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Ethereum Is At a Pivotal Supportand Thats Good for the Bull Case

10/31/2020

Comments

 
  • Ethereum has strongly underperformed over recent days, but it may bounce soon.
  • One trader noted that the coin has reached an important technical support level as per the Ichimoku Cloud.
  • This is likely to result in a bounce, analysts say.

Ethereum Poised to See Rally as Crucial Support Is Hit

Ethereum has strongly underperformed over recent days. The leading cryptocurrency has slipped from around $420 to $386, despite the price of Bitcoin setting new year-to-date highs in a strong surge upward.

This underperformance has shocked many investors. But according to an analyst, Ethereum is primed to move higher in the days and weeks ahead.

One crypto-asset analyst shared the chart below recently. It shows that Ethereum has reached an important technical support level that marked the highs of the short-term rally earlier this month. Analysts think that Ethereum will bounce from here:

“I do believe $ETH will bounce very hard from this daily Kijun. Currently Heikin Ashi indecision candle setting up just above this area of support. We could flip the daily trend tomorrow or Monday.”

Image

Chart of ETH's price action over the past few weeks with analysis by crypto trader Trading Cyclist (@Fullgastrader on Twitter).
Source: ETHUSD from TradingView.com

This latest analysis comes shortly after the same trader noted that the cryptocurrency has printed a number of bullish Ichimoku Cloud signals.

“$ETH hasn’t even started yet: retested the flat Tenkan, chikou pointing up after bounce on Kumo, bullish future (twist). Spot buys done here Ballot box with check. Opening Perps on 1st blue HA candle / break of WF.”

Bitcoin Is Also Bullish

Bitcoin itself is also bullish, increasing the chance the leading altcoin moves to the upside. Qiao Wang, a prominent industry analyst, recently commented:

“#BTC has been shrugging off 3 simultaneous narratives from the traditional market – election, covid, and stimulus – as well a bunch of crypto exchange FUD since September. If you are not convinced we are in the early stage of a BTC bull market you’ve not been paying attention.”

The cryptocurrency’s technical trends are also in a positive state. Analysts note that the cryptocurrency closing its monthly candle above $13,000 is extremely positive for the bull case.

There is the concern that Bitcoin failed to move above $14,000 on the monthly candle but this is not a large concern yet as prices hold steady.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Ethereum Is At a Pivotal Support—and That's Good for the Bull Case


Originally from Bitcoinist.com https://ift.tt/35RAq8f
Comments

Bitcoin Shrugging Off Stimulus and Election Fears is a Sign of a Bull Market

10/31/2020

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Bitcoin has undergone a strong rally over the past two weeks. Since the news broke that OKEx has restricted withdrawals, the cryptocurrency has gained approximately 25%, recently peaking at $14,100 on Saturday morning.

Analysts say that BTC’s price action has been surprising, namely because there is much uncertainty in the markets.

Bitcoin’s Resilience In Face of Uncertainty is Bullish

For one, the stock market has begun to record a series of red days as the pandemic continues to sweep the globe, resulting in a second-wave of lockdowns.

Qiao Wang, a prominent industry analyst, says that Bitcoin’s strength in the face of this is the sign of a bull market. He commented the following on the matter on October 30th:

“#BTC has been shrugging off 3 simultaneous narratives from the traditional market – election, covid, and stimulus – as well a bunch of crypto exchange FUD since September. If you are not convinced we are in the early stage of a BTC bull market you’ve not been paying attention.”

#BTC has been shrugging off 3 simultaneous narratives from the traditional market – election, covid, and stimulus – as well a bunch of crypto exchange FUD since September.

If you are not convinced we are in the early stage of a BTC bull market you've not been paying attention.

— Qiao Wang (@QwQiao) October 30, 2020

Earlier this year, when the stock market went red, Bitcoin would plunge. The fact that the cryptocurrency has been holding up well and has even rallied in the face of this is a sign that there is an underlying bid in this market.

This may be from institutional players, who analysts say are accumulating Bitcoin en-masse.

Fundamentals Support Upward Price Action

The reason why there may be an underlying bid in the Bitcoin market is due to strong fundamental trends.

Prominent macro investor Raoul Pal, who formerly worked for Goldman Sachs in an executive capacity, recently said:

“It all looks like we are reaching this point. I have said this is where macro, crypto, politics, everything comes into the same big bucket. It is all concentrated and our pure focus right now. We know that Bitcoin plays a part in this
 A whole panel including Jay Powell, the Cleveland Fed has written about it and many others. People are talking about it everywhere. The drumbeat is getting louder. They are going towards central bank digital currencies.”

Paul Tudor Jones, a billionaire Wall Street investor, is also bullish on Bitcoin. The investor recently told CNBC that investing in BTC now is like investing early in Apple or Google.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Shrugging Off Stimulus and Election Fears is a Sign of a Bull Market


Originally from Bitcoinist.com https://ift.tt/3oNwiia
Comments

Hedge Funds Widely Flip Short on Bitcoin Despite Blatant Breakout

10/31/2020

Comments

 
  • Bitcoin has been caught within the throes of an intense uptrend throughout the past few weeks
  • This has led its price to post massive gains, with bulls now vying to post a monthly close above $13,800 for the first time
  • Although this would mark the highest monthly close ever seen by BTC – which would be undeniably bullish – not everyone is convinced
  • Data from the latest Commitment of Traders report from the CME shows that hedge funds have more open short positions on Bitcoin than ever before
  • This comes as institutions, retail investors, and professional traders are flip net-long

Bitcoin has seen some of the most bullish and exciting price action ever, with intense fundamental strength, mounting adoption rates, and a powerful technical structure all working in its favor.

It is now in the process of flipping $13,800 into support, as this was previously a strong resistance level.

It did rally as high as $14,100 overnight, but this was met with some serious selling pressure that sparked a sudden pullback.

Despite this recent movement’s overt strength, there is one group of investors that is shorter on Bitcoin than ever before – hedge funds.

This is revealed in the CME’s latest Commitment of Traders report.

Bitcoin Sees Powerful Uptrend as It Continues Shattering Key Resistance Levels

At the time of writing, Bitcoin is trading up over 2% at its current price of $13,880. This marks a slight decline from its overnight highs of $14,100.

The crypto’s uptrend is showing no signs of slowing down anytime soon, as each selloff has done little to slow the cryptocurrency’s mid-term trend.

If it can end the day above its current price level, it will mark the highest monthly close ever seen by the cryptocurrency in its decade-long history.

CME Report Shows Hedge Fund Net-Short Positions on BTC Hit an ATH

Per the latest Commitment of Traders report put forth by data aggregated Unfolded, while institutions, professional traders, and retail traders are all net-long on Bitcoin, hedge funds have never had this much short exposure.

“27 – October CME BTC Commitments of Traders (COT) report – Open Interest: 12,665 (up +16.2%) – Hedge funds net short new all-time-high – Open interest nearing all time highs.”

Bitcoin

Image Courtesy of Unfolded. Chart via TradingView.

These short positions could act as rocket fuel for a move higher, making them a vital piece of the next leg higher.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/2TIGgDe
Comments

Analyst: Ethereum Could Rally Towards $432 if Bulls Flip One Key Level

10/31/2020

Comments

 
  • Ethereum has continued seeing lackluster price action while Bitcoin rallies past its critical short-term resistance
  • The crypto is on the cusp of flipping its $390 resistance, however, which could give it freedom to rally significantly higher in the short-term
  • One trader is now noting that a surge up towards $432 could be in the cards if ETH can break above its short-term resistance level
  • This would be a significant rally that potentially puts a firm end to its phase of underperformance while BTC explodes higher

Bitcoin has been sucking all the oxygen out of the markets throughout the past couple of weeks, being one of the only cryptocurrencies to post consistent gains while most altcoins – including Ethereum – stagnate.

ETH’s lackluster price action as of late has been quite surprising, as it typically moves in lockstep with BTC.

Its inability to rally has also stopped many smaller altcoins from gaining any momentum, as they have been closely tracking Ethereum’s price action.

This trend may soon shift, however, as ETH is in the process of testing its $390 to $395 resistance.

One analyst contends that a break above this level could be all that is needed for its price to rocket up towards $432.

Ethereum Nears Key Resistance as Bulls Show Signs of Life

At the time of writing, Ethereum is trading up just under 2% at its current price of $389. This is a slight climb from its sub-$380 daily lows set just a handful of hours ago.

The cryptocurrency has long been struggling to break above $390 and $400 – with these two levels both acting as strong resistance in the past.

There’s a decent chance that they’ll continue suppressing its price action in the short-term, but a break above them could put a firm end to the pattern of consolidation and stagnation seen as of late.

Analyst: ETH Could Rally Towards $432 After Breaking One Key Level

While sharing his thoughts on where Ethereum might trend in the near-term, one analyst explained that a break above $395 could send the cryptocurrency up towards $432.

If this breakout does occur, it will also lead ETH past $420 – which is where an influx of selling pressure halted its latest rally.

“If ETH can flip $395 back to support, I think it’s headed straight to $432,” he said while pointing to the below chart.

Ethereum

Image Courtesy of Chase_NL. Source: ETHUSD on TradingView.

