June has been a rather uninteresting month for Bitcoin. The cryptocurrency largely ranged between $9,000 and $10,000, with each break above or below this range being fleeting.
One interesting trend seen throughout the past four weeks has been BTC’s propensity to set lower highs, as it has been slowly grinding down to the lower end of its well-established trading range.
This seems to indicate that it will close its monthly candle in the coming few hours on a low note, disappointing bulls who were hoping to see a close at, or above, $10,000.
There are now a few factors that analysts are closely observing for insight into where the benchmark cryptocurrency may trend following its upcoming monthly candle close.
It does appear that July is positioned to be a volatile month for BTC, as its June candle is set to be one of the smallest seen in over a year – pointing to the strength of its recent consolidation phase.
Some top traders expect this volatility to favor the crypto’s buyers.
Bitcoin’s Monthly Candle Close Shows Just How Intense Recent Consolidation Has Been
Between May 31st and June 1st, Bitcoin’s price rallied from lows of $9,400 to highs of nearly $10,400.
This marked the highest price levels the cryptocurrency saw this month, as its price began sliding lower in the time since.
It is important to note that the decline from these highs was gradual and can largely be categorized as a slow grind lower due to it entering multiple consolidation phases along the way.
Bitcoin is now trading within the lower end of its well-established trading range between $9,000 and $10,000.
At the time of writing, Bitcoin is trading down less than 1% at its current price of $9,150. This marks a slight rebound from recent lows of $8,900 that were set late last week.
The price action seen throughout the past month is about to cause BTC to post the tightest monthly candle it has seen in over a year. This signals that volatility may be imminent.
Image Courtesy of Big Chonis. Chart via TradingView.
BTC Remains Well-Positioned to Rally Towards $13,000
As NewsBTC reported yesterday, Bitcoin currently has a major liquidity pool sitting around $10,500. These levels tend to be visited by assets at some point, and one analyst believes it will help spark a BTC rally up to $13,000.
Image Courtesy of SalsaTekila. Chart via TradingView. Featured image from Shutterstock. Charts from TradingView.
The crypto market is at a pivotal moment. A new uptrend in Bitcoin was starting prior to the Black Thursday selloff, and now prices are consolidating below a critical level.
A breakout all but guarantees a new bull market for cryptocurrencies. And now, one of the most accurate tools used in crypto technical analysis is signaling that a new uptrend is here.
A New Cryptocurrency Bull Market May Finally Be Here
Bitcoin price continues to trade sideways, following a V-shaped recovery from the Black Thursday bottom below $4,000.
Prior to that catastrophic collapse a new indicator developed by Bitcoin expert Willy Woo, shows that the crypto asset was ready for a new bull market.
Related Reading | Bitcoin Bull Run Was Here, But White Swan Pandemic Put It On Lockdown
What he calls a “white swan” event by way of the pandemic, got in the way and set the cryptocurrency back a couple of months.
However, another indicator that’s been used with regular success across the cryptocurrency market for spotting important reversals, is now pointing to a new, long-term uptrend.
BTCUSD 6-Month Price Chart: TD Sequential Signals New Uptrend In Bitcoin
The TD Sequential indicator is a technical analysis tool created by market timing expert Thomas Demark. The tool is used for trend recognition, as well as for watching for a sequence of candles that could result in a reversal.
The TD Sequential was popularized in the crypto industry by controversial internet personality Tone Vays. Love him or hate him, the TD Sequential has been extremely accurate.
It called Bitcoin’s top at $20,000, and again at $14,000, and in February 2020 ahead of Black Thursday. It also signaled a reversal just ahead of the asset bottoming the last two Decembers. It has also worked well with altcoins, like Ethereum, Chainlink, and more.
Reversals are likely when the tool reaches a 9 or 13 on a specific candle sequence. If the sequence is broken before the countdown has finished, the count starts all over again.
Given its accuracy, crypto traders have come to give it a lot of weight when making decisions or planning a trading strategy. But the tool can also be used for trend recognition.
Brave New Coin Bitcoin Liquid Index 6M Price Chart | Source: TradingView
A green 1 candle signals the start of a new upward trend. This green 1 signal has now appeared on the 6-month timeframe on BTCUSD price charts.
Higher timeframes hold the most significance in technical analysis, but such long timeframes aren’t often looked at.
If Bitcoin price can hold at current levels for the next few hours, the 6M candle will close and the green 1 will confirm. If it does, it could be the start of another long-term uptrend in Bitcoin and crypto.
Ethereum has continued consolidating alongside Bitcoin and the aggregated cryptocurrency market The crypto is flashing some signs of weakness due to its recent break below its over-month-long trading range between $230 and $250. Buyers have been ardently guarding against a dip below $220, which remains the cryptocurrency’s crucial near-term support Analysts believe that ETH’s weakness is far from being over One trader is pointing to a potential distribution pattern as a technical factor that could cause it to reel significantly lower in the coming several days and weeks Ethereum and the aggregated crypto market have been unable to garner any clear trend following the turbulence seen last week. ETH is now hovering within the $220 region, with its crucial support sitting just below its current price at $220. If buyers are unable to continue defending this level, the crypto doesn’t have any notable resistance until somewhere between $198 and $200, meaning that a further 10% decline against USD could be imminent. One popular trader is now flipping short on Ethereum and other digital assets, noting that his bullish thesis is being invalidated by the weak price action seen presently. It is also important to keep in mind that this weakness caused the cryptocurrency to cause a “death cross” earlier this week. Ethereum Plagued by Underlying Weakness Due to Recent Downtrend At the time of writing, Ethereum is trading down just over 1% at its current price of $224. This is around the level at which it has been hovering over the past couple of days. Last week, ETH was able to garner some momentum when its price rallied up to highs of $242, but it met significant resistance here that then led it to reel down to lows of $220. Its rejection at this level caused it to underperform Bitcoin and plunge below the lower boundary of its trading range. It also caused it to confirm a dreaded “death cross” that hasn’t been seen since right before the mid-March meltdown. Bitcoinist reported about this yesterday, citing one analyst who said “confirmed, death cross here as well – didn’t happen since March.” Image Courtesy of Teddy. Chart via TradingView. ETH Forms Potential Distribution Pattern The recently formed death cross isn’t the only thing currently working in Ethereum bears’ favor. One respected trader recently explained that this recent price action has largely invalidated his bullish thesis for both ETH and BTC. He is now noting that Ethereum could be forming distribution above a bearish “double top” – signaling that downside is imminent. “Capitulated my ETH long… everything starting to look bad, even making me doubt my BTC bullish thesis. Looks like potential distribution above double top, had to ditch,” he explained. Image Courtesy of SalsaTekila. Chart via TradingView. Featured image from Shutterstock. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/2NVuL8V
Bitcoin has further extended its long-held bout of sideways trading as it hovers within the lower-$9,000 region It is continuing to flash some signs of weakness, however, as its price has been unable to garner any upwards momentum This weakness has caused the one indicator to suggest that the crypto could be positioned to see a swift movement to lows of $7,100 if it is unable to garner any heavy buying pressure This comes as the crypto’s sellers begin flipping a previous support level into resistance, signaling that further short-term weakness is imminent Bitcoin’s lackluster price action isn’t letting up, as the cryptocurrency is currently caught within a bout of trading between $9,000 and $10,000. This range has been established over the past couple of months, and each break above or below it has been fleeting. It is a strong possibility that this consolidation phase is BTC’s way of “coiling up” before it makes a massive movement. One technical indicator seems to suggest that this next movement could heavily favor bears, as the Ichimoku Cloud shows that a breakdown could lead the crypto to $7,100. That being said, the same indicator also suggests that a breakout could catalyze some significant momentum that sends it to $13,000. Bitcoin Flashes Signs of Short-Term Weakness as Previous Support Becomes Resistance At the time of writing, Bitcoin is trading down just over 1% at its current price of $9,080. This is around where it has been trading over the past couple of days. Last week, BTC incurred some turbulence when its price ran to highs of $9,800 before facing a rejection that sent it down to lows of $8,900. Although this jeopardized the crypto’s consolidation phase, buyers had enough strength to send it back above the lower boundary of its established range. One factor to be aware of is a recent support-resistance flip of $9,225 that could fuel further downside. An analyst spoke about this level in a recent tweet, explaining that “bulls want to be above it.” “Daily price action. Previous support now resistance; bulls want to be above it…” he explained. Image Courtesy of Teddy. Chart via TradingView BTC’s Ichimoku Cloud Shows Price Could Soon Reel To $7,100 Bitcoin’s Ichimoku Cloud is showing that the next movement will likely be massive, with an upside target sitting around $13,000 and a downside target at $7,100. It is important to note that the consecutive rejections at $10,000, frequent lower highs, and recent support-resistance flip all seem to suggest that this next movement will be downwards. “1D BTC Cloud still shows weakening bullish momentum…” one popular analyst said while pointing to a chart showing the cloud. Image Courtesy of Josh Olszewicz. Chart via TradingView Featured image from Shutterstock. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/2YJvMae
Bitcoin price has traded sideways for the entire month of June. The lack of conviction by both bears and bulls has resulted in a doji currently on the monthly timeframe on BTCUSD charts.
