall. The second-largest cryptocurrency has pushed up almost 3% over the last seven days as it races to catch up with the week’s biggest winners -- Cardano and Tezos. This Week’s Highlights
Cardano Climbs Above $0.10A surprise ask-me-anything session with Cardano founder Charles Hoskinson catalyzed a 20% surge for the platform’s native token, ADA, last week. In the session, Hoskinson shared details of the upcoming network upgrade, Goguen. This represents a big step forward as it will allow developers to build decentralized applications (dApps) on Cardano. Bullish Cardano sentiment has been bolstered further by news that IOHK, the company behind the platform, is working with the United Nations to incentivize the development of blockchain projects aimed at boosting sustainability. Tezos Rides Tokenized Art TrendThe self-governing smart contract platform Tezos has risen almost 7% over the last week. As one of the leading tokenization platforms, the rally could be related to rising interest in non-fungible tokens (NFTs). These on-chain crypto-collectibles and unique art pieces have garnered increased attention in recent weeks amidst the DeFi boom. Aside from hosting digital artwork, Tezos could also be helping small Chinese businesses to build and deploy blockchain apps. China’s government-backed blockchain infrastructure initiative, the Blockchain Service Network, announced this week that it has now fully integrated Tezos. The Week AheadAlthough September has been a relatively quiet month, some suggest this is a bullish sign, with data from Messari showing that Bitcoin has never before managed to stay above five figures for so long. This buoyancy is particularly impressive given the recent KuCoin hack, which could continue to impact crypto markets in the coming week as hackers seek to offload more than $150M in stolen funds. As we move into October, the impending U.S. election is likely to dictate price action across global markets, along with fears of a second wave of coronavirus cases. This could come to a head-on Friday when the latest jobs report will give fresh insight into the state of the economy. Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
Originally from Bitcoinist.com https://ift.tt/2Sdt2xC Welcome to another Top Things To Know special where we will explore what is DOS Network and can DOS Network be the next big thing in the decentralized oracle networks space. Welcome to another Top Things To Know special where we will have a quick look at the history of Lehman Brothers and also why did Lehman Brothers collapse in 2008. Welcome to another Top Things To Know special where we will explore what happened this day in history and why Napoleon Entered Moscow in 1812 on September 14. Welcome to another Top Things To Know special where we will show you how to use Pinterest to drive high volume visits on auto pilot in 2020. Welcome to another Top Things To Know special where we will explore how to make a meme for free using different free meme generator sites.
Bitcoin Could See a Bullish Trend Reversal Very Shortly: Key On-Chain AnalysisBitcoin may be primed to see a pivotal bullish bounce as a key on-chain indicator reaches a historical reversal point. As shared by Glassnode CTO and co-founder Rafael Schultze-Kraft, BTC’s short-term holder MVRV ratio is reaching the historical reversal point of 1.0. The ratio tracks if short-term Bitcoin investors currently think the coin is over or undervalued. Per Schultze-Kraft, the fact that the ratio is nearing a value of 1.0 suggests Bitcoin may soon bounce:
As can be seen in the chart below, multiple times during Bitcoin’s 2017 rally did the indicator bounce cleanly off the 1.0-1.1 reading, leading to a rally to $20,000 from around $500. The cryptocurrency was also rejected multiple times when the STH-MVRV Ratio hit one from the underside. This historical accuracy suggests that Bitcoin may have room to move higher as the indicator nears a pivotal historical reversal level. Chart of BTC's price action since 2010 with a STH-MVRV Ratio analysis by crypto analytics firm Glassnode. Chart shared on Twitter by Rafael Schultze-Kraft, CTO of Glassnode. Other Fundamentals Favoring Bulls, Analysts SaysRaoul Pal, CEO of Real Vision and a former Goldman Sachs head of hedge fund sales, recently said:
Pal previously said that the cryptocurrency may be the best-performing asset of the next few years due to macro trends. He even went as far as to say that other assets may be inferior to Bitcoin.
