Kamis, 31 Desember 2020

Data Shows New Investors Flooded into Chainlink in 2020; Upside Imminent?

Over the past few weeks, Chainlink’s price action has been nothing short of lackluster, with the cryptocurrency failing to gain any serious momentum as investors widely shift their focus away from altcoins and towards Bitcoin.

This trend shows few signs of letting up anytime soon, as most major altcoins are all stagnating as BTC continues showing signs of strength.

Until BTC enters a prolonged consolidation phase or slides lower, there’s a strong possibility that it will continue gaining dominance over the market.

Despite this short-term trend being bearish for altcoins like Chainlink, data does seem to suggest that the cryptocurrency is as fundamentally healthy as it has ever been.

According to one analytics platform, Chainlink could be well-positioned to see some massive upside due to an ongoing accumulation trend amongst smaller network participants.

They also note that while its price has gravely underperformed BTC and other altcoins like Ethereum, its largest whales are still holding strong, with there being “no apparent whale sell-offs in sight.”

This could mean that once there is a rotation of capital away from Bitcoin and towards altcoins, LINK will lead the charge and see some massive upside.

Chainlink Stable in Lower-$11.00 Region as Altcoins Consolidate

Altcoins have extended their consolidation trends despite the recent strength seen by Bitcoin and even Ethereum.

Chainlink is a prime example of this, as the cryptocurrency has been trading sideways around its current price of $11.25. This is around where it has been trading throughout the past week.

It appears to be facing some resistance within the upper-$11.00 region, as this is where it found some massive resistance that slowed its ascent and caused it to slide back to its $11.00 support region.

Analytics Firm: LINK Whales HODL Strong as New Addresses Spike

Despite Chainlink’s lackluster price action as of late, the cryptocurrency’s whales are holding strong and are showing no signs of folding anytime soon.

Furthermore, an analytics firm recently noted that the number of new addresses holding and buying LINK has spiked as of late.

“A year ago, Chainlink’s top 10 whales held 70.7% of the total circulating supply of LINK. To close out 2020, they now hold 64.5%. This can be attributed to consistent new addresses being created on the network, & no apparent whale sell-offs in sight.”

Chainlink LINK

Image Courtesy of Santiment.

The coming days should shed some light on how Bitcoin’s price action will influence Chainlink and other altcoins.

Featured image from Unsplash.
Pricing data from TradingView.


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Bitcoin Closes 2020 As Best Performing Asset Of The Last Decade

Today is the last day of 2020 — a year so many are ready to say goodbye to and never look back at. But for Bitcoin, the cryptocurrency is about to close out its most important year yet. 

At the same time, the asset also closes the last ten years as the best performing asset since 2011, underscoring a decade of growth that is only just beginning. Here’s how Bitcoin stacked up against the rest of the world of finance over the last decade. 

From Early Bitcoin Beginnings To Now

The Bitcoin white paper was first distributed in 2008, and the genesis block that began it all was mined in 2009. In 2010, the first well-known commercial transaction involving BTC and two pizzas took place. 

But it was 2011 when the asset rose to over $1 and started to be widely used as a currency — primarily for transactions on the Silk Road dark web marketplace. 

Related Reading | Analyst: Bitcoin Parabolic Trend Is “Close To A Breakdown”

From there, it has continued to be used as such but also has taken on many other use cases as its market cap has grown. Today, in 2020, institutions, billionaires, celebrities, and corporations are now buying BTC to store value and hedge against inflation. 

bitcoin history 2020

Bitcoin's entire history of price action | Source: BLX on TradingView.com

How The Cryptocurrency Compares Over The Last Decade

From the asset’s early days in 2011 as an emerging form of peer to peer electronic cash to the current digital gold narrative, the price per BTC has grown to just under $30,000.

Data shows that the cryptocurrency has outperformed every other asset over the last ten years, with a staggering 6 million percent increase. This equates to over 200% annualized returns, with the next best performer being the Nasdaq 100 at just 20% annualized returns. 

All assets compared in over the last ten years | Source: Charlie Bilello

Looking at it from the perspective that the asset has already grown from under $1 to $30,000 and over 6,000,000% gives the false impression that’s it’s too late to invest in Bitcoin. But because of the cryptocurrency’s potential and promise, it could ultimately reach prices of hundreds of thousands to millions per coin. 