If the cryptocurrency closes tonight around current levels, the doji will be confirmed. However, past data suggests that this isn’t a bad thing for Bitcoin, and could precede a powerfully bullish move.
Market Cycles, Repeating Patterns, And More: Crypto Analysts Rely on Historical Data For Decision Making
Bitcoin is a relatively young asset in the financial world at just over a decade old. Due to this, analysts only have a small sample size in which to compare current price action against historically.
Things may not play out exactly the same way a second or third time in the land of cryptocurrency. However, markets are cyclical, and history often repeats.
Fractals, or repeating price patterns, exist for those very reasons and appear with much frequency.
Other repeating chart patterns, such as triangles and wedges, can tip traders off as to what the next move may be. Japanese candlesticks also serve this purpose, making them popular with traders performing technical analysis.
Related Reading | This Trend Measuring Tool Says Bitcoin Drop Is Only Just Getting Started
These candlesticks also form patterns or can act as signals all by themselves. Doji are just one type of singular Japanese candlestick that can provide powerful clues as to what comes next.
Doji show indecision in markets, and either act as a prelude to a reversal, or strong continuation. Occasionally, doji will form in a cluster, dragging out indecision until an explosive breakout occurs.
One of these indecision candles will form on monthly BTCUSD price charts if the cryptocurrency continues to trade at current levels.
Bitcoin Monthly Doji More Likely To Result In Continuation To Upside, Data Shows
Doji candles and indecision aren’t always a bad thing. They often come at the top or bottom of a trend just as that previous trend reverses. Doji can act as an important signal for traders to pay attention and watch for a breakout.
But if that breakout is in the direction of the prior trend, doji can be a prelude to strong continuation in the primary direction.
Bitcoin price has been trending up since the Black Thursday bottom in mid-March. Highlighting the importance of monthly candle closes, the following month in April closed as a bullish engulfing.
Bullish engulfing candles signal a short-term trend reversal. What comes after is what turns things from short to long term. May closed green, and now June’s consolidation and indecision are resulting in a doji.
But data from past doji candles within a 3.5% or less range, have resulted in a breakout to the upside ore than 50% of the time. Bitcoin is working on its tenth ever doji on monthly timeframes within a 3.5% or less range.
Bitcoin BTCUSD Monthly | Source: TradingView
Five of the prior nine times have resulted in a long-term move to the upside. Two of the instances, resulted in a massive move to the upside, followed by a bearish reversal.
The final two times, occurred shortly after a new peak was set, and resulted in a long-term downtrend.
Thus far, all negative performing doji have resulted in a break to the upside. If Bitcoin closes at current prices below $9,200, the monthly close will fall into that negative category.
Things could change within the next several hours before the monthly close occurs, however, what comes following the close is what matters most.
Mainnet crypto staking on the Matic network went live on June 29, 2020. Delegators need a minimum of one Matic token to participate, and with a current price of just under two cents, the barrier to entry is low.
Matic’s co-founder and CEO, Sandeep Nailwal took to Twitter to give an update on how the rollout is progressing. He Said that 7% of the circulating MATIC supply has already been staked during this period.
What’s more, Nailwal also mentioned that crypto staking rewards are currently coming out at an impressive 150% per annum.
As more users come on board, this rate of return is expected to fall in line with the industry average of around 5-10%.
In recent times, staking has been seen as a viable method of earning passive income from crypto. And with Matic’s initial rate of return being so high, it’s easy to see why sentiment is turning this way.
The Rise of Staking
When it comes to generating an income from crypto, staking stands out as an easy and low-risk solution. By simply holding tokens and delegating, investors can earn staking rewards.
Just as important as earning, staking also provides the framework for community participation and cohesion.
Through incentivization, as well as having a governance framework, Proof-of-Stake (PoS) consensus mechanisms solve many of the problems related to running a cryptocurrency.
Ethereum’s scramble to implement PoS is a testament to the advantages of PoS. But Matic, and many others, are at a huge advantage in being built from the ground up as a PoS system.
The First Iteration of Crypto Staking on Matic is Live
Matic’s staking solution will come in phases of release. Yesterday marked the launch of the first iteration of staking. This relates to delegators pledging their tokens to nodes controlled by the Matic Foundation.
The second iteration will implement staking to external third-party validators. A number of big names have already been touted, including IT consultants Infosys.
To run the staking program, Matic has set aside 1.2 billion tokens. This number represents 12% of the total supply. However, over time and with community engagement, Matic expects this to rise to as high as 80% in the coming year.
A look at the top staking projects has Tezos ranked first in terms of total supply staked, with 80%. Part of the reason for this is custodial staking functionality via exchanges.
Crypto exchanges account for 18% of the Tezos’ staked supply, with Coinbase being the most significant player in this respect.
And while Matic did offer a custodial pre-staking service via Korean exchange Coinone, staking does not include crypto exchanges.
Without collaboration from the likes of Coinbase, Binance, and Kraken, it’s difficult to imagine Matic being able to match Tezos’ staking participation rate.
All the same, Nailwal, and his team, deserve credit for following through with their vision.
Featured Image from Shutterstock
Markets are still reeling from the impact of the pandemic and the resulting Black Thursday selloff. However, one fund manager says the powerful shakeout demonstrated the strong will of Bitcoin investors.
If that violent selloff driven by panic and fear didn’t cause holders to sell, what might it take?
Remembering The Most Violent Shakeout In Crypto History
At the start of 2020, Bitcoin and the rest of the cryptocurrency market went on a tear. Bitcoin had exploded out of consolidation from the previous winter, and the decentralized finance movement brought renewed interest to the space.
