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Ethereum is struggling to clear the $230 resistance level against the US Dollar. ETH price is showing positive signs and it seems like a close above the 100 SMA (H4) could trigger a fresh rally.
Ethereum Price Testing 100 SMA (H4)After a strong rejection near $250, Ethereum started a major decline below the $238 support against the US Dollar. ETH price traded below the $230 support level and settled well below the 100 simple moving average (4-hours). The decline was such that the price even spiked below $220. A low was formed near $216 before the price started an upside correction. There was a break above the $220 level, plus the 23.6% Fib retracement level of the downward move from the $250 swing high to $215 low. The upward move was capped by the $232 resistance. It represents the 50% Fib retracement level of the downward move from the $250 swing high to $215 low. The price is currently trading above the $225 support, but it is struggling to gain momentum above the 100 simple moving average (4-hours).
Ethereum price testing $230. Source: TradingView.com Recently, there was a break above an important bearish trend line with resistance near $225 on the 4-hours chart of ETH/USD. This is a positive sign, but the bulls still need to push the price above the 100 SMA and $230. If there is a successful close above $230 and $232, the price could start a strong increase in the coming sessions. The next target for the bulls could be $250. Fresh Decline in ETH?If Ethereum fails to continue higher above the $230 and $232 resistance levels, there are chances of a fresh decline. An initial support is near the $222 level. A daily close below the $222 support zone could start a steady decrease. The next support is near $215, below which the bears might aim a test of $200. Technical Indicators 4 hours MACD – The MACD for ETH/USD is losing momentum in the bullish zone. 4 hours RSI – The RSI for ETH/USD is currently correcting lower towards the 50 level. Major Support Level – $222 Major Resistance Level – $232 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money. Via https://www.newsbtc.com/2020/07/05/ethereum-100-sma-could-spark-rally/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-100-sma-could-spark-rally Bitcoin is still holding the $9,000 support zone against the US Dollar. BTC is now approaching a crucial juncture and it could either rally above $9,200 or start a sharp decline below $9,000.
Bitcoin Approaching Crucial JunctureThis past week, bitcoin made another attempt to gain traction above $9,300 resistance against the US Dollar, but it failed. BTC trimmed gains, and declined below the $9,200 support level and the 100 simple moving average (4-hours). It even spiked below the $9,000 support level and traded as low as $8,933. Recently, there was a fresh increase above the $9,000 level and it seems like the price is forming a decent support base above the $9,000 level. There was a break above the 50% Fib retracement level of the downward move from the $9,300 swing high to $8,933 low. Bitcoin price is now facing a major resistance near the $9,150 and $9,200 levels. There is also a significant bearish trend line forming with resistance near $9,140 on the 4-hours chart of the BTC/USD pair.
Bitcoin price holds $9,000: Source: TradingView.com The trend line is close to the 61.8% Fib retracement level of the downward move from the $9,300 swing high to $8,933 low. Above the trend line, the 100 simple moving average (4-hours) is near the $9,220 resistance. The main resistance is still near the $9,300 level. Therefore, BTC must surpass the $9,200 and $9,300 resistance levels to start a strong increase in the near term. If the bulls succeed, the price might easily rise towards the $9,500 and $9,600 levels. Downside Break in BTC?If bitcoin struggles to clear the $9,200 and $9,300 resistance levels, there is a risk of a sharp decline. The first major support is near the $9,000 level and connecting bullish trend line on the same chart. A successful bearish break below the $9,000 support could spark a sustained downward move below the $8,800 level in the coming sessions. The next major support is seen near the $8,500 level. Technical indicators 4 hours MACD – The MACD for BTC/USD is gaining pace in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level. Major Support Level – $9,000 Major Resistance Level – $9,200 Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money. Via https://www.newsbtc.com/2020/07/05/bitcoin-could-dive-below-9000/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-could-dive-below-9000  Originally from Bitcoinist.com https://ift.tt/38sOdD5 Bitcoin and the stock market have formed a close correlation in recent weeks, but this is now showing some signs of breaking as BTC trades sideways while most equities begin picking up some momentum. The stock market has been seeing an intense recovery, and its momentum appears to be picking up once again as many states and cities that were previously on lockdown begin opening up. One indicator of the market’s newfound momentum can be seen while looking towards the number of publicly