The coming day should provide some insights into where Ethereum will trend in the days and weeks ahead.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/320kYFE
Comments

Bitcoin is About to Post Its Highest Monthly Close Ever as Bulls Roar

10/31/2020

Comments

 
  • Bitcoin has seen a strong upsurge throughout the past few hours that allowed it to break above its previous $13,800 resistance level
  • The selling pressure here has proven to be significant on multiple occasions throughout the past year, and today’s break above this level is extremely bullish
  • One trader is now noting that the cryptocurrency is about to see its highest monthly close ever if it can hold above $13,863
  • A strong break above this level will lead it to see some serious gains, and potentially put a move to its all-time highs on the table

Bitcoin is currently outperforming the aggregated crypto market as its price rallies up to its key $13,800 resistance.

It broke well-above this level overnight, hitting highs of $14,100 before losing its momentum and declining back to this level.

If it can flip this resistance into support, it could act as a launchpad that leads it to see significantly further gains.

One trader is now noting that a monthly candle close above $13,863 would also mark the highest monthly close ever seen by BTC.

This would be technically significant and potentially lead it to see serious upside in the days and weeks ahead.

Bitcoin Sees Immense Strength as Bulls Try to Flip Key Resistance

At the time of writing, Bitcoin is trading up just under 2% at its current price of $13,780. This is around the price at which it has been struggling to break above throughout the past week.

It has faced dire rejections here in the past, but today it was briefly able to rally as high as $14,100 before losing its momentum.

It is now imperative that bulls step up and stop the crypto from seeing any intense losses in the near-term and flip this level into support before the monthly candle close tonight.

BTC is About to Post the Highest Monthly Close of All Time 

If Bitcoin can firmly surmount $13,800 and closes its monthly candle tonight above $13,863, this will be the highest monthly close it has ever posted.

One analyst spoke about the significance of this close in a recent tweet, saying:

“We’re 10 hours from the monthly close, and BTC is sitting right on top of the monthly all time high close of $13,863.”

Bitcoin

Image Courtesy of Jonny Moe. Source: BTCUSD on TradingView.

The coming several hours should provide investors with serious insights into Bitcoin’s outlook for the rest of the year.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/37XpNU5
Comments

UTRON DeFi The Advanced Technology Connecting DeFi and Mining

10/31/2020

Comments

 

UTRON DeFi — The Interoperable DeFi liquid yield generator, interconnecting industrial mining capabilities with next generation decentralized finance solutions.

Vision:

UTRON and our future user-friendly ecosystem contribute to the adoption of mining and staking cryptocurrencies with next generation decentralized finance solutions. Blockchain & Decentralized technologies allow us to make a transparent and efficient environment for any users to join and earn in the crypto mining & staking. The advantage is that UTRON DeFi can use industrial mining to bring its own liquidity to the DeFi apps and can provide the DeFi users with stable rewards such as UTX, BTC, ETH, BNB, DOT and others.

DeFi Solutions

UTRON DeFi will launch next generation DeFi Apps combined with industrial mining liquidity. Here are the targeted topics:

– Yield Farming

– Liquidity Mining

– DeFi-Mining-Dashboard

– DeFi-Staking-Platform

– DAPPs – Stable Rewards

Mining:

The team already has 232 GPUs with a strong upward trend due to ongoing revenues. Together with the whole DeFi ecosystem a long term increasing revenue model has been created.

UTRON SWAP:

There are 2 phases of UTRON SWAP: At 1st phase, UTRON will connect JUSTSWAP to make exchange and swap. Then, during 2nd phase, we are going to develop UTRON SWAP project, which is an automated liquidity protocol. There is no need for making offers or matching orders, and there is no intervention of any organization or centralized establishment in the transaction. Managed by smart contracts, each trading pool supports the exchange of tokens, adds liquidity, and essentially maintains x * y = k functionality to ensure the legitimacy of transactions.

UTRON TOKEN:

Here is information about our core drive of the ecosystem for Yield Farming, Liquidity Mining, Staking, fees:

  • Name: UTRON
  • Symbol: UTX
  • Algorithm: TRC-20
  • Concept: Smart Contract
  • Total supply: 200,000,000
  • Consensus Mechanism: Proof-of-stake
  • Transaction load: 3,000 tps
  • Initial price: 0.1 USDT

TOKEN SALES:

There are 2 rounds of Token Sales progress:

  Round 1 Round 2
Time Nov 20, 2020 to Jan 04, 2021 Jan 05, 2021 to Feb 20, 2021
Quantity 50,000,000 50,000,000
Exchange 1 UTX = 0.1 USDT 1 UTX =0.2 USDT
Minimum 1000 UTX 1000 UTX

If the tokens of Round 1 are sold out, Round 2 will be automatically open for sale.

3 months after all rounds are over, the purchased tokens will be unblocked periodically once a month, with 5 times and each time 20% of the tokens.

TOKEN STAKING PROGRAM:

After purchasing UTX, the holders can participate in the UTX staking program immediately with a minimum amount of 50%. At PAYOUT CASH BACK, the staking holders can get the initial tokens invested in Farming. They can earn more profits by reinvestment in this program.

The staking holders can receive the token daily staking reward immediately after participating in the staking program.

AIRDROP:

1.    Join telegram channel & group –Member registration via t.me/utron_official_bot: + 50 UTX (~5 USDT)

2.   Invite 10 friends to join our airdrop program via your referral link, then you will receive 500 UTX and be allowed to swap those immediately. The more referral members register, the more commission you earn.

3.   Make blog/facebook/twitter article reviews of total project (~300-500 words)

(active blog with regular written articles and active facebook/twitter with more than 200 friends) : + 200 UTX (20 USDT)

4.    Make Youtube video reviews of total project (>3 min): +300 UTX (30 USDT)

5. Earn 10% of direct commission when the referral members purchase UTX during token sale.

Airdrop Submission Form: http://bit.ly/utronairdropform

The tokens gained from airdrop, bounty, affiliate marketing programs can be used at the holders’ disposal, without being subject to control or lock.

If you have any question, please contact us by these links:

  • Website: https://utron.io
  • Twitter: https://twitter.com/utron_defi
  • Telegram Channel: t.me/utron_official_channel
  • Telegram Group: t.me/utron_official

Utron Introduction: Https://utron.io/Utron-presentation

The post UTRON DeFi – The Advanced Technology Connecting DeFi and Mining appeared first on NullTX.



via NullTX https://ift.tt/320rVGP
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Bitcoin Funding Rates Hold Negative Increasing Chances of Short Squeeze

10/30/2020

Comments

 
  • Bitcoin has begun to consolidate above $13,000.
  • Despite this bullish trend, most Bitcoin funding rates on leading futures exchanges currently are negative.
  • The current Bitcoin futures funding rates are bearish on Binance, BitMEX, and OKEx.

Bitcoin Funding Rates Still Negative

Bitcoin has begun to consolidate above $13,000. $13,000 has long been an important level for Bitcoin, making this consolidation important for the bull case. The cryptocurrency currently trades for $13,500, above the aforementioned support level.

In a continued win for bulls, most Bitcoin funding rates on leading futures exchanges currently are negative. The funding rate is the fee that long positions pay short positions on a recurring basis to keep the price of the future close to the spot market.

According to ByBt, a crypto derivatives tracker, the current Bitcoin futures funding rates are bearish on Binance, BitMEX, and OKEx.

While this indicates that there may be more aggressive shorts than longs, the negative funding rate increases the chance that there is a short squeeze. More simply, it increases the incentive for short holders to close their positions to avoid paying the funding rate to longs.

Analysts Expect Upside

Analysts in the space expect upside as Bitcoin begins to coil for a breakout on a macro scale, having taken $13,000 as support.

Raoul Pal, CEO of Real Vision and a Wall Street veteran, recently said the following on Bitcoin’s outlook:

“The macro, flows, technology, demography and societal strains have all converged to this moment in time and the definite answer from markets is – #bitcoin. I get this sounds a little evangelical but Im struggling to see it any other way right now.”

This has been echoed by Tyler Winklevoss, one of the two Winklevoss Twins that launched Gemini and are now Bitcoin billionaires. He said:

“I do think we will see an all-time-high price for #Bitcoin before 2020 is over. Even though the price has climbed from 10k to almost 14k in less than a month, it hasn’t really gone on a breakout run yet. When we start to see 3-5k surges then the bulls will be on the run.”

The Winklevoss Twins shared an article indicating that Bitcoin could surge over $100,000 if it manages to take a good amount of gold’s market share.

Featured image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Funding Rates Hold Negative, Increasing Chances of Short Squeeze


Originally from Bitcoinist.com https://ift.tt/2HSwImp
Comments

This Indicator Shows Bitcoin Could Reel to $12500 Before Rallying Higher

10/30/2020

Comments

 
  • Bitcoin has simply been ranging throughout the past few days, with bulls building a strong base of support within the lower-$13,000 region as bears struggle to gain any momentum
  • This support could help catapult it higher in the near-term, but the slight rejection seen at $13,600 yesterday does indicate that downside could be imminent
  • There is one technical indicator that suggests some downside could be right around the corner
  • One analyst spoke about this in a recent tweet, noting that a decline towards $12,500 might take place before Bitcoin can push higher

Bitcoin has been caught within an unrelenting consolidation phase ever since it lost its momentum after being rejected at $13,800.

This level has historical significance, as it happens to be where the cryptocurrency’s 2019 rally came to a bitter end.

The resistance here, coupled with a sudden surge in the US Dollar’s value, caused it to plunge as low as $12,800 before it found serious support that led it back up to where it is currently trading.