Ethereum closed a record seven weeks bullish in a row, while Bitcoin retested and even held above $10,000. Altcoins like Chainlink set a new all-time high. Meanwhile, the stock market was also setting records of its own.
All of this came to a screeching halt, and a historic crash followed once the world learned of the gravity of the pandemic. The stock market went from setting record highs, to closing the worst quarterly loss in history.
Related Reading | Bitcoin Bull Run Was Here, But White Swan Pandemic Put It On Lockdown
Bitcoin, which was poised to finally break out into a new bull run, experienced a severe drop of over 50% in 48 hours. Days prior, Bitcoin was trading above $10,000. By the time the dust settled, the cryptocurrency traded below $4,000 briefly before a bounce occurred.
A cascade of liquidations of high leverage traders on the margin trading platform BitMEX further fueled the violent drop. The entire crypto industry watched in shock, fearing that Bitcoin may actually hit zero as pundits and naysayers had claimed.
Turning off BitMEX saved the day, and the asset has been on a steady, V-shaped recovery since. But the memory of that day will always stand out to any market participants that lived through it.
If Black Thursday Didn’t Break Bitcoin Holders, What Will It Take?
Clearly, it took plenty of selling to drive prices that low. However, wallets holding BTC are rising to the highest levels ever.
Data shows that crypto investors holding for a year or more has reached a new all-time high of 62%. The last time such levels were achieved, was prior to the greatest bull run in crypto history.
Related Reading | The Amount of Bitcoin That Hasn’t Moved In a Year Hits an All-Time High
The steady increase in the metric has prompted a well-known crypto fund manager to pose a “serious question.” They ask, “if a round trip to $4,000 and back in March” did nothing to break the strong hands of crypto holders, then “what will?”
The fund manager may be right. After withstanding such a sharp decline in a single day, there may not be anything that could cause crypto holders to fold.
As far as what may do so, the clear answer is a lower low. The current $3,200 bottom has been untested since early 2019. Although the Black Thursday selloff came close to returning to that level, it fell short, stopping at $3,800.
Bitcoin returning to $3,200, or possibly breaking below that number, would strike fear into the hearts of any crypto investors – new or old.
Hyperwave theory and other price action concepts suggest Bitcoin needs to retest its former top at just above $1,000 in order to have bottomed. There is untested support in this area, making it a prime target for a retest.
Reaching any of these zones could be the only thing to cause a shakeout at this point. But that also may never happen, and those holding now will be handsomely rewarded.
The buzzword on everyone’s lips for the last few years has been blockchain. A digital technology that notes and maintains data, with a decentralized nature that makes it extremely efficient, secure, and robust.
Built like a tank in terms of security, this technology has become an unstoppable force of nature in the space of a decade. According to one estimate, the global blockchain technology market is increasing at an average rate of 80.2% annually. The most recent figures put the market at $3 billion by the end of the year and will grow to nearly roughly $40 billion in the next five years.
MarketSquare: Keeping Track of the Decentralized
The rocketing rise of blockchain technology is also seeing thousands of applications being developed. Already, blockchain is being successfully implemented and used in a large variety of industries, from art collection to supply chain. Apart from these, mobile communications, web 3.0, legal records, entertainment, and gaming are few of the areas this technology has been tapping into.
Decentralization being the main pillar with which the technology works, it is in its DNA. So much so, that the industry has yet to find a common place to make all of the different applications and projects. Every project and work is independent and relies on its independence to seek out users. Well, until now, that is.
MarketSquare is an ambitious project by a leading blockchain ecosystem, ARK.io. This new undertaking is designed to gather all blockchain-based projects under one roof. It serves a dual purpose: making it easier for people and users to find and search for their desired blockchain applications, businesses and services, and letting the huge global blockchain development and project industry to come together and offer their services and talents, rather than spend a huge amount of time, effort and money in seeking out potential users.
Building a Digital Community
MarketSquare intends to be more than just a place where users and projects can be visible and easier to discover. The team behind the project has also designed it to be able to build and nurture relationships. Each project will have a digital property on MarketSquare, with individual profiles, social links, and showcase of current projects. This gives the platform a unique perspective as, unlike other attempts of developing a blockchain marketplace, it retains the human factor in the digital world.
ARK.io has already done three different of private alpha testing of MarketSpace to get feedback on the market place and how to improve upon it. The alpha rounds have received increasingly positive reviews. The feedback from the rounds have also been used to improve MarketSquare.
Future updates to marketSquare includes addition of social interaction. This includes the ability to message between users and property owners, subscription to the properties to remain up to date of the latest developments and even a bounty program.
MarketSquare will be open for the public by the end of this year, so do not miss the chance to get on board.
The post Discover Blockchain Ideas With MarketSquare, the New Hub for the Decentralized World appeared first on NullTX.
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On June 26, 2020, the value locked into the Compound protocol reached a staggering $1 billion, making it the "most valuable" decentralized finance protocol. In the past year, DeFi became the hottest topic in the crypto. Let's take a close look at one of its most popular projects.
Ethereum has undergone a consolidation period for over the past month. Since the beginning of June, the second-largest cryptocurrency by market cap has mostly traded between the $217 support and the $250 resistance level. Such a narrow trading range has made it nearly impossible to determine what the future holds for Ether.
Nonetheless, the TD sequential index recently signaled that ETH was bound for a bearish impulse based on its 1-week chart. Data reveals that each time this technical index has provided a sell signal in the form of a green nine candlestick for over the past year, Ether takes a massive nosedive.
TD Index Presents Sell Signal On ETH's 1-Week Chart. (Source: TradingView)
Thus far, Ethereum has gone down roughly 12% since the TD setup turned bearish, but different on-chain metrics suggest more losses to come.
High Levels of Network Activity
Ever since the perpetrators of the PlusToken Ponzi transferred 790,000 ETH to an address associated with mixer deposits, the network activity of this altcoin exploded. The number of addresses holding 1,000,000 to 10,000,000 ETH surged by 20% on June 24. Meanwhile, roughly 6,000 new addresses with 100 to 1,000 ETH joined the network on that day alone.
Larry Cermak, Director of Research at The Block, believes that such an impressive increase in the number of addresses holding Ether is not related to increasing adoption, but in fact, it has to do with PlusToken.
The Number of Ethereum Addresses Explodes. (Source: Santiment)
A similar spike was registered in the number of daily addresses on the Ethereum network, according to Santimet. The behavior analytics platform said that ETH daily active addresses rose to levels not seen since 2018.
Daily Active Ethereum Addresses Skyrocket To Levels Not Seen in Two Years. (Source: Santiment)
Based on historical data, spikes in daily active addresses have lined up with market tops. And given the significant number of tokens the individuals behind the PlusToken scam are off-loading, the probabilities of a steep correction increase exponentially.
Key Support Level to Watch Out
For this reason, investors must watch out for the $217 support level. Moving past this barrier could trigger a sell-off that sees Ethereum fall to $200 since there is not any significant barrier in-between based on IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model.
Weak Support Ahead of Ethereum. (Source: IntoTheBlock)
Holders within the $200 price range would likely try to remain profitable in their long positions preventing ETH from further losses.