traded companies that are seeing their stock prices hit fresh all-time highs. On Friday, 59 common stocks on the NYSE were able to set fresh highs. This is still a far cry from the numbers seen before March, but it does show that the traditional markets are making a comeback. However, despite the recent correlation between Bitcoin and the traditional markets, it remains unlikely that this will be enough to propel the cryptocurrency to fresh highs. Stock Market Recovery Ramps Up Amidst Promising Payroll DataThe past couple of months have been rather lackluster for both Bitcoin and the traditional markets. Investors have been mostly sitting on their hands as they await more data regarding just how far-reaching the pandemic’s damages were to the US and global economy. The stock market appears to be once against starting to catch some further momentum, however, as employment data signals that the economy is seeing a “v-shaped” recovery despite the pandemic still raging throughout the world. As NewsBTC reported yesterday, the latest set of Non-Farm Employment data elucidated that 4.8 million jobs were created last month. This was well above what economists had anticipated and shows that companies are going on hiring sprees as things start going back to normal. Even Bitcoin posted a slight, albeit fleeting, reaction to this news. This accelerated the stock market’s momentum, and on Friday alone, 59 common stocks were able to set fresh all-time highs – with this being the highest number seen since the downturn in late-February. One market analyst spoke about this in a recent tweet, saying:
Image Courtesy of Helene Meisler. Why Bitcoin May Not Benefit from Stock Market RecoveryBetween February and June, Bitcoin and the equities market remained closely correlated to one another. This correlation, however, is beginning to show some signs of breaking as the stock market recovers while Bitcoin continues trading sideways around $9,100, a trend that can be clearly seen on the below chart from Skew.
Image Courtesy of Skew. If this trend persists, Bitcoin may not be able to catch the upwards tailwind created by a stock market rally. Featured image from Shutterstock. Via https://www.newsbtc.com/2020/07/05/stocks-reaching-all-time-highs-is-growing-why-bitcoin-wont-follow/?utm_source=rss&utm_medium=rss&utm_campaign=stocks-reaching-all-time-highs-is-growing-why-bitcoin-wont-follow  Originally from Bitcoinist.com https://ift.tt/2BGyCUx Bitcoin’s price action has quickly become unbearable for many traders. As NewsBTC has reported extensively over recent days, the crypto market has come to an absolute standstill. In the past week, the cryptocurrency has traded in a right 5.5% range, with bulls and bears not even attempting to break out of the consolidation. Stepping back, the lack of volatility is further accentuated; For nearly nine weeks now, Bitcoin has traded in the range between $8,500 and $10,000. Recent volatility analyses, however, have suggested an imminent breakout for BTC. A Massive Bitcoin Move Is ComingAs reported by NewsBTC, the recent consolidation has resulted in Bitcoin’s historical volatility index reaching lows not seen since March/April of 2019. For those that don’t remember, here’s a reminder of what happened then: after consolidating around $3,000-4,000 for four months, Bitcoin rocketed $1,000 in a single day. This move — likened to “fireworks” by investors — kickstarted a BTC bull run that sent the asset to $14,000. That’s to say, Bitcoin moved 25% in a single day last time the crypto market was this non-volatile. Bitcoin Historical Volatility Index, one-day chart, BitMEX chart from "XC" (@Runtheirstops on Twitter). Chart from TradingView.com The implied volatility of the Bitcoin market has also plunged. The measure has reached its lowest value since the day before the 25% surge, economist Alex Krüger recently pointed out. As Investopedia describes, the implied volatility of an asset is “the market’s forecast of a likely movement in a security’s price.” IV is most often derived through options trading. The important takeaway with this data is, periods of extremely low volatility often precede Bitcoin breakouts of macro importance. How Can One Trade ItWith Bitcoin coiling for a breakout, traders may be wondering how they can benefit from the impending volatility. While there is a multitude of ways traders can do so, but here are two easily accessible to most cryptocurrency holders:
Disclaimer: Readers of this article should use/trade financial products, assets, or platforms mentioned in this article at their own risk. This author and NewsBTC are not liable for any losses incurred while using the financial products or assets mentioned in this article. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Here Are 3 Ways to Benefit From Impending Bitcoin Volatility Via https://www.newsbtc.com/2020/07/04/here-are-3-ways-to-benefit-from-impending-bitcoin-volatility/?utm_source=rss&utm_medium=rss&utm_campaign=here-are-3-ways-to-benefit-from-impending-bitcoin-volatility Bitcoin has seen some of the most boring price action it has witnessed in over a year. After ranging between $9,000 and $10,000 for over two months, the cryptocurrency has now narrowed its trading range to between $9,000 and $9,300, with BTC primarily just hovering around $9,100. The benchmark digital asset is showing few signs of breaking this trend anytime soon, but one analyst does believe that this could mark the “calm before the storm.” He claims that this bout of sideways trading is likely to resolve in a massive movement, and notes that he is leaning towards believing that the next move will favor sellers. Over the past several days, the crypto has remained caught beneath a crucial cloud formation. This indicates that further downside could be imminent in the days and weeks ahead. Another trader believes that a continued bout of trading beneath its cloud resistance could lead BTC to as low as $7,800. Bitcoin Extends Rangebound Trading Bout as Technical Outlook WeakensAt the time of writing, Bitcoin is trading down marginally at its current price of $9,060. This marks only a slight decline from where the cryptocurrency has been trading at over the past few days, as buyers have been ardently guarding against a dip below $9,000. Although it has yet to post a sustained decline beneath this level, the cryptocurrency’s reactions to its support in the upper-$8,000 region are growing weaker with each visit. This is likely the result of the dwindling trading volume and could be a grim sign for BTC’s near-term outlook. Periods of intense sideways trading coupled with declining trading volume don’t tend to last for too long, and they are usually followed by explosive movements. This next movement may favor sellers, as the cryptocurrency has been trading beneath its 4-hour cloud resistance for an extended period of time. One analyst spoke about this in a recent tweet, while offering a chart showing that the $7,800 resistance was never re-tested as support – signaling a movement to this level may be imminent.
Image Courtesy of Teddy. Chart via TradingView. BTC Could Be Witnessing The “Calm Before the Storm”Another well-respected trader recently mused the possibility that this ongoing bout of sideways trading could be the “calm before the storm” that ultimately results in Bitcoin making a massive movement. He notes that the low volume and tight trading range are conducive to this possibility.
It is unlikely that this next Bitcoin movement will occur during the weekend, but it could come about as soon as this week. Featured image from Shutterstock. Chart from TradingView. Via https://www.newsbtc.com/2020/07/04/bitcoin-trader-calm-before-the-storm/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-trader-calm-before-the-storm  Originally from Bitcoinist.com https://ift.tt/3izTAFw  Originally from Bitcoinist.com https://ift.tt/2BtflpL There’s been much debate over recent weeks over the work of Bitcoin analyst “PlanB” and his Stock to Flow (S2F) model. Some have argued that his work is valid while others aren’t so sure. On July 3rd, the analyst put the community to a vote, asking whether or not they believe in the model. The results were almost split down the middle. Related Reading: Bitcoin Community Celebrates as Crucial Lightning Network Project LaunchesAlmost Half of Respondents Don’t Believe in S2F Bitcoin Price ModelOn July 3rd, the pseudonymous quantitative analyst posted a poll to his Twitter page, followed by over 115,000 individuals. The question: Do you think Bitcoin will reach $288,000 before Dec. 2021, $100,000 before December 2021, $55,000 before December 2021, or will BTC stay below $55,000? The prices mentioned were derived from the iterations of the S2F model. The iterations of the model will become invalidated if BTC does not reach the prices mentioned by December 2021. Over 42.5% of respondents to PlanB’s impromptu poll said they don’t think Bitcoin will pass $55,000 before that time. Though the rest of the respondents, 57.5%, said that a move past $55,000 is possible within the next 18 months.
The mixed readings the community has on the model comes as some have become more critical of PlanB’s work. Nico Cordeiro, the CIO of crypto fund Strix Levithan, released a report last week attempting to debunk the model. The report is entitled “A Chameleon Model – Why Bitcoin’s Stock-to-flow Model is Fatally Flawed.” It suggests that because the model predicts a Bitcoin price in excess of $200 million per coin, it is logical. Cordeiro also noted that he doesn’t see any evidence suggesting the S2F ratio of gold has affected its price over history. Economist Alex Krüger has echoed the skepticism, writing earlier this year:
Related Reading: Crypto Tidbits: Bitcoin Stalls at $9k, Cardano Shelley, Elon Musk & EthereumPlanB Has Prominent SupportersAlthough there are some skeptics, PlanB still has support from some corners of the Bitcoin space. Bitcoin educator/programmer Jimmy Song wrote the following message on July 2nd. The premise of it is that it’s well too soon to deem the model valid or invalid:
The Keiser Report co-host Max Keiser has echoed the sentiment. The prominent investor said that he thinks the arguments attempting to “debunk” the S2F model are simply “random word-salads by attention seekers.”