Where it trends in the days and weeks ahead should depend largely on whether or not it can continue trading above $13,000.

One analyst is noting that an indicator suggests that a move to $12,500 may need to occur before it can see any further upside.

Bitcoin Consolidates Following Recent Rejection

At the time of writing, Bitcoin is trading down just over 1% at its current price of $13,250. This is around where it has been trading throughout the past few days.

Earlier this week, BTC rallied as high as $13,800 before it lost its momentum and slid as low as $12,800.

The buying pressure here was intense and nearly instantly sparked a rebound.

It still has a way to go before it is back in firm bull territory, as the overhead resistance it faces is quite intense.

Indicator: Decline Towards $12,500 Could Be Imminent 

While sharing his thoughts on where Bitcoin may trend next, one analyst explained that Bitcoin’s Renko chart suggests a move to $12,500 is in the cards.

“The same BTC structure is present on Renko and we’ve still not had the ‘playout’ for the divergence. Still looking for $12.5k in line with the prior moves to the downside after these strong runs. Traditional markets paving the way,” he explained.

Bitcoin

Image Courtesy of Cold Blooded Shiller. Source: BTCUSD on TradingView.

Because altcoins have been bleeding out as Bitcoin consolidates, a potential decline down to $12,500 could spark another bout of capitulation for smaller tokens.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/3eakTnK
Comments

Ethereum at Risk of Major Downside After Failing to Complete Key Pattern

10/30/2020

Comments

 
  • It has been a rough past few days for Ethereum, with Bitcoin’s recent $13,800 rejection sending it plunging below $400
  • It has not been able to gain any strong momentum in the time since, and analysts do believe that this could indicate that further weakness is imminent
  • ETH’s lackluster price action and severe underperformance has been one of the main reasons why other altcoins have been heavily underperforming BTC
  • One analyst is now noting that Ethereum has failed to post a bullish TK cross over the past week, which indicates downside could be imminent
  • That being said, it could still complete this bullish technical formation if it holds above $350 in the coming weeks

Bitcoin, Ethereum, and the aggregated crypto market have seen some rather lackluster price action as of late.

While BTC hovers around its yearly highs, ETH and most other altcoins are still trading well below their highs, which investors exiting them en masse as all the attention shifts to Bitcoin.

The intensity of this selling pressure signals that it may mark capitulation, but it’s hard to say for certain at this point.

One analyst is now noting that Ethereum could be in for further consolidation or downside as its price ranges in the upper-$300 region.

He notes that it just failed to complete a bullish technical formation that was previously in play.

Ethereum Underperforms Bitcoin as Lackluster Price Action Continues

At the time of writing, Ethereum is trading down just under 2% at its current price of $379. This marks a break below the crucial $380 level that has been acting as strong support as of late.

The decline beneath this level – if sustained heading into its daily close – could result in it seeing major downside in the days and weeks ahead.

A break back above this level, however, could prove to be bullish.

Analyst: ETH Fails to Complete Bullish Technical Formation

While sharing his thoughts on Ethereum’s outlook, one analyst said that a bull-favoring TK cross previously in play has since been invalidated.

He notes that another could form if ETH can hold above $350 in the coming few weeks.

“1D ETH: the bad news: could never muster the bullish TK cross. The good news: TK cross still possible over next few weeks if we stay in this 350-400 range,” he said while pointing to the below chart.

Bitcoin

Image Courtesy of Josh Olszewicz. Source: ETHUSD on TradingView.

The coming few days should provide some insights into Ethereum’s short-term outlook.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/31U0ApO
Comments

Kylin Launches Oracles to Protect DeFi Against Financial Data Manipulation

10/30/2020

Comments

 

Kylin Network, a platform developing a cross-chain data infrastructure and the Data Economy 3.0, announced the release of decentralized oracles as part of the first applications of its technology for providing the DeFi market with an accurate, reliable, and cost-effective source of external information. 


The oracles developed by the Kylin Network can remove the risks of cryptocurrency price manipulations or inaccurate data by directly connecting to several reliable sources at once, verifying the information received and feeding to DeFi smart contracts on a real-time basis.

This, according to the project’s developers, will protect DeFi smart contracts, which are very dependent on financial data, against price and data manipulations, adding further security and integrity to the foundations of what some are calling the next financial revolution. 

With Kylin’s solution powered by Polkadot, DeFi smart contracts can now read and analyze information from external sources and make accurate decisions based on the data received. For example, correcting prices, issuing loans, or suspending operations.

Kylin Network can be also used by lending services for collecting financial data from different sources like social media and calculating credit scores and loan rates. This, in turn, will enable the creation of a decentralized governance model and risk control mechanism to promote an equally beneficial relationship between borrowers, creditors, and guarantors.

“A smart contract is not smart unless you get the input right. Therefore, the right source data becomes the most critical infrastructure piece before DeFi can grow from an experiment to compete and eat the traditional finance world”, as stated by Kevin Hsu, the former data scientist in Credit Suisse and the Chief Advisor at Kylin. 

Dylan Dewdney, the CEO, continues, “ultimately, our aim is to build Data Economy 3.0; a validated, decentralized data economy that will have far-reaching implications beyond DeFi, we hope. In contrast to data economies like Google or Facebook, there is no centrality, and through game theory and tokenomics we can compel good actors and info rather than the other way around. Powering DeFi is just the first step. We feel we have moved beyond the oracle to an entirely new business model that nonetheless will include oracle-type services”.

While the majority of existing oracles are centralized, and some popular oracles, such as ChainLink and MakerDAO, have noticeable attack surfaces, as they are tightly controlled by insiders, the Kylin Oracle’s fully decentralized solution can be a breakthrough in the decentralized data market.

A system integrating a data economy 3.0 of fully independent oracles makes it impossible to be used by insiders or manipulators and can, therefore, be a perfect data infrastructure for flourishing DeFi Dapps and apps.

The company also says that by building the network of oracles on Polkadot, it managed to make the cost of the use of validated data feeds the lowest in the market, which is essential for driving real usage. 

Kylin is currently integrating partners within the Polkadot universe to help them build oracle features of their parachains and Dapps. The project plans to launch a full-scale DeFi data infrastructure next year, soon after completing a series of smart contract audits and security tests later this year. Over the two-year period, Kylin aims to create a mature data economy and marketplace where DeFi builders and users can easily and effectively coordinate and manage their data needs for a very competitive fee in addition to other use cases.



Originally from Bitcoinist.com https://ift.tt/2JnJyKn
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How OneSwap (ONES) Stacks Up Against The Rest Of The DeFi Space

10/30/2020

Comments

 

Over the last several months, there’s been a booming trend across the cryptocurrency industry. DeFi is a term on the tips of everyone’s tongues, and investors are pooling huge chunks of their capital in new yielding platforms and tokens. 

It has created a fiery trend of automated market-making platforms emerging literally every single day where liquidity providers pool funds together and swap tokens for a profit. Central to these platforms are tokens that offer the holders several benefits. 

But in the current sea of competition, OneSwap and the recently debuted ONES token seeks to stand out from the crowd with a unique value proposition for those that hold ONES.


What’s OneSwap And How Does It Compare With The Current DeFi Competition?

OneSwap is an innovative new DeFi project that consists of a DEX protocol built on an Ethereum-based ERC-20 smart contract. It offers permission-free token listing and automated market-making.

OneSwap is similar to other platforms that have recently grown in popularity, such as Uniswap and SushiSwap. However, OneSwap focuses more on user experience offering an on-chain order book and limit orders that more closely resemble the comfortable and familiar experience of traditional crypto exchange platforms.

OneSwap also ups the ante through its ONES token. It was designed with ONES integration in mind, which in turn will offer users additional benefits and governance over the protocol. Here’s why ONES makes a world of difference over UNI, SUSHI, and other competitor tokens.

Why ONES Provides Unparalleled Value To DeFi Die-Hards  

On-chain governance is critical to DeFi applications and provides investors with peace of mind through influence in a project. OneSwap has launched the ONES token, enabling ownership transfer and voting rights for governance.

Users with at least 1% of the supply may initiate proposals themselves, and all users holding any amount of ONES can vote on other proposals from the community. Each token nets a user one vote and voting lasts for three days. Proposals are voted in when there are more tokens spent voting yes for the proposal than no.

OneSwap users can also pool liquidity into OneSwap’s capital pool with any stagnant digital assets and earn transaction mining fees as liquidity providers. 60% of the transaction fee obtained from swaps and transactions in OneSwap will be refunded to the liquidity provider. The remaining 40% of transacting fees will be used to repurchase and burn ONES tokens, maintaining a deflationary supply and better value long-term for holders and for the ecosystem.

New Transaction Mining Online. Makers Can Receive ONES as Rewards Through Transactions 

To encourage users to further experience OneSwap’s features and attract more users to participate, thereby enhancing the liquidity of the platform and enriching the incentive mechanism of ONES, OneSwap has re-optimized OneSwap’s mining mechanism and officially launched a new transaction mining function on 28 October. Maker order executed on OneSwap can receive ONES equivalent to 20% of the transaction fees generated by the Taker order as a reward.

Also, OneSwap supports two more mining methods apart from transaction mining -yield farming and referral mining, with ONES token rewards being common to both of them. 

Yield farmers can earn a maximum of 5000 ONES tokens per day. Referral inviters stand a chance to earn ONES tokens equivalent to 20 percent of the transaction fee that the invitee pays for the successful completion of the transaction.