Photo by Reinhart Julian on Unsplash Price tags: xbtusd, btcusd, btcusdt Chart from TradingView.com Crucial On-Chain Trend Suggests Bitcoin Could See a Trend Reversal Originally from Bitcoinist.com https://ift.tt/3ihCo5W
Ethereum Could Soon Drop Under $300, Analysts FearEthereum is primed to drop lower as the cryptocurrency faces strong resistances above its current price, analysts say. One trader shared the chart below on September 29th, noting that ETH is likely to move lower as opposed to higher from here. His sentiment seems to suggest that the resistance Ethereum is currently facing above its price is far more notable than the supports below. So much so that the trader said that the coin could reach $275-300 in the near future.
Chart of ETH's price action over the past few months with analysis by crypto analyst Ledger Status (@Ledgerstatus on Twitter). Chart from TradingView.com He’s not the only one that thinks that Ethereum will move lower. Michael Van De Poppe, a crypto analyst and trader at the Amsterdam Stock Exchange, recently said that the asset’s inability to pass the crucial hurdle of $366-375 will be disastrous for bulls. As reported by Bitcoinist previously, he said:
Chart of ETH's price action over the past few months with analysis by crypto analyst Michael Van De Poppe. Chart from TradingView.com Fundamentals of ETH StrengthenDespite this price action, the fundamentals of the Ethereum network are strong. Commenting on the fundamentals of the entire crypto space with an Ethereum undertone, Spencer Noon, head of DTC Capital, said:
Noon has explained that the cryptocurrency market has better fundamentals than ever before. Ethereum has much to gain from these fundamentals, especially as there is high yield-offering opportunities based on the network. Featured Image from Shutterstock Price tags: ethereum, ethusd, ethbtc Charts from TradingView.com A Drop Under $300 Is the Path of "Least Resistance" for Ethereum Originally from Bitcoinist.com https://ift.tt/3igRfOn Bitcoin and global stocks fell hours after the first presidential debate between Donald Trump and Joe Biden concluded on a chaotic note. The benchmark cryptocurrency erased a significant portion of its Tuesday gains to turn 1.19 percent lower. At the same time, futures tied to America’s S&P 500 index plunged 0.85 percent, hinting to open in negative territory at the New York opening bell Wednesday. Asia-Pacific markets, including Australia’s ASX 200, Japan’s Nikkei, and China’s Shanghai Composite, also dropped. In Europe, futures linked to London’s FTSE were down 0.5 percent. 
Bitcoin erases intraday gains after a chaotic presidential debate round. Source: TradingView.com VIXThe sell-off across the risk-on markets happened as investors reiterated their concerns over an uncertain US presidential election. Their negative sentiment took cues from Trump’s assertions of widespread voter fraud and his vows to actively challenge the outcome. 
VIX futures are rising as investors fear an uncertain US election outcome. Source: FT Fears of a disputed election pushed VIX futures–a barometer to gauge market uncertainty using volatility–higher. Economists, strategists, and analysts predicted a further uptick in VIX ahead of the US election that may lead to a short-term stock market sell-off.
Impact on BitcoinWhile the Bitcoin market does not concern itself with geopolitical setups, the cryptocurrency’s erratic correlation with global market sentiments since their synchronous crash in March 2020 suggests an influence. 