“S2F is a valid and vital analysis of the Bitcoin price,” Keiser added, presumably referencing the lack of proper valuation models. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Nearly Half of Crypto Twitter Doesn't Think Bitcoin Will Hit $50k in 2021 Via https://www.newsbtc.com/2020/07/04/crypto-twitter-bitcoin-hit-50k-2021/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-twitter-bitcoin-hit-50k-2021  Originally from Bitcoinist.com https://ift.tt/3ipAwtk It’s been a tough past few weeks for the Bitcoin market. Some are skeptical that the cryptocurrency is in a bull trend after BTC has sustained multiple rejections at $10,000. Yet a trader that nailed a bold prediction remains optimistic, sharing a number of signals indicating imminent upside. Bitcoin Could Soon See a Bounce, Says Crypto TraderIn March, Bitcoin plunged from the $9,000s to $3,700 in the matter of a week. Considering the severity of the drop, coupled with a collapse in the traditional economy, few expected a rebound. One analyst, however, was optimistic. Literally hours after BTC tapped $3,700, a trader shared the image below. It shows that the trader believed the bottom was in. He later shared another chart depicting his expectations that there will be a “V-shaped reversal” taking Bitcoin back to $10,000 by May.
Chart by @BTC_JackSparrow (Twitter handle), from TradingView.com This came true almost to a T, with BTC flirting with $10,000 in May and June. Despite the recent stagnation, the same analyst remains bullish. On June 22nd, the analyst speculated that Bitcoin is actually in a textbook Wyckoff Re-Accumulation rather than a Wyckoff Distribution. Re-accumulation patterns are seen in the middle of an uptrend while distribution patterns are formed at the top of bull trends. Bitcoin will trade above $11,000 within the next two weeks, according to the analyst’s interpretation of the chart. Chart by @BTC_JackSparrow (Twitter handle), from TradingView.com More recently, he asserted that there’s a good likelihood Bitcoin will undergo an “inverse $6,000 capitulation” if BTC holds $10,000. Such a move could take the cryptocurrency to the $14,000-16,000 range, his charts suggest. The “$6,000 capitulation” mentioned by the analyst was in late 2018, when BTC plunged from $6,000 to $3,000 after ranging for months. Bloomberg’s Mike McGlone AgreesBloomberg Intelligence’s senior commodity strategist Mike McGlone agrees with the assessment put forth above. The analyst wrote in Bloomberg’s July Crypto Outlook that the increase in the usage of Bitcoin implies a move to higher prices:
McGlone specifically identified $12,734, which is the highest end-of-day high of 2019. This comes after he said in June that “something needs to go really wrong for BTC not to appreciate.” Related Reading: Bitcoin Community Celebrates as Crucial Lightning Network Project LaunchesCore to this assertion is a number of trends, which include Bitcoin’s block reward halving, decreasing market volatility suggestive of institutional adoption, and a correlation with gold. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst Who Predicted Bitcoin's V-Shaped Reversal at $3,700 Is Bullish Via https://www.newsbtc.com/2020/07/03/predicted-bitcoin-reversal-3700-bullish/?utm_source=rss&utm_medium=rss&utm_campaign=predicted-bitcoin-reversal-3700-bullish Ethereum has been consolidating over the past few days within the $220 region. Although on the surface its price structure seems similar to that of Bitcoin and its peers, it is important to note that it is currently stuck beneath its long-held trading range between $230 and $250. Its sustained bout of trading below this range is a grim sign, but analysts are noting that the crypto has remained above a couple of crucial technical levels. The ability to remain above these levels has led one analyst to set his sights on a movement to $480 in the months ahead. He isn’t alone in this target either, as another respected trader offered a similar outlook, noting that whether or not this comes to fruition will depend on whether it can remain above $210. Ethereum Consolidates Beneath Long-Held Trading RangeAt the time of writing, Ethereum is trading up marginally at its current price of $227. The crypto has been trading here for the past several days, unable to garner any clear momentum. Earlier this week, buyers did attempt to break this consolidation phase when they sent ETH to highs of just over $230, but the selling pressure here proved to be significant. The reason why $230 is a crucial level is due to it being the lower boundary of a trading range that has been formed over the past two months. Although Bitcoin has been able to remain firmly within its trading range between $9,000 and $10,000 in recent weeks, Ethereum’s buyers have seen waning support as of late. In spite of this, one popular pseudonymous trader does believe that Ethereum remains technically strong as long as it trades above $210. He notes that a continued defense of this level could help spark an uptrend that ultimately leads it to $350 this year and $500 next year.