To learn more about OneSwap, the ONES token, and why it stands out in the DeFi space, be sure to check out the official website and DEX.

OneSwap Website: https://www.oneswap.net/ 

OneSwap Twitter: https://twitter.com/OneSwap


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

 



Originally from Bitcoinist.com https://ift.tt/2TDLhNp
Comments

Analyst: Altcoin Downside Extremely Limited as Bitcoin Remains Stable

10/30/2020

Comments

 
  • Bitcoin has been stable in the time following its $13,800 rejection, with bulls gaining some momentum as the cryptocurrency flashes continued signs of strength
  • Although it is not showing any overt signs of weakness at the moment, altcoins have been capitulating throughout the past few days and weeks, with many posting immense losses
  • Analysts are now noting that altcoins may be in the process of forming mid-term bottoms
  • One trader is noting that downside on smaller tokens is “extremely limited” at the moment
  • This means that today’s intense altcoin sell-off may have led many of them into oversold territory, meaning that a strong relief rally is imminent

Bitcoin has been garnering significant amounts of investor attention and funding as of late due to its overt strength.

This has come about largely at the expense of altcoins, which have been caught within unrelenting downtrends that have led investors to see intense losses.

There’s a possibility that further downside could be around the corner if BTC continues gaining dominance over the market, but one analyst isn’t too concerned with this possibility.

He notes that altcoin downside is now limited, adding that he expects most to see upward breakouts in the near-term.

Bitcoin Struggles to Gain Momentum, But Altcoins Continue Selloff 

Bitcoin has been caught within a firm consolidation phase throughout the past few days, trading within the lower-$13,0000 region following the rejection at $13,800.

Bulls have been slowly pushing it higher ever since this rejection took place.

It is now trading up marginally at its current price of $13,330 while the rest of the market drifts lower.

This strength has been brutal for altcoins, especially newer ones that gained attention as a result of the DeFi bull run.

Analyst: Altcoin Downside Now Limited Following Brutal Selloff 

The past few weeks have been brutal for altcoins, many of which have declined by 50% or more as the focus shifts to Bitcoin.

One investor doesn’t expect this trend to persist for too much longer. He is now noting that altcoin downside is extremely limited.

“I could definitely be wrong but I think downside on altcoins is actually limited from here. I still think this breaks to the upside. While the lion’s share of my exposure recently has been BTC, I’m still holding a handful of alts near and dear to me and optimistic on altcoins.”

Bitcoin Altcoins

Image Courtesy of The Crypto Dog. Source: TradingView

Where the entire market trends next does depend somewhat on Bitcoin, but it does appear that today’s intense altcoin selloff may be followed by serious upside.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/35SzQHk
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Bitcoin To Celebrate 12-Year Whitepaper Anniversary With Monthly Close Above $12K

10/30/2020

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Tomorrow marks 12 years since Satoshi Nakamoto distributed a link to a whitepaper entitled Bitcoin: A Peer-to-Peer Electronic Cash System via a cypherpunk cryptography mailing list, and the world has never been the same since.

As the first-ever cryptocurrency is about to celebrate the twelfth anniversary of the whitepaper’s historic release, tomorrow could also be the first monthly close above $12,000 since December 2017 – the only other time it has done so, before coming to a peak and starting the bear market.

Tomorrow Is The 12th Anniversary Of “Bitcoin: A Peer-To-Peer Electronic Cash System”

When Satoshi Nakamoto released Bitcoin into the wild, he birthed a technological and financial revolution. An entire blockchain industry has since developed, along with thousands of altcoins created in its honor.

But there is still only one Bitcoin, with a supply of just 21 million and possibly as few as 17 million left in circulation. The leading cryptocurrency by market cap still dominates the rest of the space and is the first of the bunch to catch institutional investors’ eyes.

RELATED READING | CAN BITCOIN FIX WHAT TOP ECONOMISTS SAY CENTRAL BANKS CANNOT SOLVE?

The only trace of Bitcoin earlier than the whitepaper’s distribution was the domain name bitcoin.org being registered in August 2008. But it wasn’t until October 31 of that year, that Nakamoto revealed his plan to disrupt the failing fiat currency system with the first-ever digital currency that was able to solve the double-spend issue plaguing previous attempts.

Running bitcoin

— halfin (@halfin) January 11, 2009

The whitepaper was carefully sent through a cypherpunk focused cryptography mailing list – to those that would find the project interesting and consider getting involved. The list included the likes of the late Hal Finney, who received the first-ever BTC transaction directly from Satoshi. Some even believe Finny perhaps was Satoshi, but the true identity of Bitcoin’s creator even today remains shrouded in mystery some 12 years later.

In January 2009, Satoshi released the open-source code and mined the “genesis block,” and Bitcoin has been running ever since.

bitcoin whitepaper btc crypto 12 years

Twelve years since the Bitcoin whitepaper and $12,000 later | Source: BTCUSD on TradingView.com

First-Ever Cryptocurrency Faces Crucial Monthly Close Above $12,000

While $10,000 was admittedly an important level for Bitcoin, $12,000 was the trigger that sent the cryptocurrency soaring to current levels and a level that Bitcoin has only closed one monthly candle above ever – in December 2017.

That month, the cryptocurrency rocketed to $20,000 and captured the imagination of the world who first caught wind of its potential. Late FOMO hurt the asset’s reputation, and it fell into a bear market.

The bear market first began with a close below $12,000, and the crypto asset was never again able to close a monthly candle above $12,000.

RELATED READING | DEUTSCHE BANK WARNS OF DISASTER WORSE THAN PANDEMIC THAT COULD COMPLETELY KILL BITCOIN

Now, at the whitepaper’s twelfth anniversary, Bitcoin is appropriately close to closing above $12,000 on monthly timeframes for the first time. With the daily close only a day away, there’s a chance Bitcoin could close the monthly above $13,000 or $14,000, but it is $12,000 that truly matters.

As pictured above, the number 12 has been important to Bitcoin in the past and it could be due to a bizarre relationship with an ancient Babylonian sexagesimal math system.

It is also far more fitting of a finish to what has been 12 years of growth, at a rate of roughly $1,000 per year so far. And with the bull market only just starting with a monthly close above $12,000, that growth rate is about to accelerate significantly, now that the young cryptocurrency begins to enter its tumultuous teenage years.

Featured image from Deposit Photos, Chart from TradingView.com


Originally from Bitcoinist.com https://ift.tt/3mGuB4x
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Bitcoin Just Rejected $13600and That Could Trigger a Move Lower

10/30/2020

Comments

 
  • Bitcoin has undergone a strong rejection at $13,600 after an attempted breakout on Thursday afternoon.
  • The coin currently trades for $13,200, more than $400 below the aforementioned highs.
  • Analysts think that this failed breakout may be a precursor to more losses.
  • One noted that Bitcoin will see “more of a pullback” in the near future.
  • The chart shared with this statement depicts that key levels to watch will be a number of supports around $13,000, then more notable levels toward $12,500 and then $12,000.

Bitcoin Fails to Pass $13,600

Bitcoin has undergone a strong rejection at $13,600 after an attempted breakout on Thursday afternoon. The cryptocurrency has since returned to $13,200 as of this article’s writing, basically reversing the attempted breakout.

While all this price action is granular, analysts think that it may be a precursor to a further move lower.

A crypto-asset analyst shared the chart seen below on October 29th. It shows that Bitcoin failed to cleanly make a move above the $13,600 region during this thrust higher. This failure suggests the cryptocurrency could see “more of a pullback” in the near future.

The chart depicts that should Bitcoin slide lower, key levels to watch will be a number of supports around $13,000, then more notable levels toward $12,500 and then $12,000. $12,000 is where the weekly support-resistance flip is, making it an important level to watch:

“$BTC Looking like we might be getting a lower high here before more of a pullback. Have a few levels where I’ll be looking to buy the dip (on other coins as well). I’ll keep you guys posted!”

Image

Chart of BTC's price action over the past two weeks with an analysis by crypto trader Trader Koz (@traderkoz on Twitter).
Source: BTCUSD from TradingView.com

BTC might be getting dragged lower by the flagging stock market. The S&P 500 and Dow Jones have declined over the past few days as a result of some uncertainty about the election and about the ongoing pandemic that is reaching new heights.

Bitcoin still seems to be somewhat affected by movements in the traditional market. However, the effect is starting to decrease as the leading cryptocurrency continues to have external and internal catalysts that drive it higher.

The PayPal Effect

Underscoring Bitcoin’s price action in the longer run, though, are fundamental trends set to take prices higher.

For one, it is still settling in that PayPal, one of the world’s most important fintech companies, is working actively in crypto. The company now supports Bitcoin purchases and sales, along with digital asset payments to come.

The company is also believed to be looking to acquire crypto companies to further its entry into the space.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Just Rejected $13,600, and That Could Trigger a Move Under $13k


Originally from Bitcoinist.com https://ift.tt/3jJc8SV
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Double Top Warning in S&P 500 Pressures Bitcoin Lower

10/30/2020

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Bitcoin is entering a period of uncertainty amid a growing conflict between its fundamental bullish mood and bearish technical setup.

The benchmark cryptocurrency has attracted hundreds of millions of dollars worth of capital from corporations that see it as a hedge against a potentially weaker US dollar. At the same time, Bitcoin’s erratic positive correlation with the US stock market–especially the benchmark S&P 500 index–exposes it to an uncertain macro sentiment.