Featured by Shutterstock. Charts from TradingView.com
Ethereum’s price has been sliding lower over the past several days Despite Bitcoin being able to maintain above the lower boundary of its long-held trading range, ETH is now trading firmly below the range it formed over the past several weeks This points to some underlying weakness amongst its buyers which comes as it nears its crucial $220 support level It also just confirmed a “death cross” formation that hasn’t been seen since March. This could cause it to post a massive decline in the coming days One analyst is even noting that its next downtrend could lead it to as low as $120 Ethereum has been flashing signs of major technical weakness in recent days. This comes as the cryptocurrency grows incredibly strong from a fundamental perspective. There are a few factors that are driving this weakness, including a heavy trendline that has proven to be insurmountable, mounting selling pressure, and it just confirmed a dreaded “death cross” formation. These factors are likely to lead it lower in the near-term, but how ETH trends next may depend largely on how strong the support at $220 is. An ardent defense of this support will be imperative if buyers want to see any further upside. Ethereum’s Technical Strength Degrades as It Struggles to Break Key Trendline At the time of writing, Ethereum is trading down nearly 2% at its current price of $221. This marks a notable decline from recent highs within the $230 region that were set last week when it bounced from a fleeting visit to its current price region. $220 has been established as ETH’s “last-ditch” support over the past several weeks, making a bounce here crucial. One analyst explained that a failure to do so would likely spark a rapid 10% decline to $195. “ETH HTF Update: I would be heavily executing buy orders around $195 if we see this level get tested again over the next month, I think the next 12/24 months will be heavily bullish and I am expecting ETH to outperform the rest of the market,” he said, remaining bullish on ETH’s mid-term outlook. In spite of this sentiment, another analyst recently put forth a chart showing a downside target in the $120 region. He notes that the multiple rejections at $250 are cause for concern. Image Courtesy of AMD Trades. Chart via TradingView. ETH Forms Dreaded “Death Cross” The same technical weakness that caused the aforementioned analyst to set a target in the low-$100 region also caused Ethereum to form a “death cross.” It had not formed this pattern since March – before it plunged below $100 – and this could be a grave sign. “Confirmed, death cross here as well – didn’t happen since March,” one trader stated, pointing to the below chart. Image Courtesy of Teddy. Chart via TradingView. Featured image from Shutterstock. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/31sAOJV
I happened to publish an essay titled “I’ve seen the future of the web and it’s Ethereum” on the same day that between 150 and 300 million dollars worth of Ethereum was lost forever or until the next fork, due to yet another bug in Parity multi-sig wallets.
The past few weeks have seen Ether stall in terms of price action, with the cryptocurrency trading between $210-240. Not the same can be said about Ethereum’s underlying blockchain activity.
Due to a perfect storm of events, the number of users of the network has skyrocketed.
Blockchain analytics firm Santiment reported last week that the number of new ETH addresses created a day surpassed 100,000:
A similar trend of growth has been seen in the daily count of transactions.
Below is a chart from Etherscan showing that the number of transactions on Ethereum is starting to near 2018’s all-time high. Late last week, there were over 1.1 million transactions in a single day; the all-time high is around 1.37 million transactions in a day.
Graph from Etherscan of the number of daily transactions
This spike in usage hasn’t come without a cost, unfortunately.
Ethereum Fees Recently Hit Multi-Year Highs
According to data shared by Tradeblock, the cost of transacting on Ethereum has hit highs not seen in over two years:
Tradeblock’s data indicates that the cost of “gas” reached 120 Gwei, almost double the 70 Gwei highs of 2017/2018’s bull market. Cross-referencing TradeBlock’s data to that of Etherscan, it can be said that at 120 Gwei, fees were the highest since February 2016.
Anecdotal evidence has corroborated this trend.
As reported by NewsBTC, the Head of Business Development at Kraken’s futures division, Kevin Beardsley, wrote last week:
Beardsley is but one of many saying that it cost them in excess of $10 to send a single transaction.
Solutions Coming to the Fore
It should come as no surprise that there are moves being made to mitigate Ethereum’s high transaction fees
There are currently attempts to raise Ethereum’s gas limit, thus allowing for more transactions. This, in turn, should decrease the fees one pays to transact on the network.
Another solution is Ethereum Improvement Proposal 1559, proposed by blockchain founder Vitalik Buterin and others. The proposal suggests that the current fee model is “inefficient and needlessly costly to users.”
The solution: “a mechanism that adjusts a base network fee based on network demand, creating better fee price efficiency and reducing the complexity of client software needed to avoid paying unnecessarily high fees.”
In the long run, there’s also Ethereum 2.0 — a sweeping upgrade intended to change how the blockchain works from a fundamental level. That upgrade is expected to dramatically increase the number of transactions possible.
Featured Image from Shutterstock Price tags: ethusd, ethbtc Ethereum Fees Just Hit a Multi-Year High — and Users Aren't Happy
Despite ongoing growth in the DeFi industry, security concerns remain in place today. Balancer, a project gained traction last week, has gone through a security incident over the weekend.
Balancer is one of the DeFi projects gaining a lot of attention lately.
A Major Security Incident for Balancer
This is in line with how all DeFi projects are evolving as of late.
Cryptocurrency enthusiasts want to make money at all costs, and passive income is always the best option.
For Balancer, a recent security incident does raise a lot of questions.
An attacker drained funds from 2 pools containing tokens with transfer fees.
According to the blog post, this was made possible thanks to a flash loan from dYdX, and using Wrapped Ethereum.
It is a security incident that took the Balancer team by surprise, as they weren’t aware of this attack vector.
For now, it does not appear as if this will have that big of an impact on the platform.
Balancer as a platform will undergo some changes, as new security measures need to be put in place.
It is also worth noting that the previous 2 audits of Balancer did not highlight this problem either.
A third audit will occur in the near future, as well as an internal review of the platform.
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Bitcoin’s price is flashing some signs of weakness again as it nears it crucial $9,000 support The multiple tests of this level do seem to indicate that it is growing weaker, and it may only be a matter of time before sellers forcefully push BTC beneath it This comes as the be3nchmark cryptocurrency grows bearish from a technical perspective Analysts are noting that it recently formed a widely dreaded “death cross’ on its four-hour chart, and its cloud pattern recently flipped bearish as well Bitcoin is once again flashing signs of weakness as it hovers within the lower-$9,000 region. $9,000 has held as strong support on multiple occasions over the past several days and weeks, but sellers have been able to push BTC beneath this level previously. This seems to indicate that the support here isn’t as strong as it may appear to be and that a break below it is imminent. BTC also recently formed a dreaded 89/200-day EMA “death cross,” which is a sign of intense underlying weakness. Couple this with the cryptocurrency’s cloud formation also turning red, and it does appear that bears are well-positioned to gain full control of the benchmark crypto in the days and weeks ahead. Bitcoin Inches Towards $9,000 as Analysts Eye Response to $8,900 At the time of writing, Bitcoin is trading down 1% at its current price of $9,050. This is around the level at which it has been trading for the past couple of days. Earlier this week, sellers were able to push the crypto down to lows of $8,900 before it bounced back into its trading range. BTC traded beneath the range for an extended period, pointing to some underlying weakness amongst its buyers. It now appears that how it responds to the $8,900 region will be imperative for understanding where it trends next – and a test of this support may be imminent. One analyst spoke about this in a recent tweet, explaining that he is looking for a support-resistance flip at $9,100 today for the crypto to see further upside. “BTC HTF Update: Daily seems to be defending this high $8900’s region pretty well, which has previously been a strong place for buyers to step-in. Looking for this daily PA to S/R flip $9100. If we can get continue to hold then I see no reason why we can’t target for $9450 next,” he said. Image Courtesy of Cactus. Chart via TradingView BTC Posts Dreaded “Death Cross” and Bearish Cloud Flip Two factors to be aware of that could influence Bitcoin’s near-term price action are its four-hour cloud’s latest bearish flip and the death cross it recently posted while looking towards its 89 and 200-day EMAs. These two events have led one analyst to expect turbulence, noting that its 4-hour trend is now firmly bearish. “4h trend bearish. A few days ago we saw the cloud flip bearish (red) and recently saw the 89 and 200ema death cross as well. Until cloud is reclaimed, expect turbulence.” Image Courtesy of Teddy, Chart via TradingView Featured image from Shutterstock. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/31rBW0h
The Securities and Exchange Commission stepped in and put an end to Telegram’s TON crypto token. This week, Telegram settled with the SEC for $18.5 million and intends to return the remaining ICO funds to investors.