Image Courtesy of Cactus. Chart via TradingView. ETH Holds Above 2 Crucial Technical Levels; Opening the Gates for Massive UpsideAnother analyst offered a similar price target for Ethereum, noting it could soon rally towards $480. He justified this by explaining that ETH is currently consolidating above its 100-day and 200-day moving averages – which is a historically bullish occurrence.
Image Courtesy of Crypto Michael. Chart via TradingView. Unless the aggregated market nosedives in the near-term, it is probable that Ethereum will continue trading above these crucial levels. Featured image from Shutterstock. Charts from TradingView. Via https://www.newsbtc.com/2020/07/03/ethereums-to-see-explosive-move-to-480/?utm_source=rss&utm_medium=rss&utm_campaign=ethereums-to-see-explosive-move-to-480 GPay Limited, which traded as XtraderFX (formerly CryptoPoint) has been shut down by UK authorities following investigations into its practices. The firm has been on the radar of the Financial Conduct Authority for over two years. But a High Court hearing, before Deputy Insolvency & Companies Court Judge Baister, finally forced it to close last week.
Investigators discovered that at least 108 victims had lost £1.5 million in total, as a result of using the online crypto trading platform. The URL address www.xtraderfx.com now leads to a secure connection failed screen.
XtraderFX homepage. (Source: 55brokers.com) Users became suspicious when asked to submit copies of their photo ID, a utility bill, and a debit/credit card, following a withdrawal request. While this is a standard industry practice, especially from reputable crypto exchanges with close ties to regulators, users usually deal with KYC and AML requirements on sign up. David Hill, Chief Investigator for the Insolvency Service, said the crypto exchange operated by GPay was entirely a scam. With that, Hill stressed the importance of conducting suitable checks on any trading platform, especially when large sums of money are involved.
Scam Crypto Exchange Used Facebook to Bait VictimsThe XtraderFX crypto trading platform had used social media adverts to lure rookie traders who were looking to get rich quick. The adverts used by XtraderFX featured images and the name of Martin Lewis of moneysavingexpert.com – a consumer champion in the world of UK finance.
Source: moneysavingexpert.com His TV show, The Martin Lewis Money Show, on ITV, occupies a prime time slot that offers money tips and consumer advice. Lewis raised the issue with Facebook when he first became aware of the fraud back in 2018. But a lack of action on their part forced Lewis to launch court proceedings against the social media giant on the grounds of defamation. Lewis claimed that over 1,000 scam adverts, featuring his image or name, had appeared on the social media platform, even after he had informed them of the problem. The matter was settled by an agreement to withdraw legal action if Facebook donated £3 million to Citizens Advice as part of their initiative to deliver a new UK Scams Action project. Facebook also agreed to launch a new UK specific scam reporting tool manned by a dedicated team. With regard to XtraderFX’s forced insolvency, Lewis had mixed feelings about the ordeal. Nonetheless, he explained why he choose to sue Facebook, rather than XtraderFX directly.
What’s more, similar to Hill’s advice, Lewis stated that scam adverts often appear on legit websites and even in broadsheet newspapers. With that, individuals need to be more skeptical. Featured Image from Shutterstock Via https://www.newsbtc.com/2020/07/03/uk-regulators-shut-down-crypto-exchange-following-1-5m-scam/?utm_source=rss&utm_medium=rss&utm_campaign=uk-regulators-shut-down-crypto-exchange-following-1-5m-scam  Originally from Bitcoinist.com https://ift.tt/2D8NADl The Bitcoin Stock to Flow (S2F) model created by the pseudonymous analyst “PlanB” has been a controversial subject over the past year. A majority of cryptocurrency investors on Twitter seemingly believe in the model, though it’s increasingly come under fire. Debate about PlanB’s work has come to a head over the past few days as prominent commentators have chimed in. What Is the Stock to Flow Model?The S2F model is an econometric formula released by PlanB in March of 2019. The pseudonymous analyst is a Dutch institutional investor that manages a multi-billion balance sheet, though he moonlights as a Bitcoin proponent. PlanB’s analysis suggests that the value of Bitcoin and other precious goods, namely gold and silver, can be valued by their scarcity. The image below is the model’s first iteration.