Bitcoin, BTCUSD, XBTUSD, cryptocurrency, S&P 500

Bitcoin-S&P 500 correlation chart. Source: BTCUSD on Coinbase

The latest round of worries emerges from a potential “double top” formation in the S&P 500 chart. Veteran investor Mark Mobius highlighted the bearish technical indicator during his latest interview with CNBC’s Squawk Box Europe, calling it dangerous for the US benchmark index altogether.

The Real Fuss

In retrospect, a Double Top pattern starts appearing when an asset’s price form two consecutive highs separated by a moderate decline in between. Nevertheless, it only gets confirmed if the price breaks below the support level that holds the said two peaks.

The S&P 500 formed two peak levels that fit the description of a double top. On September 2, the index topped at 3,588 points, only to correct lower to 3,209 by September 24. It climbed once again after forming the sessional low, this time inching higher up to 3,549.

But, selling pressure ensured, and the S&P 500 fell all over again.

S&P 500, spx, Bitcoin, cryptocurrency, BTCUSD

S&P 500 is looking to retest the support level reached during the intermittent low. Source: SPX on TradingView.com

The index is now looking at $3,209 – the previous intermittent low – for a retest. If the price breaks below the level, then it will confirm the Double Top. That would effectively put the S&P 500 en route to the downside target about 350 points lower – calculated as per the height between the Double Top’s peak and support.

The Big Bitcoin Trouble

A fall in the S&P 500, especially amid a hung coronavirus stimulus package, could repeat the March 2020 scenario.

Back then, investors sold their profitable safe-haven holdings like gold and Bitcoin to seek cash to cover their margin calls in the stock market. And now, with no capital injection from the US government, the fractal risks repeating.

Analysts believe that there would be a stimulus sooner or later. But the prospects of it getting finalized relies entirely on how the November 3 presidential election plays out. Donald Trump has already warned that he won’t accept a defeat from its competitor Joe Biden that easily, citing his fears of election fraud via mail voting.

Mr. Mobius highlighted the same worries in his comments to CNBC, stating:

“It is interesting if you are a technician, you look at the S&P 500 and it looks like a double top is forming, which is quite dangerous, so I think people are quite concerned not only about who will win, but whether there is going to be a hung election.”

Therefore, Bitcoin could remain at risk of correcting lower thanks to its dependence on the S&P 500 for determining trends.



Originally from Bitcoinist.com https://ift.tt/3kUBbUF
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Bitcoin Wave Fractal Points to Price Correction Towards $12K

10/29/2020

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Bitcoin bears should prepare for its price to drop towards $12,000.

The bearish analogy borrows evidence from an eerily accurate fractal on the cusp of repeating for the third time since March 2020. The said pattern is an upside parabola. Bitcoin ascends every time while treating it as support. The cryptocurrency then breaks below it, only to find a credible support level later.

From there, Bitcoin consolidates sideways while also treating the parabola’s peak as its resistance level. The cryptocurrency eventually breaks out of the range, forms another upside parabola, and repeat. Only this time, the previous resistance flips into support.

cryptocurrency, Bitcoin, BTCUSD, XBTUSD, BTCUSDT

Bitcoin Wave Fractals illustration. Source: BTCUSD on TradingView.com

As a result, Bitcoin now has two complete fractals: ‘Wave 1’ and ‘Wave 2.’ And now, it is halfway through completing the third one, dubbed as ‘Wave 3.’

The trade outlook is evident in the chart above. Bitcoin maintains support above bullish Wave 3. A high selling sentiment ensues at the top levels that cause a price correction. Bitcoin breaks below Wave 3 and sets its downside target towards at least $12,153, which is the top of the previous wave – and now serving as support.

Nevertheless, the cryptocurrency finds a credible price floor at $12,153.

The level prompts traders/investors to reposition their bullish targets. As a result, they accumulate Bitcoin while setting their initial sell-off level at $13,845, the top of Wave 3. Traders then eye an extended consolidation between $12,153 and $13,845, followed by an upside breakout move that forms Wave 4.

Fundamentally Correct

The apprehensively possible consolidation phase expects to come ahead of the November 3 presidential election. As covered earlier, uncertainty over the outcome of the Donald Trump vs. Joe Biden standoff has kept investors cautious about putting all their money in risky, as well as safe-haven assets.

One day, the market is going upward, only to see it correcting lower the next day. There is a short-term bias conflict that depends on how the election plays out. Part of the reason is the long-delayed stimulus deal. Both the Democrats and the Republicans have entered a political deadlock over the release of the next coronavirus fiscal relief.

Bitcoin traders are watching the developments in the US political space closely for the very same reason. The cryptocurrency surged by more than 200 percent after the first fiscal aid of roughly $3 trillion. That itself serves as a fundamental fractal, suggesting a big Bitcoin rally would follow once the US chooses its president.

Trump wins = brrr

Biden wins = brrr

Either way, bitcoin wins

— Barry Silbert (@BarrySilbert) October 28, 2020

Technically, Bitcoin could form ‘Wave 4’ after the election, flipping $13,845 into a support level.

Bitcoin Downside Risks

Despite strong fundamentals, a misbalance in the long/short ratio of Bitcoin derivatives risks putting bulls on the wrong side of the trade. A surprise sell-off led by whales could end up liquidating long positions, thereby causing further panic-selling across the market.



Originally from Bitcoinist.com https://ift.tt/37RPIfR
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Crucial Macro Bitcoin Indicator Just Printed a Buy Signal

10/29/2020

Comments

 
  • Bitcoin has undergone a strong rally over the past two weeks.
  • An analyst noted that one of their custom indicators formed a “buy” for the third time in the past few months.
  • This indicator is important as it has predicted critical retracements and rallies.

Bitcoin Printed a Macro Buy Signal

Bitcoin has undergone a strong rally over the past two weeks. But technical trends show that the coin could surge even further in the weeks and months ahead.

One crypto-asset trader and Youtuber shared the chart below on October 28th. It shows that an important technical indicator formed a “buy” for the third time in the past few months.

This indicator is important as it has predicted critical retracements. Near the highs of February, a sell signal was printed, which was followed by a strong decrease toward $3,500 from above $10,000. The indicator also printed a series of buy signals during retracements during the previous exponential rally of 2016-2017.

This shows that Bitcoin has room to move higher in the weeks and months ahead.

Image

Chart of BTC's price action over the past few years with analysis by crypto trader Weeknight (@imweeknight on Twitter). 
Source: BTCUSD from TradingView.com

This isn’t the only signal indicating that Bitcoin is on the verge of entering a macro uptrend.

Josh Olszewicz, a crypto-asset analyst, shared this chart below prior to the latest leg higher. It shows that Bitcoin recently formed a bullish TK Cross as per the Ichimoku Cloud indicator on the one-day chart.

Analysis by Olszewicz indicates that the Ichimoku Cloud on the daily has touted an extremely positive hit rate as per historical market data.

Another chart he shared showed that the indicator has had an 80% hit rate since the 2013 rally. For instance, before the surge towards the all-time high at $20,000, Bitcoin formed a similar bullish crossover to the one seen below.

Image

Chart of BTC's price action over the past few months with analysis by crypto trader Josh Olszewicz.
Source: BTCUSD from TradingView.com

Short-Term Retracement Possible?

JPMorgan suggests that a retracement is possible in the near term.

The firm’s analysts wrote on the matter that their open interest indicator for the Bitcoin futures market on the CME shows the asset is overbought:

“To infer positioning in bitcoin futures, we use our open interest position proxy methodology, where we look at the cumulative weekly absolute changes in the open interest multiplied by the sign of the futures price change every week.”

Other trends such as the extreme profitability by Bitcoin traders also show that the asset is overbought in the near term.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Crucial Macro Bitcoin Indicator Just Printed a "Buy" Signal


Originally from Bitcoinist.com https://ift.tt/31Vgxw9
Comments

Binance Funding Remains Negative Providing Rocket Fuel for Bitcoin

10/29/2020

Comments

 
  • Bitcoin’s short-term trend has grown somewhat unclear as of late, with the cryptocurrency being unable to extend its momentum past $13,800
  • This level has historical significance, as it is where BTC’s uptrend stalled back in the summer of 2019 when it rallied
  • The sharp rise in the US Dollar’s value that took place yesterday may have been what sparked this movement
  • Despite it now consolidating at just above $13,000 as bulls and bears reach an impasse, one analyst is pointing to an interesting trend in Binance that is bullish
  • He notes that funding rates on the platform remain negative, pointing to a “ridiculously bearish” sentiment that could help fuel a BTC rally

Bitcoin and the entire crypto market are seeing somewhat lackluster price action today, marking an extension of the consolidation phase seen throughout the day yesterday.

This sideways trading has come about close on the heels of the recent rejection at $13,800 that struck a blow to Bitcoin’s massive momentum.

Despite this rejection’s overt bearishness, an extremely negative sentiment amongst traders indicates that it could still be poised to see another push higher.

One analyst points to funding rates on Binance as a reliable sentiment indicator, noting that he is expecting upside.

Bitcoin Trades Around $13,000 as Momentum Stalls 

At the time of writing, Bitcoin is trading down just under 1% at its current price of $13,150. This is around where it has been trading throughout the past 24-hours.

Yesterday, bears did spark a move down to the cryptocurrency’s critical support at $12,800, but the buying pressure here was intense and helped slow its descent.