But after commissions paid to venture capitalists and retail investor premiums, the refund process is likely to be a big mess. With so many loopholes and money changing through greedy hands along the way, will retail investors ever see a full refund?
Remembering the Historic ICO That Raised a TON of Money
Telegram is a private, “heavily encrypted” cloud-based instant messaging and voice over IP service. The messaging app is particularly popular with crypto users due to the privacy features offered. Accounts can even “self destruct” after a period of inactivity.
Its popularity with crypto users prompted the company to attempt to monetize the platform through the debut of a crypto protocol and token: TON, or Telegram Open Network.
Telegram raised over $1.7 billion from investors in the TON initial coin offering in 2018. Investors flocked to the TON token in droves.
Come October 2019, however, the United States Securities and Exchange Commission filed suit against the company for an unregistered securities offering.
Telegram refused to admit any wrongdoing but this week settled with the SEC for $18.5 million in fines. Telegram also agreed to return $1.2 billion worth of the remaining $1.7 billion in funds raised during the ICO.
But returning those funds, this far after the funds being raised and after changing through so many hands, will be messy.
Retail Investors May Never See Full Refund From Telegram Token Offering
Telegram’s TON initial coin offering, being a high-profile ICO, meant it had a more convoluted investment process than most others.
Typically, ICO investors would send BTC or ETH to a whitelisted crypto wallet address during a pre-sale phase. When the ICO launched, the newly issued tokens would then be deposited into a corresponding supplied crypto wallet.
With Telegram’s TON, according to a well-known crypto investor, three-quarters of that sum was “syndicated downward toward retail investors” at a premium.
Along the way, venture capitalists offering exposure to the ICO to clients would have taken commissions. VCs often take high commissions – commissions that were taken some two years ago at this point.
Even if the accounting nightmare is ever sorted, it will likely be the smallest time retail investors that lose out the most in the fallout of the historic ICO. Retail investors may never get all of their cash back, if at all.
This issue alone shines a spotlight on the reason why the SEC seeks to protect investors from such unregistered securities offerings. More protections in place could have prevented the accounting nightmare in the first place.
With ICOs now a thing of the past, crypto investors are a lot safer because of it, and the market much better off without them.
Bitcoin price closed its weekly candle last night at roughly $9,100 on the BTCUSD trading pair. The weekly close marks the fifth consecutive weekly close above the Ichimoku cloud.
During the last bull market, it was holding above this key level that sent Bitcoin skyrocketing. However, there are some signs that the trend may be turning down one more time before the uptrend begins.
Bitcoin Price (BTCUSD) Closes Fifth Consecutive Weekly Above the Cloud
Bitcoin price has been trading sideways now for nearly two full months. Repeated attempts to break through resistance above $10,000 have failed.
But just as many attempts to push Bitcoin to the downside have gotten bears nowhere. Each push down has wicked into the Ichimoku cloud on weekly timeframes.
Last night’s weekly close, has marked the fifth week in a row that the cryptocurrency has held above the key level. Wicks into the cloud, also called the kumo, signal that buyers have been ready and waiting to buy up each dip.
Comparing the current price action holding above the cloud to the previous bull and bear market cycle shows similarities. If the asset can hold firm above the Ichimoku cloud on weekly timeframes, it could provide the base for a new uptrend to begin.
After Bitcoin held above the cloud on the weekly in late 2016, the cryptocurrency never looked back. Holding above it again here could result in a trip to the moon next.
Bitcoin Ichimoku BTCUSD Weekly | Source: TradingView
Ichimoku Indicator Signals Retest of Support Before Uptrend Confirmation And Bull Market Breakout
But before Bitcoin embarks on a new uptrend, a steep crash could be next. However, if the price action matches the last cycle, it’ll be the last chance to buy Bitcoin cheap before the bull market starts.
In the chart above, Bitcoin can be seen holding strong above the kumo on weekly timeframes. Just ahead of the Black Thursday collapse, the cloud couldn’t hold resulting in the crash.
This time around, the asset has held several weeks in a row. However, the indicator could be suggesting a drop soon.
Related Reading | This Trend Measuring Tool Says Crypto Drop Is Only Just Getting Started
This most recent weekly candle has closed below the senkou span A, in blue. When the senkou span A crosses above the senkou span B, it signals an uptrend is in effect.
Price crossing below the senkou span A could hint that the uptrend is reversing, but the two lines would need to cross to confirm the trend change.
The cloud itself is also potentially pointing towards a crash. Ahead of the current price action, the cloud is twisting. A kumo twist also often indicates a trend change. A kumo twist is also a weak point in the cloud, that price can more easily pass through.
A fall through the kumo in the coming weeks cannot be ruled out. Bitcoin price breaking below the kumo, even temporarily, would likely send the asset to the senkou span B to test as support.
Bitcoin Ichimoku BTCUSD Weekly | Source: TradingView
Senkou span B is currently resting around $7,100. A retest of this zone as support confirming it as such could start the real bull market.
Zooming out further, ahead of Bitcoin’s 5000% rise after the cloud holding, it was breached quickly for a sharp decline and touch of the senkou span B. This held as support, and the biggest bull run in the asset’s history followed.
It would be an understatement to say that the jobs market has had a rough 2020. But despite ongoing economic challenges and a surfeit of applicants for every vacancy, the demand for blockchain experts remains high. Backend developers, analysts, researchers, marketers, engineers, paralegals — the crypto industry is developing at a rapid rate, and job openings continue to appear as startups look to find the right candidate.
Unlike many conventional industries, crypto and blockchain firms already employed a high percentage of remote workers before the crisis hit, meaning their operations have been largely unaffected by enforced furloughs and work-from-home orders. Without further ado, here are eight crypto and blockchain companies that are hiring right now.
If you’re looking for a fresh challenge, check out this list of current job openings curated by CryptoJobsList and CMC.
CMC is a trusted aggregator of crypto assets and exchange rankings, with the aim of making crypto discoverable for any person, regardless of their knowledge of crypto, around the globe.
Validation Capital is a Toronto-based startup specializing in the supply of secure node infrastructure and investment capital to elite proof-of-stake blockchain networks. Harnessing a quarter-century of capital and investment experience, the team is also qualified in cybersecurity, software development and network architecture. Validation Capital is headed up by Michael Horowitz, formerly the founder and general partner of blockchain digital asset fund Chaintech Digital.