BTC S2F model (first iteration) by analyst "PlanB" (@100trillionusd on Twitter). The model predicts that after 2020’s block reward halving, BTC will rise to a market capitalization of $1 trillion. That corresponds with approximately $55,000 per coin.
It has since been updated with a new regression formula that suggests Bitcoin will reach $100,000 in 2020 or 2021. PlanB’s updated iteration of the model has a high R squared value of ~95% and is purportedly “cointegrated” with BTC’s price. Statistics lingo aside, the S2F model’s proponents say that this is a confirmation that the model has credence. Not everyone thinks that’s the case, unfortunately for BTC bulls. Some Bitcoin Proponents Call Out CriticismThe S2F model has recently been supported by a number of Bitcoiners. Bitcoin educator/programmer Jimmy Song wrote the following message on July 2nd, arguing that it is well too soon to “dunk” on the model:
The Keiser Report co-host Max Keiser, one of BTC’s earliest public bulls, agreed with the sentiment put forth by Song. He said that the arguments “‘debunking'” the S2F model “appear to be just random word-salads by attention seekers.” Keiser added that he thinks the model is a “valid and vital analysis” that gives “excellent insight” into Bitcoin.
Keiser’s and Song’s statements of support for the econometric model come as it has come under fire from a few angles. Namely, Nico Cordeiro, the CIO of Strix Levithan, released a report entitled “A Chameleon Model – Why Bitcoin’s Stock-to-flow Model is Fatally Flawed.” The investor said that gold hasn’t been correlated with its S2F ratio over the past decade. Cordeiro added that he thinks the model is illogical due to it predicting $200 million by 2045. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Sparks Fly as Critics Question BTC Model Predicting $100,000 by 2021 Via https://www.newsbtc.com/2020/07/03/sparks-fly-critics-bitcoin-model-100k/?utm_source=rss&utm_medium=rss&utm_campaign=sparks-fly-critics-bitcoin-model-100k Despite it having a strong fundamental premise, Bitcoin’s Lightning Network has yet to see the adoption that its proponents hoped would happen. According to Lightning data provider 1ML, there is only $9 million worth of BTC locked in the network. There are also only 13,000 Lightning nodes, which, while many more than last year, is not yet signaling mainstream adoption. Yet a product was launched yesterday that changes the Lightning Network’s trajectory for the better. Bitcoin Lightning Network Gets Boost With New “Strike” AppIf you’ve been following the Lightning Network’s development for a while now, you’ve likely heard the names “Jack Mallers” and “Strike” mentioned a few times. Mallers is a prominent developer and entrepreneur in the Bitcoin space. And Strike is his latest project — a BTC wallet focused on allowing regular people to use the cryptocurrency and the Lightning Network. On July 2nd, Strike finally went into public beta, launching for iOS, Android, and Chrome.