The realized monthly correlation between BTC and SPX has been rising since March 2020. Source: Skew So it appears, traders/investors with exposure in both Bitcoin and the stock markets tend to sell the cryptocurrency to offset their losses across equities. Overleveraged traders also use their Bitcoin profits to fill their margin positions. That further creates an additional downside pressure on the cryptocurrency. One of the other reasons why traders sell Bitcoin concerns liquidity. In March 2020, the cryptocurrency crashed alongside the global stocks because investors sought to hedge in cash. As a result, the US dollar index surged 8.80 percent during the rout. The Federal Reserve’s expansionary policy and the US Congress’s $2 trillion COVID-19 stimulus package prompted investors to move back to stock, gold, and Bitcoin markets. The US dollar fell during aid distribution. And now, with the package running out, and the second stimulus bill delayed, the US dollar is rising again. Bitcoin, on the other hand, is trading almost 13 percent lower from its year-to-date high near $12,500. The cryptocurrency now trends in unchartered territory. It expects volatile sessions ahead as long as it maintains a correlation with the S&P 500. Originally from Bitcoinist.com https://ift.tt/3l3DAMn ?URGENT UPDATE ?$2 Trillion Washed By Banks ?Stock Market & Crypto Crashed ?UNI Token Update ?9/30/2020 Welcome to another Top Things To Know special where we will explore why the traditional stocks market and the cryptocurrency market crashed heavily today, and what trigger this event to happen. 💗Become a Patron - https://www.patreon.com/topthingstoknow Welcome to another Top Things To Know special where we will explore which are the top 5 most dangerous extreme sports in 2020. 💗Become a Patron - https://www.patreon.com/topthingstoknow
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CoinMarketCap Earn, a way for CoinMarketCap users to learn about how a certain crypto asset while earning crypto rewards, has chosen Terra (LUNA) for their next educational campaign. CoinMarketCap users interested in learning more about Terra, and earning rewards in LUNA, can watch a short series of videos about Terra, take a quiz, and earn up to $10 in LUNA if they get all the answers correct. In total, there is $180,000 USD worth of LUNA as rewards for successful quiz takers — this means that if there are 180,000 winners, each person gets $1 in LUNA, if there are 80,000 winners, each person gets $2, and so on. Reminder: Just because $10 is the maximum amount of earnings, it does not mean that successful quiz takers get $10 — Earn rewards are calculated by the total number of successful participants divided by the $180,000 USD worth of LUNA. This CoinMarketCap Earn campaign will take place for ten days, from Sept. 30 to Oct. 10. After the campaign is over, you can still watch educational videos about Terra, but you will no longer be eligible for rewards! For quiz winners, LUNA will be distributed from Oct. 12 to Oct. 19. The exchange rate will be unilaterally defined by CoinMarketCap post-campaign. What’s New?In order to improve the token distribution process, we have decided to move the settlement process off-chain by partnering with Binance. We are in conversation with other exchanges as well for future campaigns. For this campaign, only Binance exchange addresses will be able to receive LUNA rewards. On-chain settlement for such a large rewards pool has inherent blockchain security risks, and for ERC20 tokens, high gas fees on the Ethereum network make distributions economically unfeasible as well. For this reason, internal distribution by Binance allows the rewards to be settled off-chain at reasonable cost and without any major delays. This Earn campaign will also last for ten days, while earlier campaigns lasted for eight! I’m Ready to Learn and Earn!Creating an account on CoinMarketCap is the necessary first step for participation in all CoinMarketCap Earn campaigns: you can sign up here. Once you are signed in, check out CoinMarketCap Earn’s live campaigns page and select Terra to watch a series of educational videos. When the videos are done, review your notes! You can only take the quiz at the end once — so pay attention if you want a reward. If you successfully answer all of the questions about Terra, you will be rewarded with up to $10 in LUNA at the end of the campaign period (remember: $180,000 USD divided by the number of successful quiz takers is the amount you receive!). What Is Terra?Terra is a network powered by a family of stablecoins — each pegged to the world’s major fiat currencies — that are all stabilized by Terra’s native token, LUNA. LUNA acts as both collateral for the entire Terra economy and as a staking token to secure Terra’s delegated proof-of-stake network. The protocol’s mission is to build an open financial structure that anybody can use, anywhere in the world. What Is Earn?CoinMarketCap Earn enables crypto enthusiasts to learn more about a particular cryptocurrency. Each user watches a series of educational videos about an asset, completes a quiz and is rewarded for their correct answers with crypto. With CoinMarketCap Earn, CMC can increase the breadth of knowledge about the crypto industry as part of its goal of showcasing the cryptocurrency revolution each step of the way. A CoinMarketCap account is required for users to participate in the educational CoinMarketCAp Earn campaigns. Please remember that not all jurisdictions are supported at this time, so confirm that your jurisdiction is supported by checking out our FAQ section. To check out “CoinMarketCap Earn” please visit: https://coinmarketcap.com/earn/ The post CMC Launches CoinMarketCap Earn Campaign With Terra Money appeared first on CoinMarketCap Blog. Bitcoin may undergo a significant price correction before the US presidential election due to its proximity to gold, hints Clem Chambers. The CEO of ADVFN – Europe’s leading stocks and shares website, told Kitco News that most assets that have shown a positive correlation during the 2020 bull run tend to fall in tandem. He spoke about gold and how a “flash crash” in its markets could leave other assets in a similar bearish spell.