As long as bulls continue defending against a drop below $13,000, then upside could be imminent in the near-term.

This Trend on Binance Bodes Well for BTC 

One trader recently pointed to negative funding on Binance as a positive development for Bitcoin, noting that this indicates investor sentiment is widely bearish despite the recent push higher.

He also adds that those shorting Bitcoin’s strength as “asking to get rekt” – adding that upside is likely imminent.

“Binance funding being negative is a pretty big deal. Just sayin. A bunch of plebs are gonna get their lunch money taken away soon
 When funding is negative on USDT collateral perps people are basically selling BTC they don’t own –> ridiculous bearish sentiment (people asking to get rekt).”

Bitcoin

Image Courtesy of Byzantine General.

These mounting short positions could act as fuel for a move higher in the days and weeks ahead.

Featured image from Unsplash.
BTCUSD pricing data from TradingView.


Originally from Bitcoinist.com https://ift.tt/2TFlIvi
Comments

Ethereums Macro Outlook is Ultra Bullish Despite Recent Turbulence

10/29/2020

Comments

 
  • Ethereum has been closely tracking Bitcoin’s price action throughout the past couple of days
  • This has caused it to see a notable selloff, with bulls and bears now reaching an impasse as it trades just above its crucial $380 support level
  • A continued defense of this level is key if bulls want to fuel a move higher in the near-term
  • One analyst is now noting that the cryptocurrency’s macro outlook is ultra-bullish despite the recent selloff
  • That being said, he also notes that a bout of choppy trading lies ahead, which could seriously damage short-term trend traders

Ethereum and most other digital assets have been consolidating above their respective support levels following the recent selloff.

This selloff came about due to Bitcoin’s inability to break above its $13,800 resistance, which is a level that has held strong throughout the past few days and weeks.

If this level continues halting its growth in the future, it could act as a mid-term top.

While looking towards Ethereum’s market structure, one analyst noted that it remains highly bullish despite the turbulence seen as of late.

He said that he expects a period of immense chop and turbulence, followed by a strong upside movement.

Ethereum Hovers Above $380 Support as Consolidation Phase Kicks Off

At the time of writing, Ethereum is trading down just over 1% at its current price of $384. This is around the price at which it has been trading for the past day.

$380 is a crucial level for the cryptocurrency, and breaks above/below it have marked the start of mid-term trends in the past.

So long as it continues defending against a break below this level, there’s a strong possibility that upside could be imminent.

Analyst: ETH’s Macro Outlook Remains Highly Bullish 

Despite the weakness seen over the past week, one analyst noted that Ethereum’s macro market structure is working in bulls’ favor.

He does note that there may be a bout of choppy trading ahead, which could damage investor sentiment and muddy its outlook.

“ETH / USD: Looking
super bullish to me, HTF looking great. LTF traders likely to get rekt from the chop ahead. Take a deep breath, and repeat after me ‘HTF trend remains bullish’, this is the only thing im focused on right now.”

Ethereum

Image Courtesy of Cactus. Source: ETHUSD on TradingView.

How Ethereum trends will likely depend on Bitcoin, making it vital for the benchmark crypto to stabilize and push higher for ETH to maintain its strength.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/3oyBSoN
Comments

Heres How the U.S. Dollars Macro Bearishness Could Send Bitcoin Flying

10/29/2020

Comments

 
  • Bitcoin is currently consolidating following its sharp decline seen yesterday
  • The cryptocurrency is lacking momentum as its bulls and bears both seem to reach an impasse, which has struck a blow to its technical outlook
  • One of the main reasons why BTC saw such a harsh rejection at $13,800 was due to a sudden surge in the US Dollar’s value seen yesterday
  • This sent shockwaves throughout the market and stopped BTC from breaking the resistance it was consolidating against
  • One analyst is noting that Bitcoin’s persistent inverse correlation to the USD’s value is a positive thing because it is expressing signs of immense macro weakness

Bitcoin and the aggregated crypto market are struggling to gain any momentum at the moment, with yesterday’s selloff striking a serious blow to the uptrend seen throughout the past few days and weeks.

Buyers have ardently defended against a sustained break below $13,000, with each decline to this level being met with significant buying pressure.

One factor that could help send BTC higher in the near-term is its inverse correlation with the US Dollar.

Although this may have been part of the reason why it saw such a harsh decline from $13,800, the fiat currency’s macro weakness could act as rocket fuel for Bitcoin – according to one analyst.

Bitcoin Consolidates as Bulls Try to Absorb Selling Pressure

At the time of writing, Bitcoin is trading down just over 1% at its current price o $13,130. This is around the price at which it has been trading throughout the past day.

Each attempt by bears to push it below $13,000 has been met with serious buying pressure, showing that bulls are still vying for control over its short-term trend.

Where it trends next may depend somewhat on the US Dollar Currency Index (DXY) – as its mounting volatility is beginning to influence Bitcoin.

Analyst: USD’s Value Could Soon Send BTC Rocketing Higher 

While sharing his thoughts on where the market might trend in the near-term, one analyst offered an optimistic outlook.

He points to a weak technical structure seen by the DXY, noting that this could bolster Bitcoin.

“I think the dxy is still macro bearish and anyone saying otherwise is tripping balls. Imo we go sideways and consolidate before taking out the 91 and making new lows. In the big scheme of things this is good for btc, however we will have dips along the way,” he said.

Bitcoin

Image Courtesy of @SmartContracter. Source: DXY on TradingView.

How Bitcoin trends in the coming few days may depend on whether bulls can gain an edge over bears, but the DXY may largely determine its macro trend.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/3kLQRcM
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Ten Telltale Signs Of Stocks Topping Resemble DeFi And Crypto

10/29/2020

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The stock market bubble is popping, according to most top economists and financial analysts. In a new note to investors, a well-known capital manager has revealed the ten telltale signs that the stock market has indeed topped. But it is the fact that these signs also match the recent DeFi trend that took over crypto in the last several months that should have cryptocurrency investors spooked.

If DeFi and crypto are also in a bubble that’s popping alongside stocks, could things get dangerous across the crypto market once again especially surrounding DeFi coins?

As Stocks Stumble, Analysts Claim Telltale Tech Bubble Is Finally Popping

Greenlight Capital founder David Einhorn sent a letter to investors this week claiming that the top is in for the stock market, and now that sentiment is shifting, to brace for impact.

“The decline starts and the psychology shifts from greed to complacency to worry to panic,” Einhorn revealed. When panic finally kicks in, a second-leg down similar to the stock market in 1929 is possible that makes this year’s Black Thursday look like a walk in the park.

RELATED READING | DOLLAR INDEX FRACTAL SUGGESTS AN INCREDIBLE ALTCOIN SEASON IS ON THE HORIZON

With company valuations likely to decline for the foreseeable future, stock market gains have been tapped, and the air is about to come out. Einhorn says that the current markets show all the telltale signs of a stock market bubble. These signs include the recent IPO mania, a large concentration in a single sector, and “increased participation of retail investors, who appear focused on the best-performing names.”

Sound familiar? Because if it does, these signs and the rest of the list of warnings very closely match the exuberance during the peak DeFi phase.

How The DeFi Mini-Bubble Could Cause A Crypto Collapse Alongside Stocks

Crypto analysts claim that Bitcoin is slowly but surely decoupling from the recent stock market correlation. But if the stock market bubble bursts and the selloff again turns violent, crypto could come crashing down again along with it.

And while it is very well Bitcoin continues to do well and decouple, altcoins and DeFi could be in for a dangerous future.

Einhorn says that the stock bubble includes an IPO mania where new companies go public wish shares. This doesn’t exist in crypto, but the newly launched DeFi tokens on platforms like Uniswap and others are the closest thing to it.

Next, he calls out “extraordinary valuations and new metrics for valuations” such a DeFi’s total value locked.  Third, he points to a single sector soaking up most of the interest, which is exactly what decentralized finance has done.

RELATED READING | DECOUPLED: ANALYZING BITCOIN DIVERGING AWAY FROM THE STOCK MARKET

“Second-tier” stocks suddenly will have S&P 500 style valuations, similar to what Aave and Chainlink have done by rising the ranks to the top of CoinMarketCap. “The more fanciful and distant the narrative, it seems the better the stock performs,” also matches the bizarre trend toward food-named coins with oddball use cases or no reason to exist at all.

Einhorn even calls out companies accused of fraud outperforming others, which isn’t uncommon in the crypto space, and “an outsized reaction to stock splits.” Tokens rarely split up their supplies, but a comparable event could be the creation of new UNI tokens, which caused a frenzy of FOMO across the crypto market.

Moving along, the next sign is increased retail participation “who appear focused on the best-performing names.” The several YFI knock-offs prove this theory correct.

defi parabola aaveusd lendusd aaveusd

Aave is a prime example of a DeFi token gone parabolic during the irrational exuberance of a bubble | Source: AAVEUSD on TradingView.com

Finally, Einhorn points to a parabolic ascent supported by trading volume in speculative instruments. The launch of DeFi related contracts where traders can long and short a basket of tokens helped turn the tides on the trend and kick off losses.

There are also few more prominent examples of parabola, than the DeFi token Aave, which grew over 23,000% from bottom to peak during the climb. That parabolic curve has been broken, but losses have not yet picked up suggesting that the bubble hasn’t yet burst, and capitulation volume will soon arrive.