Validation Capital is currently recruiting an entrepreneurially-minded devops engineer, ideally one with a working knowledge of tools like Docker, Kubernetes, Terraform, Prometheus and Alertmanager. Familiarity with security stacks such as HSMs, secure cloud network architecture and container security would be advantageous, as would experience of cloud infrastructure (AWS, GCP, Azure). The role itself will involve lead network design for nascent blockchain networks and cloud providers, as well as service development and infrastructure deployment.
Wyre, Inc is on a major recruiting drive at the moment. The fintech firm, established in 2013, is at the epicenter of the crypto space in the U.S. (namely San Francisco) and has a lofty ambition to change the global payment landscape by pioneering world-class tools for blockchain developers, financial services and protocols. Employees can look forward to a ton of benefits including relocation support, free gym membership, flexible work hours, free lunches, health, dental and vision benefits and more.
The first vacancy at Wyre, Inc is for a frontend engineer to build and refine the tools and processes related to Wyre’s money transfer system. They’ll be part of a small, process-focused team and the role would suit candidates with over two years’ experience in a front-end, marketing engineer or related role.
Wyre, Inc is also recruiting a product manager to define product requirements and features, seize market opportunities related to global payments, write specs, execute projects and determine which payment rails are needed for products. A deep knowledge of evolving payment technologies and cryptocurrency is a must, as is 5+ years working in product management/development.
A position for an extremely well-organized paralegal has opened up too, ideally one that has worked in fintech or money transmitting in the past. The post-holder will provide legal expertise pertaining to contract and document review, with corporate record-maintenance and support for Wyre’s money transmission licensing program top priorities.
That’s far from the lot as far as Wyre are concerned; the firm is also seeking a sales associate, growth support engineer, chief compliance officer and compliance analyst. Scout the vacancies here.
Bots are both the scourge and the savior of the internet, and San Francisco firm hCaptcha have made it their mission to block badly behaved bots’ access to websites. An alternative to reCAPTCHA, the platform designs inventive, publisher-focused captchas that are easy for humans to solve but tricky for pesky bots.
Decentralized liquidity network THORChain lets users swap assets (BTC, ETH) across chains and earn liquidity on staked crypto. The wider ecosystem, meanwhile, includes Midgard, an API service that tracks THORChain data, the exchange’s reference implementation ASGARDEX, and the THORNode Bot tasked with informing node operators about node health and status. THORChain also boasts its own network token RUNE, which is used in the liquidity pools and bonded by nodes.
THORChain is seeking a full-time senior front end developer for its ASGARDEX and BEPSwap applications. Mandatory experience of React + Hooks + RXJS + AntD + Electron + Typescript is required, while experience of developing crypto wallets (web3, bitcoinjs, crypto-js) will stand the candidate in good stead. Initially, the candidate will undergo a two-week paid trial and the remuneration is set at 70% USDT and 30% RUNE. Fit the bill? Note your interest quickly, since this role is bound to attract plenty of interest.
A crypto exchange, custodian and payment system, Norwegian Block Exchange (NBX) recently expanded beyond its Nordic homeland and welcomed customers from over 190 countries. The platform, which launched earlier this year, currently supports BTC/USDC, ETH/USDC, ETH/BTC and BTC/NOK with more pairs likely to follow in the near future.
NBX is in the market for a remote content writer au fait in all things bitcoin. The role will involve the ideation and creation of educational content and the execution of brand initiatives in line with the platform’s ambition. Proficient English speakers with editorial experience in crypto should apply, with Norwegian as a secondary language and trading experience big advantages.
With the blockchain industry in rude health, it’s a good time to be a talented jobseeker. Polish your CV, refine your personal statement and get ready to make an impression.
Meld Gold is an Australian tech firm that wants to change the way gold is bought and sold. Investors are able to use the platform to transact with both physical and digital gold, utilizing a global network of partners and suppliers. At the moment, they need a full stack engineer with a track record of building successful systems or products. An interest in blockchain is preferred but not required, and the candidate can be based remotely. The engineer will be responsible for working with a broad range of systems and technologies, as well as designing and maintaining APIs and services.
Bybit is still hiring. A fast-rising crypto derivatives exchange headquartered in Singapore, Bybit supports retail clients and professional derivatives traders from all over the world, providing round-the-clock, multi-language support. As a mark of its success, the platform’s trading volume increased almost 100-fold in 2019.
To continue improving, the company wants to onboard a data developer to oversee the code writing of the system’s core module. The new recruit will also build data pipeline architecture using the software’s technical framework. Experience of building and optimizing data pipelines using Big Data technologies (Hadoop, Spark, Flink) is needed, and the candidate must be capable of liaising with Mandarin-speaking counterparts.
For those companies and employees that have now found themselves fully-remote, freelance platform TopTal (which itself is entirely remote!) has released a guide, aptly called “The Suddenly Remote Playbook,” for maintaining the quality of your work in a home work environment.
Enjoying our tips about how crypto and blockchain can make living through a pandemic easier? Click here to see how crypto companies are using their tech to fight the virus, and check out here how blockchain can make working from home more efficient.
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The post 8 Crypto and Blockchain Firms That Are Hiring Right Now: June Edition appeared first on CoinMarketCap Blog.
The smarts contracts giant continues consolidating within a descending parallel channel that began developing at the beginning of the month. Since then, each time Ethereum rises to the upper boundary of the channel, it pulls down to hit the lower boundary, and from this point, it bounces back up again.
The recent bearish impulse that Ether went through allowed it to reach the bottom of the channel, which prevented it from a steeper decline like it has done it over the past months. If this support level continues to hold, it is reasonable to expect a rebound towards the middle or the upper boundary of the channel.
Ethereum Consolidates Within Parallel Channel. (Source: TradingView)
Such an optimistic outlook is consistent with most recent network activity, which suggests that a significant number of market participants want a piece of Ethereum
Ethereum’s Network Activity Explodes
The number of Ethereum holders recently reached a new all-time high as speculation around ETH 2.0 mounts. Data from Glassnode reveals that Ether addresses with non-zero balance reached a new record of nearly 42.4 million addresses.
Ethereum Holders Surge to New Highs. (Source: Glassnode)
The rising number of Ethereum holders appears to be fueled by the buying spree that miners have gone through. Indeed, the mining pools behind the second-largest cryptocurrency by market cap have collectively increased their balance by 21,000 ETH throughout the 20 days alone.
Spencer Noon, the head of DTC capital, maintains that the increasing buying pressure from miners comes “after a string of short-term miner selloffs in late May and early June following ETH’s rise above $220.” Now, they seem confident that the current price levels could present sizable opportunities to profit.
Miners Are Accumulating Ethereum. (Source: Santiment)
Weak Support Underneath
Despite the high levels of interest surrounding Ethereum, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals it sits on top of a weak support level. Roughly 1 million addresses had previously bought 1.6 million ETH between $215 and $221. If this supply barrier fails to hold, Ether could fall to $200 since there is not any significant barrier in-between.
The $200 support level, however, may serve as strong support since 1.24 million addresses had previously purchased 9.6 million ETH. Holders within this price range would likely try to remain profitable in their long positions and may even buy more ETH to avoid potential losses.
Ethereum Sits On Top of Weak Support. (Source: IntoTheBlock)
It is worth noting that due to the unpredictability of the cryptocurrency market, the bullish outlook presented by the aforementioned parallel channel cannot be taken out of the question. Still, there is a massive supply barrier ahead of Ethereum that may absorb any upside pressure.