The Tale of Two Safe-Haven AssetsBitcoin laggingly tailed gold, especially since the March 2020 global market rout wherein both the assets crashed in tandem. At one point this year, the short-term correlation between the cryptocurrency and the precious metal reached an all-time high of 75 percent. The proximity grew mainly because of a growing demand for safe-haven and riskier assets amid a bearish US dollar outlook. The Federal Reserve’s unprecedented monetary policy, which includes an open-ended bond-buying program and near-zero interest rates, lifted the appeal of cash and cash-based instruments, such as US government bonds. Anticipating short-term low yields, investors decided to offload their dollar positions for gold, Bitcoin, US stocks, and other assets. 
Bitcoin is down 13% from its year-to-date high near $12,500. Source: TradingView.com Nevertheless, the Fed warned last week that it could not continue its expansionary program without further monetary help from the US Congress. Its chair Jerome Powell requested the House to release the second coronavirus stimulus package. It is the aid that remains in a deadlock as the Democrats and the Republicans debate over its size. Economists believe that the Congress will not be able to pass the stimulus bill before the November’s presidential election. With expectations of lesser dollar liquidity in the market, the demand for the greenback has increased among investors. On the other hand, gold, stocks, and Bitcoin have started correcting lower from their local highs. That is where Mr. Chambers sees a “malfunction.” Conflicting Bitcoin OpinionsBut not all think on the line of Mr. Chambers, at least when it comes to the US dollar and its market bias. Stephen Roach, the former chairman of Morgan Stanley Asia, said in an op-ed that the greenback could crash by at least 35 percent by the end of 2021, citing upticks across foreign currencies and looming macroeconomic issues in the US concerning lower savings and–again–the Fed’s expansionary policies.
The bearish dollar analogy points to more demand for Bitcoin and gold in the coming sessions. Some expect the cryptocurrency would hit $20,000 should the greenback keep falling. Originally from Bitcoinist.com https://ift.tt/33eHKed Guest: Javert ,Core dev and Jonathan, Product lead of Dego.financeHost: MollyIntroduction:Molly: Before we start into the project, can you both give a background on yourselves, and other members of your team and how did you enter into crypto? Javert: Sure, we the core team members have decided to take the Vow of Silence regarding our identities. After all, we all have a life and prefer to stay anonymous. But we are a solid team of 20+ people, most are full time and crypto veterans, scattered around the globe. Molly: Could you please give a quick introduction to Dego Finance? Javert: We aspire to build dego.finance as a DeFi Fusion Reactor whose transparency and fairness is governed by Law of Codes, for the unprivileged and unbanked underdogs And we just launched our new NFT mining pool at 21:00, do check it out:    Molly: Can you tell us a bit about DEGO token? Jonathan: DEGO is the utility token that runs through all modules in DEGO ecosystem. You can use it to earn yield, to forge NFTs for mining and etc. Questions from community:Molly: Q1.People are saying that#NFT will bring the future mass adoption. What are your views about it? Where do you see the future evolution of NFT features and capabilities in the next few years? What’s #Dego’s vision? Javert: I’d add few points to the DEGO token, total supply is 21M like BTC to honor Satoshi, and we have the best inflation model I believe out of DeFi and NFT space. Jonathan: NFT in my eyes is a Decentralized Asset composed of art and the ownership. Previous NFTs is often found applied in arts, neglecting intrinsic value of the NFT itself, I think that NFT should be like a membership card, like gaming gears, which are easier for ordinary people to accept. If people developed a habit of using NFT, that NFT could trigger mass adoption. Javert: This is how we pay tributes to Satoshi:  Molly: Q2.Dego NFT kryptonite sold for 30eth..so is NFT a revolution against DeFi? Javert: I really envy those of you who received the Kryptonite picks, which our core members don’t. It’s insane, but I think it makes more sense than the Art NFTs. We will start the NFT auction soon and I don’t know how much Satoshi NFT will be sold for. But you should know that the NFT can be worth much more than its face value because it is so rare and has utility. The utility we give our NFTs is mining.So nice combination of Gaming gear and DeFi Jonathan:  Javert:Again, we do not encourage speculation on DEGO NFTs as these NFTs are meant for one thing only, MINING. Molly: Q3.Due to the rise in Ethereum’s Transaction Fees, has the team thought about switching to another blockchain?(Which cross-chain solutions #Dego Finance will use? Why DEGO choose to build on Ethereum?) Jonathan:From the very beginning, we had the intention to develop our own public chain, and it was always the Blockchain before the Dapps, but we wanted to have the Dapps before the public chain, otherwise we are just amusing ourselves. Javert: Yeah ETH is so out of date now.Can you believe that a few popular dapp could jam it?Engineers like us are just reluctant to move to other chains, as people tend to stay in the comfort zone.  We are only launched for 2 weeks and become dapp consumed 3rd most amount of GAS? This is very unhealthy, and we do believe there will be soon much much better infrastructures for us to move to. Molly: Q4.It’s heard that the next phase of adoption of blockchain technology will come from Gaming, DeFi and NFT. What is your views on this and what will be your prime focus for mass adoption #DegoFinance. Jonathan: GAME+DEFI, I don’t think most people have figured out how to incorporate gaming elements into DeFi. What are games? In simple terms, if one NFT lost its value for speculation, playability should remain. Minesweeper is embedded in DEGO and we have not announced the REWARD hidden in it, while people spends time on it, this is playability. So we are blending more NFT playability in DeFi, like Synthetic NFTs, Team battles, no just simple mining. If you want yield, you must do more thinking. The intensified Game Theory in an DEGO is creating sth bigger than mining. Javert:Yes I agree with Jon.  Javert:I believe our hard labour has paid off.DEGO NFTs has topped the charts for the last few days. Molly: Q5.What is the current planning for dego project and What are your competitors or substitutes, in which way Dego is better? Jonathan:I don’t think I need to answer that, what do you think? Javert: haha Jon, that’s too bold of a statement.even from you.But I encourage all of you to have a go at it. Always good to try new things. Free-asking SessionQ1.dego interface is kinda Unique, like old Computer screen, How can Dego team comes up with this briliant idea?@Agz18 Javert: We have a taste for vintage things, aged tech has certain ring to it. I’m glad you enjoyed too. Q2.Hey Can you please brief about FEATURES & BENEFITS to our community?@Anunar Javert: DEGO Ambassador Program will be launched soon to help build the global communities, stay tuned! Follow us: Telegram: https://t.me/MXCEnglish MXC trading: https://t.me/MXCtrade Twitter: https://twitter.com/MXC_Exchange https://twitter.com/MXC_Fans Reddit: https://ift.tt/2CJr1l7 Facebook: https://ift.tt/2CJr1S9 Discord: https://discord.gg/zu5drS8 The post MXC Exchange Catches NFT Trending Again after DeFi appeared first on NullTX. via NullTX https://ift.tt/3icZSJz Welcome to another Top Things To Know special where we will explore what are the possibilities for the UniSwap UNI token after its global launch on all top global exchanges. Welcome to another Top Things To Know special where we will explore what is UNI coin and how to claim UNI on Uniswap Protocol. Welcome to another Top Things To Know special where we will explore which are the Top 5 Affiliate Marketing Marketplaces in 2020. |
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