In Mallers’ words, Strike is a service allowing “anyone in the world to interact with the Bitcoin and Lightning Network protocols using only a bank account and/or debit card.” It removes the abstract elements of using the Lightning Network, like nodes, seeds, and channels, and replaces it with an app. Mallers hopes that this product will help “usher in an era of Bitcoin that we believe can achieve our goal of true mainstream adoption.” Community Celebrates The MoveMany in the Bitcoin space have been quick to celebrate the new product, which is the first public-facing application that gives consumers a chance to use Lightning. Kraken’s Dan Held, a former executive at Blockchain and former employee at Uber, wrote:
Blockstream CSO Samson Mow echoed the optimism, writing in response to a tweet from Mallers: “the teams that focus on user experience will win over the next billion Bitcoin users.” Notably, Strike isn’t the only product looking to make the Lightning Network a more mainstream technology. Square’s crypto division earlier this year released the Lightning Development Kit (LDK). It is like a traditional software development kit (SDK) but one suited for the Lightning Network. The LDK will allow for:
Featured Image from Shutterstock Bitcoin Community Celebrates as Crucial Lightning Network Project Launches Via https://www.newsbtc.com/2020/07/03/bitcoin-community-lightning-network/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-community-lightning-network  Originally from Bitcoinist.com https://ift.tt/3iwKWrk The global crypto spot exchange and derivatives trading platform, OKEx has taken its partnership with one of the trusted crypto derivatives market data platform Skew to the next level. According to a recent announcement by OKEx, it will be adding ten new advanced charts featuring in-depth metrics to its dashboard on the skew platform. Leaders in their respective spaces, OKEx and skew joined hands a couple of months ago. As a part of the collaboration, OKEx became the first trading platform to create its own dashboard using the newly launched skewAnalytics Hosting Service. It allowed over 750 leading market participants to access dedicated real-time trading information with a complete breakdown of BTC and ETH Futures and Swaps and BTC Options from the OKEx platform. The latest phase will witness the inclusion of additional charts into the skew dashboard which includes BTC Futures Aggregated Open Interest, BTC Perpetual Swap Price vs Spot, BTC Options Volumes & Open Interest, BTC Options OI by Strike and BTC Options OI by Expiry. The implementation of advanced charts and more in-depth metrics add to the platform’s transparency as OKEx makes its products accessible to a wider audience of both retail and novice traders. Institutional and professional traders also stand to benefit from the added transparency as they can make use of the data to device more efficient trading strategies. OKEx has also created a complimentary guide to highlight and explain some of the new charts available on skew. The Director of Financial Markets at OKEx, Lennix Lai offered his comments on the new development said, “We hope to provide even greater transparency for users through this second phase with skew. That also means helping traders understand how to interpret sometimes complex charts and how to use the information to execute better trades. The guide will show users how to read and interpret some of the new OKEx charts on skew since they can be daunting at first and are typically left for advanced users.” With OKEx constantly working on bettering its offering for the trading community, more feature additions to its exclusive skew dashboard can be expected in the coming days.
Via https://www.newsbtc.com/2020/07/03/okex-adds-10-new-charts-to-its-skewanalytics-dashboard-increases-transparency/?utm_source=rss&utm_medium=rss&utm_campaign=okex-adds-10-new-charts-to-its-skewanalytics-dashboard-increases-transparency XRP price has struggled throughout the last two years of the bear market. It has ranked amongst the worst performing altcoins, despite trailing right behind Bitcoin and Ethereum in market cap. Investors may have finally given up on the asset and are capitulating. It’s not uncommon to see former supporters now referring to the asset as a “shitcoin.” But what is unusual, is the fact that the cryptocurrency price chart almost exactly matches that of sheep manure. Cryptocurrency Price Chart Matches Sheep ManureThe commodities market is filled with agricultural and other production-based products and byproducts. It’s also literally filled with feces. Just like soybean and corn trade in the commodities market, sheep manure used to fertilize crops on farms can be a steaming hot commodity. Traders piled on the selling during the Black Thursday panic collapse, flushing away any prior gains. The stock market and crypto also saw similar drops and V-shaped recoveries over the last several weeks. Related Reading | XRP Tanks Compared To Crypto Counterparts Bitcoin And Ethereum, But Why? Recent data shows that the cryptocurrency called Ripple, has underperformed Bitcoin and Ethereum significantly over the last 30 days It’s difficult to say exactly what’s behind the poor performance, but it certainly stinks for XRP holders. All puns aside, the cryptocurrency’s recent price action strangely mimics the price chart of sheep manure. Legendary commodities trader Peter Brandt first shared the sheep manure chart on Twitter, however, it closely resembles XRPUSD price action.
Ripple XRPUSD Sheep Mature Fractal | Source: TradingView Sheepish Investors Capitulate Right Into XRP Whale WalletsXRP and other crypto assets usually somewhat follow Bitcoin price action. But Ripple is showing extreme weakness even despite continued underperformance. The asset was ranked among the worst-performing assets for the last two years in a row. It and XLM had especially negative bear market drawdowns following their peaks. But even XLM has since recovered more so than XRP, leaving investors fed up. Ripple remains down by as much as 94% on the USD pair, and over 90% on the BTC pair. Related Reading | Ripple Effect: Whales Buy Up A Sea of Small Fish Selling XRPUSD and XRPBTC continue to crash, and the selling could be the last wave of small-time holders capitulating. While this happens, data shows whales are absorbing all of this selling. Blockchain data indicates that the largest wallets are growing as prices further tank. This data could suggest that large scale accumulation is taking place ahead of a longer-term recovery. For now, the asset’s price action continues to both literally and figuratively look like crap. Via https://www.newsbtc.com/2020/07/03/xrp-sheep-manure-stock-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-sheep-manure-stock-crypto
The global crisis is causing an explosive increase in demand for stablecoins. Some even say that it's stablecoins that will drive the mass adoption of crypto, not hypervolatile coins like Bitcoin. It's time to ask the question: which stablecoins will benefit more from the recession – regular ones, such as USDT, or decentralized ones, like DAI and others?