Featured image from Deposit Photos, Charts from TradingView.com


Originally from Bitcoinist.com https://ift.tt/35JeEUm
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Why should traders and investors trade cryptocurrencies with a CFD broker like Moneta Markets?

10/29/2020

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Cryptocurrencies have risen in popularity at an exponential rate over the past few years, and while it’s somewhat romanticized by many because of their disconnection between banks and institutions, traders and investors are increasingly wanting the security of having regulatory protection when trading cryptos. As a regulated CFD broker, we’re able to offer them access to crypto markets via our crypto CFD products. We’ve seen a number of crypto exchanges hacked over the past several years with hundreds of millions of dollars worth of tokens stolen that are unable to ever be recovered, and by offering crypto CFDs we’re able to provide a safe and regulated environment for clients to capitalise on the price movements of cryptocurrencies.

Also, depending on the region, an increasing number of financial institutions block or refuse transactions from Crypto exchanges, so for an investor or trader wanting to gain exposure to the crypto markets it’s increasingly difficult to withdraw funds from an exchange. By offering crypto CFDs we are offering clients who want exposure to crypto markets a safe and secure environment to do so with no barriers for withdrawing their funds if and when they choose to.

Another advantage of trading crypto CFDs with Moneta Markets is that there’s the potential to profit regardless of the direction, so traders of all styles can take advantage of rising prices by trading long, as well as capitalising on falling prices by short selling. And, because Moneta Markets’ crypto CFDs are leveraged, traders are able to capitalise not only from smaller market movements, but increased market exposure with lower trading capital.

Moneta Markets also offer cryptocurrency deposits in addition to fiat, why was this introduced?

A key component of Moneta Markets’ brand proposition is that we’re a client-centric FinTech company. As such, it’s imperative that we are able to live up to that claim by meeting and exceeding the expectations of our clients when it comes to keeping up with new technologies, and even more so when it comes to a game-changing technology such as cryptocurrencies.

Cryptocurrencies are here to stay, they’re the future of financial transactions so it makes perfect sense to be able to offer our clients the option to fund their account using cryptos, and to be honest I’m quite surprised that we are one of the few CFD brokers to offer cryptocurrency as an option for deposits and withdrawals.

The demand to implement crypto account funding came not only from the appeal as their own tradable product, but many clients quite like the fact that they don’t need to disclose their bank account or credit card details to fund their trading account. Also, it’s just so accessible – there are no international borders when it comes to cryptocurrencies and costs are typically extremely low, if not zero.

At the end of the day, it all comes down to giving clients what they want, as well as making it as easy as possible for them to access the products that they want to trade.

You mentioned being client-centric, what does that mean to you?

Moneta Markets was created specifically to cater to traders who want to access a wide range of products through our next-generation WebTrader platform. Traders are tired of the clunky old MT4/MT5 model which has failed to evolve with the industry. By leveraging the best in web-based technology we’re able to offer traders access to global markets across any operating system and mobile device, wherever there’s an internet connection.

We worked tirelessly to create a product that is the direct result of client feedback received over the past 10+ years. As touched on above, offering crypto CFDs to trade as well as cryptocurrency funding was all part of this feedback, and as we continue to receive feedback whether related to introducing new crypto CFDs and funding methods via new tokens/coins, feedback surrounding our trading platform, or any other component of our business, we’ll continue to build upon what we offer, to create the perfect trading environment for traders of all instruments.

What does the future hold for Moneta Markets, and the industry at large?

We’re in the middle of a major transitional period in global markets, and it’s quite exciting. Many followers of cryptocurrency subscribe to the idea that it will eventually replace fiat currency, and while this idea also has its fair share of critics, it’s here to stay in some capacity and I think it would be foolish to think otherwise. While I don’t think we’ll see the death of fiat any time soon, especially when it comes to Forex and foreign exchange in general, it is important that we continue to make cryptocurrencies available for clients, and include cryptocurrency as an accepted method for account deposits and withdrawals.

For us as a broker, we are excited about how things are continually evolving within not only the crypto space but the FinTech sector, and as a company that thrives off innovation, we look forward to adapting with it. The CFD industry is fast-paced, and as a tech-driven company we’re thrilled to be a part of something as revolutionary as the ‘crypto era’ and we look forward to seeing the true potential of not only cryptocurrencies but blockchain technology as a whole.

The post Why should traders and investors trade cryptocurrencies with a CFD broker like Moneta Markets? appeared first on NullTX.



via NullTX https://ift.tt/37QyGyM
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9 Crypto and Blockchain Firms That Are Hiring Right Now: November Edition

10/29/2020

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https://ift.tt/37SZgHp

There’s no getting around it: the jobs market is tough. More so than ever, budding candidates must set themselves apart from the competition and network tirelessly, even if it means doing so from behind a laptop screen. 

Despite the economic difficulties many countries are facing — and the resultant impact on the jobs market in most industries — the good news is that demand for crypto specialists hasn’t really let up. And with strong evidence that we’ve entered another bull cycle, don’t expect that trend to reverse anytime soon. From strategists and UX developers to operations managers and marketing gurus, blockchain jobs vacancies are popping up all over the place. 

Here’s a snapshot of openings in the crypto world as of November 2020.

If you’re looking for a fresh challenge, cast your eyes over this scattering of current job openings curated by CryptoJobsList and CMC.

CoinMarketCap: Marketing Manager, Engineers and More

CoinMarketCap is the number one trusted aggregator of crypto asset and exchange rankings, with a mission to make crypto discoverable and understandable globally. Launched in 2013 and employing a fully remote workforce, CoinMarketCap was acquired by Binance Capital Management in April 2020, though it continues to operate independently from its parent company.

At the present time, CoinMarketCap is recruiting a marketing and community engagement manager, a listing operations analyst (volunteer), a site reliability engineer, a tools engineer, a front end engineer and a full stack engineer.

If you’re passionate about crypto and learning new things, CoinMarketCap is the place for you!

Frontend Engineer at Dune Analytics | Remote

Dune Analytics is stepping up the hunt for a frontend engineer to help them capitalize on recent explosive growth. Founded in Oslo, Norway by Fredrik Haga and Mats Julian Olsen in 2018, the startup makes it easy for anyone to instantly and seamlessly analyze Ethereum data and share their impressions with the community. Last month, the firm raised $2m with backing from VC funds like Hashed, Multicoin Capital, Coinbase Ventures and Dragonfly Capital.

The candidate will be joining a tight-knit team, and with that in mind Fredrik and Mats are looking for someone who is independent, communicative and curious, with a knack for writing well-tested, production-quality code. The ideal candidate will have experience hosting and running code in production, preferably with Kubernetes, and will be comfortable working with the entire Dune stack, with a focus on the web app and APIs powering it. If you enjoy React and Next.js and know Typescript like the back of your hand, why not throw your hat in the ring?

Director, Developer Relations at Ripple | San Francisco, CA or Remote

An experienced director is sought at Ripple, the global payment firm whose native asset, XRP, is a top five cryptocurrency by market cap. Ripple enables financial institutions to quickly and cost-effectively process customer payments, regardless of their location. Although the company has offices in San Francisco, New York, Washington D.C., London, Dubai, Mumbai, Singapore, SĂŁo Paulo and ReykjavĂ­k, the duties of this particular post can be executed remotely.

The director of developer relations will be tasked with conceiving and leading initiatives to engage, support and grow the worldwide XRP community of developers, acting as a vital link between devs and Ripple’s product and engineering team. The focus will be on RippleX, the company’s open platform for money. The preferred candidate will have a dozen plus years’ experience including five in a developer or developer management/relations role; the ability to translate complex technical information into narratives; and a natural enthusiasm for product management and engineering. An avid interest in Ripple’s payment problem solving would be a bonus.

Ripple is also seeking a senior software engineer, to be based either in New York or San Francisco. The individual will own the tech strategy of RippleX’s developer SDK, drive execution of technical vision, extend the SDK to support additional languages beyond NodeJS, Swift and Java and pioneer new use cases for XRP. Due to the role’s seniority, the post-holder should also be comfortable with mentoring others and leading from the front. A solid track record of working on open-source projects and/or API-driven businesses is key, with a passion for getting under the hood of blockchain a major plus.

Operations Manager at Unstoppable Domains | USA

Unstoppable Domains is a small but fast-growing team of entrepreneurs, developers and crypto enthusiasts, fiercely committed to building domain extensions (like .com or .info) on blockchains and simplifying blockchain-based payments. Headquartered in San Francisco and with another office in Kyiv, the startup is backed by Draper Associates and Boost VC and has received grants from the Ethereum Foundation and the Zilliqa Foundation.

As a reflection of the company’s startling growth, Unstoppable Domains is planning to scale up from 20 to 80 employees in the next 18 months, and a remote operations manager is needed to oversee process improvement, recruitment and organization design. Reporting directly to the CEO Matthew Gould, the candidate will be proficient with management systems with excellent verbal and written communication skills. A minimum of three years’ related experience in tech startups is a must, as is superior organizational nous. Note your interest quickly, since this one’s certain to attract plenty of interest.

Portfolio Manager – Crypto Assets at Apollo Capital | Melbourne, Australia

Australia’s premier crypto asset investment firm, Apollo Capital, seeks to provide clients with diversified, strategic exposure to virtual currencies. Blending traditional financial services experience with deep knowledge of the cryptosphere, the team is on the hunt for a portfolio manager to work remotely across portfolio construction, trading strategy, research, deal sourcing and execution. 