The IOMAP cohorts show that for Ether to bounce off towards the middle or upper boundary of the channel it would have to break above the $230-$243 resistance wall. Around these price levels, roughly 2.7 million addresses had previously bought over 15 million ETH.
Featured by Shutterstock. Charts from TradingView.com
Past data shows that Bitcoin bull market breakouts typically happen following a US Presidential Election. However, Democratic party candidate Joe Biden has recently overtaken Trump in the polls – something Wells Fargo warns could shake up the stock market. And with Bitcoin tightly correlated to the stock market, a Biden win could be harmful to the leading cryptocurrency by market cap. But why? Wells Fargo Chief Strategist Warns of Stock Market Reaction To Joe Biden Win The United States presidential election is coming in just a few short months. Current and controversial President Donald Trump will face off against former Vice President Joe Biden. Biden served in the role under Barack Obama from 2009 to 2017 and was the 47th Vice President in the White House. Now Biden is looking to take on the top-ranking role in the country, and oust Trump from the White House after just one term. The economy may now be in trouble under Trump’s watch, though his presidency has done wonders for the stock market. A favorable tax environment and other corporate benefits have helped the stock market boom. RELATED READING | GROWING MISTRUST IN GOVERNMENT AUTHORITY MAY BOOST BITCOIN BUYING At the start of the year, major stock indices like the S&P 500, the Dow, and more set a new all-time high. But the pandemic caused a major shakeup in markets and dealt a powerful blow to the economy. It caused the stock market to set its worst quarterly close on record. Bitcoin also crashed over 50% in the madness. In these conditions, Biden taking over could make matters worse due to a poor tax climate and other changes potentially coming from a Democratic power change. Wells Fargo head of equity strategy Chris Harvey says that a Biden win is a major risk to the market. Harvey also says that the potential scenario isn’t yet “priced into the market,” according to comments made on CNBC’s Trading Nation. Brave New Coin Bitcoin Liquid Index Daily | Source: TradingView Bitcoin Correlation With S&P 500 Could Be Harmful Post 2020 Presidential Election The first-ever cryptocurrency has only existed a little more than a decade. But during that time, its seen three total US presidential elections. The two prior presidential elections sparked incredible bull runs in Bitcoin after the uncertainty settled. From the moment Trump took office, Bitcoin went on its strongest bull market ever. The asset peaked a year after Trump took office at $20,000. This next time, however, may not have such positive results if Wells Fargo is correct. RELATED READING | HOW THE 2020 US PRESIDENTIAL ELECTION MAY BE KEEPING BITCOIN AT BAY Bitcoin has been tightly correlated with the S&P 500 over the last several months. The S&P 500 is one of the most important US stock indices and a barometer to the country’s economic health. Recently, as the S&P 500 rises and falls, Bitcoin follows closely behind. If a Biden win drags down the stock market post-election or gets priced in pre-election, it could be harmful to Bitcoin. The cryptocurrency’s next bull market could be postponed further as a result. If not, as past data suggests, the election could be the one thing standing in the way of the next bull market. Featured image from Shutterstock. Charts via TradingView.
Originally from Bitcoinist.com https://ift.tt/38e1fEk
For years, Ethereum has easily been the leading smart contract blockchain. With mass adoption by service providers, brand recognition, and a series of popular apps, it leads in its category. Yet this hasn’t stopped some from speculating that the cryptocurrency can be “dethroned” by an upstart. Ethereum Could Be Dethroned By Another Blockchain, Analyst Says Due to a rapid increase in the adoption of decentralized finance, the Ethereum user experience has arguably gone downhill in recent weeks. Head of Business Development at Kraken’s futures division, Kevin Beardsley, recently commented on Ethereum fees: “I have spent $14 on ETH gas fees to transfer/lock my $15 into @CurveFinance and I’m earning a princely $0.079 in weekly $SNX rewards. I’ll break even in just 177 short weeks! (not including gas to close contracts.” Transaction fees are now so high that v, the median ETH transaction fee is around a two-year high. Although this is not yet a chronic problem, some have begun to speculate as to what effect consistently high fees will have. Joseph Todaro of BlockTown Capital wrote: “If fees move higher or even maintain this level, I expect $ETH competitors focused on scalability to see increased attention.” Qiao Wang, a former executive at Messari and a noted crypto analyst, echoed Todaro’s comment. He said that after using DeFi platforms, which can cost dozens of dollars, he isn’t convinced Ethereum will succeed in its current form: “So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.” I've changed my mind after using a dozen of Defi platforms. So long as ETH 2.0 is not fully rolled out, there's an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX. https://t.co/vXAAFET3YK — Qiao Wang (@QWQiao) June 28, 2020 Wang’s criticism of Ethereum is similar to that of others. Kyle Samani of Multicoin Capital also touched on Ethereum’s high fees and slow transaction times. As reported by Bitcoinist, the venture capitalist and fund manager said that Ethereum’s current state disallows the creation of “global-scale trading systems.” He thus added that DeFi is likely reaching a plateau due to the latency issues. Ethereum’s recent issues highlight the importance of scaling upgrades, such as ETH 2.0, Plasma, Roll-ups, and other technologies. What Can Replace It? With there being discussions about what can replace the incumbent smart contract leader, the next logical question to ask is what can replace it. No one has a fully-fledged answer, but there are contenders. One such is Cardano. The founder of Cardano, who is also a co-founder of Ethereum, Charles Hoskinson told Messari’s Ryan Selkis that ETH is not yet the incumbent leader. That’s to say, Cardano and other technologies could encroach on its market share. Another, arguably, is Bitcoin. According to Max Keiser, there is “no coin out there that can do something that Bitcoin doesn’t do already or will be able to do shortly.” .@HeisenbergCap Co-Founder explains why alt-coins are disappearing and why #Bitcoin will overtake Gold https://t.co/DVumGlgfzp — Heisenberg Capital BTC VC, est., 2013 (@HeisenbergCap) May 28, 2020 Featured Image from Shutterstock Price tags: ethusd Despite Its $25B Market Cap, Ethereum Can Still Be "Dethroned"
Originally from Bitcoinist.com https://ift.tt/2ZktQE2
On Saturday, Bitcoin finally broke below $9,000 after a week of consolidation. When the asset slipped under this level, more than $20 million worth of longs on BitMEX were liquidated. This was in addition to the more than $40 million liquidated just two days earlier. Many were quick to flip bearish as BTC temporarily lost the support of $9,000. One crypto trader shared a chart indicating that a textbook pattern predicting $7,000 was almost confirmed when the drop took place. Yet an analyst has said that stepping back, Bitcoin is still in consolidation. Bitcoin Is Still Trapped In a Trading Range According to the trader that shared the chart below, Bitcoin is still trading in a range, technically speaking. The analyst noted that since the dump yesterday stopped around $8,900, that support is still in play. “BTC still playing ping pong inside the consolidation range. There is no need to be upset,” he wrote. Range analysis chart over recent months by Crypto Monk (@thecryptomonk on Twitter). Chart from Tradingview.com Blockroots founder Josh Rager has echoed this sentiment. As reported by Bitcoinist previously, Rager said that Bitcoin’s current range is $8,500-10,000. Unless it breaks those levels on a daily/weekly time frame, it remains in that range. “BTC’s range is clear. Current support that has been holding the past three weeks is the mid-range Break down here and price likely to see $8900 followed by $8500 range bottom,” Rager wrote, referencing the chart seen below. Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com There’s also a comment from Tone Vays, a former VP at JP Morgan Chase. The Bitcoin analyst said in a recent analysis published to Youtube: “Like I’ve been saying for months now, I have no reason to walk away from my prediction early in the year that Bitcoin is going to get stuck between $6,000 and $10,000 for the majority of this year,” he said. Bulls Could Take Control With BTC still trading in its range, the question of “which way will the consolidation break” has been raised by many. Right now, many are divided, but there is evidence suggesting bulls will take control. There is a confluence of fundamentals suggesting the long-term trend is still up. These include but are not limited to: potential macro weakness in the U.S. dollar, a strong gold price, miners pushing Bitcoin’s hash rate higher, and a decrease in selling pressure from HODLers. There was also a range analysis recently done by a data analyst. It suggests that 77% of the time Bitcoin has looked as it does now (over the past two years), bulls have broken BTC higher. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com No, Bitcoin Breaking Below $9k Was Not a Bearish Breakout: Analyst
Originally from Bitcoinist.com https://ift.tt/2YKzxMJ
In May, after building a following of tens of thousands by making millions trading Bitcoin, “Joe007” threw in the towel. At the time, the pseudonymous trader cited his inability to “afford Twitter.”