Via https://hackernoon.com/a-post-pandemic-environment-will-be-ripe-for-the-adoption-of-decentralized-stablecoins-w32z3yf1?source=rss
Bitcoin is far less popular now than it was in its heyday, when the world’s leading cryptocurrency was regularly dominating international headlines and leading newcomers into the burgeoning crypto-marketplace. After it caught on like wildfire amongst non-traditional investors, the Bitcoin hype also generated a slew of headlines and controversies surrounding the immense amount of energy that’s needed to mine - or generate - new tokens. These days, that controversy has largely died down, but many people still wonder if Bitcoin mining still presents a serious new global warming problem.
Via https://hackernoon.com/bitcoin-mining-still-requires-too-much-energy-ia3q3ya4?source=rss Decentralized finance has become the talk of the cryptocurrency market in 2020. The most recent buzz phrase surrounded in hype is “yield-farming,” and at the center of it, a DeFi token called Compound (COMP). But what exactly is Compound and yield-farming, and if it’s such a hot topic, then why is one options trader so bearish on the token? What is Yield-Farming? Learn About The Latest Craze in Decentralized FinanceIt was the DeFi craze of late 2019 that helped the cryptocurrency market find a bottom. From the start of 2020 to around mid-Feb, Bitcoin rallied, bringing the rest of the market with it. Ethereum outperformed the leading cryptocurrency by market cap, namely due to the growing amount of ETH locked up in decentralized finance applications. Investors feverishly buying up the Ethereum supply to lock it away in applications caused the asset to grow over 100% before Black Thursday erased all gains. While prices have not returned to previous highs, the frenzy around DeFi certainly has. Related Reading | Fund Manager: DeFi Will Propel Ethereum To $1 Trillion Market Cap But Ethereum isn’t taking the center stage anymore. Tokens living on its protocol aimed at different forms of DeFi have stolen the limelight. In particular, Compound (COMP) has become the hottest cryptocurrency token around. When it comes to DeFi, Compound in less than month captured a lion’s share of the market share, even beating out Maker and other top DeFi altcoins. Compound can be used for something called yield-farming. It’s a new trend taking crypto by storm. Yield-farming leveraging a DeFi product or service to farm interest rewards by lending out other crypto tokens. In one example, someone was able to earn 45% APY by leveraging their Basic Attention Tokens using Compound. Not only did Compound spike, but so did many of the assets that can be used to leverage for yield farming also saw rallies recently.
Why Is This Options Trader Shorting Compound, The Hottest Crypto Token Going?So why then, if there’s so much buzz surrounding not only DeFi, but Compound and yield-farming, is one options trader so bearish? For one, what goes up, must come down. And Compound has enjoyed explosive gains since first being listed on Coinbase last month. Listings of this kind don’t normally have much impact these days, but occasionally it leads to a pump. The initial buzz wearing off could lead to a short-term pullback for indicators to reset. But this options trader is preparing to “short” Compound due to confusing “governance” fundamentals.
Compound COMPUSD 4H | Source: TradingView His reasoning is that the token’s underlying protocol is an AUM business, which stands for assets under management. Because the asset’s market cap is at $2 billion and $1 billion of it is assets under management, the trader says the fair market value of the asset is much less. COMPUSD is currently trading at $180, after trading nearly $100 higher just a week ago. This options trader says, however, the fair market value is closer to $50, and the asset is due for a steep drop. Via https://www.newsbtc.com/2020/07/02/bearish-hot-defi-token-compound/?utm_source=rss&utm_medium=rss&utm_campaign=bearish-hot-defi-token-compound  Originally from Bitcoinist.com https://ift.tt/3dTMB6w  Originally from Bitcoinist.com https://ift.tt/2BwCuaJ |
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