Ultimately, the candidate should — like the Apollo team — have a solid grounding in both global markets and crypto assets. A CFA charterholder would be ideal, preferably with experience in building trading bots using languages like Python, Java, C++ or JavaScript. Beat the competition and you’ll be rewarded with a $150k salary plus performance-based bonuses.

Lead UX Designer at Polyient Games | Scottsdale, Arizona or Remote

The Polyient Games ecosystem seeks to change the way gamers and investors interact with non-fungible tokens (NFTs). With many insiders expecting blockchain technology to redefine the gaming experience in the years ahead, the chain-agnostic investment firm is perfectly poised to capitalize.

A lead UX designer is currently being recruited, with the candidate able to fulfill the duties of the post remotely. As well as possessing a deep knowledge of gaming and blockchain technology, the designer will have a passion for distilling complex ideas into easy, elegant design solutions. Experience of UX design for the gaming, blockchain or esports industries would be looked upon favorably, and applicants will need to demonstrate expertise with commonly used design patterns for mobile and desktop. Five plus years in a product design or similar role is required.

Communications Manager at Kleros | France/Portugal/Remote

Kleros is an Ethereum-based dispute resolution layer concerned with dispensing what it calls “decentralized justice.” The arbitration protocol depends on game theoretic incentives to ensure jurors rule cases correctly, rendering judgments in a fast, inexpensive manner. Committed to revolutionizing the concepts of law and governance in the digital world, 

Kleros employs a talented team of developers, designers and researchers, and it is currently on the hunt for a communications manager to drive conversations in the social sphere. Although able to work remotely, the candidate should have the availability to travel for occasional team meetings. So if you’re comfortable planning social content, nurturing relationships with community members and reporting on social media engagements, don’t hesitate to apply. Oh, and it’d be a big plus if you’re a language buff (Chinese, Spanish, French, Russian preferred).

Software Engineer – Dapp Developer at Ava Labs, Inc. 

A blockchain protocol founded by Cornell’s Emin GĂŒn Sirer, Avalanche is intent on building the Internet of Finance via DApps, financial primitives and new interoperable blockchains. Earlier this year, the startup completed a $42 million public token sale, shortly after raising $12 million in a private sale. And it isn’t slowing down.

Avalanche is recruiting a remote software engineer, someone who can develop solutions that accommodate a range of Ethereum-supported runtime environments running on Avalanche. Design and development of Solidity smart contracts and their runtime stack will constitute the post-holder’s main responsibilities, with the candidate expected to create and deploy DApps, smart contracts, lending applications and the like. A minimum of two years’ experience as a full stack engineer is required, and understanding of cryptographic primitives, SDKs and APIs is essential. This is a highly specialized but incredibly rewarding role, with the ability to work remotely on a range of transformative projects.

Marketing Specialist at UpBots | Remote 

UpBots allows users to trade CEX, DEX and DeFi from a single point of control. Fresh off a record-breaking IEO in September, the all-in-one platform is seeking to hire a social media and growth hacking marketer to push things to the next level. 

Working as part of a close-knit team, the candidate will be responsible for community, content creation, social media strategy and posts, and execution. This is a hands-on role with a major focus on increasing market awareness and creating an impactful social media strategy. Someone with three plus years’ experience as a social media manager would be perfect, ideally at a blockchain startup of some description. Flexible working hours and the potential to play a major role during a developmental phase mean this post is likely to attract great interest.

Blockchain Developer at DXY Finance | Remote

DXY Finance is a DeFi yield farming protocol that incentivizes traders to pledge crypto assets to pools built within the DXY ecosystem. In return, they earn interest in the DXY governance token. Liquidity pools include CORN, FIRE, DXY/ETH, DXY and a dedicated pool for popular defi tokens such as YFI, SUSHI and LINK.

To further its ambitions, DXY is seeking a talented blockchain developer with experience in yield farming. A DeFi dab hand, the candidate will be proficient in Solidity, Javascript and C++, and capable of ensuring the continued development of the DXY Finance ecosystem. Please note that DXY pays employees in crypto, and the position is entirely remote. 

As well as a blockchain dev, DXY is looking for an experienced code author to appraise DXY codes and a marketing manager who can create and execute dynamic strategies in the digital realm. The manager will work alongside a social media manager, content creator and graphic designer to attract participants to the expanding DXY ecosystem.

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.

This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.

The post 9 Crypto and Blockchain Firms That Are Hiring Right Now: November Edition appeared first on CoinMarketCap Blog.

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Bitfinex Whales That Marked the August Highs Suggest Bitcoin to Top

10/28/2020

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  • Bitcoin has undergone a strong drop since the highs yesterday.
  • Order book trends indicate that the coin may proceed its reversal in the weeks ahead.
  • Analyst Cole Garner shared a chart showing Bitcoin’s recent price action, along with the order book data from Bitfinex.
  • This data suggests that the cryptocurrency is likely reaching a trend high and may see a reversal as it did at the end of August and the start of September.

Bitcoin Could Soon Top, Order Book Trends Show

Bitcoin has undergone a strong drop since the highs yesterday. The coin dropped from the highs of $13,850 to lows around $12,900. This was a $1,000 correction.

Some think the coin will resume its uptrend soon. But according to order book data shared by Cole Garner, a crypto-asset analyst, a medium-term top may be in the midst of forming despite the bullish expectations of some.

Garner shared the chart below on October 28th. It shows Bitcoin’s price action over the past few months along with order book data overlayed on the chart.

This data suggests that the cryptocurrency is likely reaching a trend high and may see a reversal as it did at the end of August and the start of September. This chart does suggest that Bitcoin has room to rally, potentially towards $15,000, but it also implies that a correction will eventually be had.

Bitcoin’s recent weakness only adds to the potential that this plays out.

The leading cryptocurrency has been weak over the past few days as a result of a correction in the S&P 500, which is down 3% on Wednesday alone. This is the greatest daily loss in many months for the leading index.

Image

Chart of BTC's price action over the past few months with analysis of the on-chain order book by Cole Garner (@ColeGarnerBTC on Twitter).
Source: BTCUSD from TradingView.com

Technical Trends Suggest Upside is Likely

Technical trends suggest that the macro trend remains bullish for Bitcoin.

One analyst said that Bitcoin’s weekly close above the “strong resistance” of $12,000 will trigger a move towards all-time highs. As reported by this outlet previously:

“keeping it simple here with $btc, the weekly chart looks phenomenal. now firmly above all downtrends from the 2017 20k top and this week just closed on its highs above key 12.5k resistance. the sky is the limit now imo, and this market is not for shorting!”

Underscoring this positive sentiment is institutional and retail adoption of Bitcoin that is likely to drive the coin even higher in the long run. For one, corporate treasuries are buying Bitcoin as they look to hedge inflation risks. Retail investors, too, are expected to get involvement with PayPal and other firms launching crypto-asset support.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitfinex Whales That Marked the August Highs Suggest Bitcoin to Top


Originally from Bitcoinist.com https://ift.tt/3kJHv1a
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Heres What May Have Caused Bitcoin to Nosedive into Its Key Support

10/28/2020

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  • Bitcoin saw a nosedive that caused it to erase all of yesterday afternoon’s gains as a result of the intense selling pressure around $13,800
  • This level marks the cryptocurrency’s 2019 highs, and a continued bout of trading at this level could confirm this as a local top
  • It is important to note that BTC has found support above $13,200, which is a positive sign suggesting that upside is imminent
  • The resistance here isn’t the only factor that may have sparked this selloff
  • Analysts are noting that a sudden surge in the U.S. Dollar’s value may have struck a blow to the cryptocurrency as well

Bitcoin and the aggregated cryptocurrency market have been caught within a strong uptrend throughout the past few days and weeks, but this momentum is now showing signs of faltering.

Overnight, BTC witnessed its first harsh rejection seen throughout the course of its recent uptrend.

This rejection caused its price to plummet from highs of $13,800 to lows of $13,200 before it was able to find some support that has since helped slow its descent.

Where it trends next will depend largely on whether or not it can continue holding above its near-term support.

Bitcoin Plunges from Highs as Momentum Falters

At the time of writing, Bitcoin is trading down just over 3% at its current price of $13,200. This marks a notable decline from its recent highs of $13,800 that were set yesterday afternoon.

So far, BTC’s local top coincides perfectly with its 2019 “blow-off top” set in the summer. The resistance here could prove to be significant in the near-term.

However, if broken, a move to fresh all-time highs of above $20,000 would be in the cards.

Here’s Another Reason Why BTC Is Plunging Today

The resistance at $13,800 isn’t the only reason why Bitcoin’s price plunged today.

Its latest decline also coincided closely with a rapid surge in the U.S. Dollar’s value, which BTC has been inversely correlated to as of late.

One analyst spoke about this, noting that it is now imperative that BTC holds above $13,250 – a level it is currently dipping beneath.

“Retrace here on BTC, as DXY is pushing upwards given the surrounding coronavirus pandemic fears. To avoid deviation above the range high, $13,250-13,325 has to hold for support. If that breaks, $12,700 seems next.”

Bitcoin

Image Courtesy of Crypto Michaël. Source: BTCUSD on TradingView.

If the U.S. Dollar Currency Index (DXY) continues pushing higher, it may place further pressure on Bitcoin.

Featured image from Unsplash.
Charts from TradingView.


Originally from Bitcoinist.com https://ift.tt/3mwGWIu
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