So he left, and that was that. Until it wasn’t.
On June 28th, the Bitcoin trader returned. And he’s already begun to pick fights with some segments of the cryptocurrency community.
Bitcoin’s Most Famous Whale Is Back
The allure of Crypto Twitter was too strong for even a dedicated trader like Joe007. The trader, who makes dozens of millions per month as per Bitfinex’s leaderboard, returned after 50 days away.
And he isn’t pulling any of his punches.
His first task was to call out “degenerate crypto-gamblers and S2F cultists.” The stock-to-flow (S2F) model is an econometric analysis by a pseudonymous analyst predicting Bitcoin will hit $100,000 by 2021, then one million heading in the second half of this decade.
Joe007 went on to call out the “idiocy of the Brrr meme.” The “brrr” meme is a narrative in the cryptocurrency and financial markets that the Federal Reserve’s monetary policies will boost Bitcoin.
And lastly, he discussed the “fairy tale narrative” that is “GBTC [is] buying more BTC than miners produce.”
Seeing that Joe007 has returned to Twitter for all of six hours, there’s likely a lot more he has to say. But what that will be remains to be seen.
A Massive Economic Shock Is Coming
One of the most poignant comments Joe007 made before his initial departure was that a massive economic shock is coming.
Echoing the fears of many Wall Street analysts and economists, he wrote:
The Bitcoin trader also shared a paper indicating that it may be a “tough 20 years going forward.”
He did not tie this sentiment to Bitcoin, though there are some saying that a extraneous macro shock will aid cryptocurrencies.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt An Infamous Bitcoin Whale Just Resurfaced — and He's Got a Bone to Pick
Bitcoin has recovered most of the losses it posted yesterday. After facing some immense turbulence that sent it reeling below its crucial support, the crypto has since been able to climb back into its long-held trading range.
This recent price action has been far from bullish, with the continued tests of $9,000 leading many to suspect that a sustained break below this level is imminent.
That said, it does appear that there are a few factors suggesting that an upside movement could be imminent.
From a technical perspective, one analyst is even noting that there is a reasonably clear path forward for Bitcoin to rally up towards fresh yearly highs of $12,000 in the coming weeks.
As for what could fuel this type of rally, it does appear that the recent decline sparked a resurgence in the amount of trading activity from BTC whales. Their buying pressure could help lift the markets in the days and weeks ahead.
Bitcoin Recovers from Latest Selloff, Continues Range-Bound Trading
At the time of writing, Bitcoin is trading up just under 2% at its current price of $9,140.
This is the price level at which it was trading at just before the dip seen yesterday that led it down to lows of $8,900.
Although BTC did hover beneath $9,000 for many hours, the buying pressure in the upper-$8,000 region did prove to be enough to stop it from seeing any intense downside.
The reaction to this latest dip has been rather tempered, and its lack of strength does seem to point to underlying weakness amongst buyers.
Nevertheless, the recent movement did spark a surge in buying activity from at least one Bitcoin whale on Bitfinex.
NewsBTC reported about this development yesterday, citing one trader who noticed the influx of buying activity from at least one so-called “whale.”
The below chart shows that the whale(s) stacked a significant quantity of buy orders between $8,600 and $8,800. This helped support BTC’s price and stopped bears from perpetuating yesterday’s decline.
Image Courtesy of Jonny Moe.
Here’s the Simple Path Forward for BTC to Rally to $12,000
He notes that this possibility hinges entirely on the assumption that buyers will be able to continue defending the $8,800 to $8,900 region.
The trader contends that a defense of this level could allow it to “crawl” up towards $10,000, with its momentum accelerating once this crucial resistance is broken.
Featured image from Shutterstock.
Ethereum and Bitcoin have been seeing mixed price action in recent times The weakness seen by these two cryptocurrencies has been mounting over the past few days BTC is struggling to hold above $9,000 as Ethereum trades below its long-established trading range One trend that could have grave impacts for ETH in the near-term is the number of tokens being moved into exchanges – and particularly into Bitfinex This comes as the crypto finds itself within a precarious technical position Ethereum has been trading in a similar fashion to Bitcoin and the aggregated cryptocurrency market in recent times. This has exposed it to significant weakness as of late, causing it to break below the lower boundary of its long-established trading range. Although from a technical perspective this break was significant, ETH is still holding above its “last-ditch” support level that is stopping it from seeing a massive decline. Analysts are noting that several indicators are beginning to flip bearish, potentially signaling that a decline beneath this level is imminent in the coming several days. One factor that investors should also be aware of is the influx of ETH into exchange wallets over the past year. Despite there being a mass exodus of Bitcoin away from exchanges, Ethereum has seen an opposite trend. Ethereum’s Technical Strength Degrades After Breaking Below Previous Trading Range Ethereum had been trading between $230 and $250 over the past several weeks. Although it did dip below the lower boundary of this range on a few occasions, yesterday’s breakdown marked the first sustained decline beneath the $230 support that it has seen since it first began consolidating. At the time of writing, Ethereum is trading down just under 2% at its current price of $226. This marks a rebound from recent lows of just over $220 that were set yesterday. One analyst noted that $220 is now the crucial level that buyers must defend. He also notes that the cryptocurrency’s 4-hour cloud is now close to forming a bear cross – signaling that a downtrend could be looming. “Closing a daily below 220 will not look good. Last time cloud bear crossed on 4h it was in March – inches from happening as we speak,” he said. Image Courtesy of Teddy. Chart via TradingView ETH Exchange Inflows Rocket Another factor that could hold some influence over Ethereum’s mid-term trend is the fact that Ethereum has seen a climb in on-exchange wallet balances as of late. This runs counter to the trend seen by Bitcoin and could indicate that investors will be more prone to exit their ETH positions should its price start climbing. One prominent analyst who discovered this trend spoke about it, saying: “So Bitfinex now holds nearly double the USD balance of ETH vs. BTC. Two completely opposite trends this year. $1B of bitcoin outflow.” Image Courtesy of Ceteris Paribus The massive number of Ethereum longs currently open on Bitfinex could be one factor driving this occurance. Featured image from Shutterstock. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/2ZfTdH3
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