Related Reading | Bitcoin Dominance Doji: Why 2021 Could Spell Doom For Altcoins

Some of the most brilliant investors alive claim getting into Bitcoin even now is like investing in Google or Apple early. Just as many naysayers exist, however, but people often don’t agree with what they cannot understand. 

Others have compared Bitcoin to the internet, and like that technology — including email, websites, and more — was all demonized at first and thought to never replace existing systems. 

Is the same fate as the internet ahead for Bitcoin as the asset’s most important year and it’s first full decade beyond proof of concept stage?

Featured image from Deposit Photos, Charts from TradingView.com


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Tether (USDT) To Face Do or Die Situation in 2021: Messari Report

Tether is the cryptocurrency industry’s biggest threat in 2021, says a report penned by Messari’s Founder Ryan Selkins.

The 134-page thesis ventured into the stablecoin’s emergence as a proxy for the US dollar that helps crypto traders getting in and out of their positions quickly on exchanges. It also focused on the controversy that tails Tether following the New York State Attorney’s class-action lawsuit against its founders and a sister cryptocurrency exchange BitFinex.

Boom Against Gloom

Lawyers Vel Freedman and Kyle Roche alleged in their October 2019 filing that Tether defrauded its investors, manipulated the cryptocurrency markets, and concealed illicit proceeds. They added that Tether printed billions of dollars’ worth of USDT stablecoin to artificially inflate the price of Bitcoin, Ethereum, and other cryptocurrencies.

But the market largely ignored the warnings. Tether’s market capitalization soared from $4 billion in October 2019 to $20.9 billion in December 2020. Mr. Selkins noted that the exchanges largely boosted Tether’s popularity in the absence of any other voluminous alternative. However, the situation could change in 2020.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT, Tether, USDT
Tether market cap. Source: USDT on TradingView.com
Tether market cap. Source: USDT on TradingView.com

The research analyst discussed the worst-case scenario for Tether and BitFinex, citing the “dual lawsuits” against BitMEX filed by the Commodity Futures Trading Commission and Departmnent of Justince. He stated that an active investigation against the crypto derivative exchange caused its users to migrate towards alternative platforms.

Fearing the same could happen to Tether, Mr. Selkins presented a polar opposite Tether outlook for 2021 — a do or die situation as its market cap continues to grow amid an ongoing cryptocurrency market rally led by Bitcoin.

“Tether will either have an existential crisis or double its supply again in 2021,” he wrote. “There doesn’t seem to be a middle ground.”

SEC Investigation Rumor

Following the Securities and Exchange’s lawsuit against Ripple and its grossly negative impact on the firm’s native token, XRP, many agree that the Tether’s USDT could suffer a similar fate. But for that, the US Treasury needs to categorize stablecoins as securities.

And that is looking to come true. A Twitter user @RealWillyBot shared details about a DoJ order that ruled stablecoins as securities. He shared a screenshot that read:

“Depending on its design and other factors, the stablecoin may constitute a security, commodity, or a derivative subject to the US federal securities, commodity, or/and derivatives laws.”

If the proposal becomes a law, then USDT will become a security token. That could shock the cryptocurrency markets on the whole due to its overly addiction to the stablecoin that coughs out an average of $77 billion worth of transactional volume every day.



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Why This VC Expects Altcoins to Boom as Bitcoin Rally Enters an “Extreme”

It’s no secret that Bitcoin’s recent parabolic rally has done little in the way of providing tailwinds for altcoins, with many seeing devastating losses against BTC as their growth stagnates.

This isn’t unprecedented, as past bull runs have followed a similar path, with BTC leading the way and rallying independent of the rest of the market, followed by a capital rotation event that sends altcoins flying as BTC drifts lower or consolidates.

There’s a strong possibility that this will happen again in the future, but it only remains a question of how long Bitcoin will rally and how high it will go before altcoins can gain some momentum.

One venture capitalist believes that the market is nearing the point at which a rotation from BTC and towards altcoins will occur.

He notes that sentiment surrounding Bitcoin can be characterized as no less than “general greed & fomo,” noting that this could be emblematic of a local high.

He also notes that altcoins have been undergoing sheer capitulation as their investors chase after the Bitcoin rally, which typically occurs just before these tokens boom.

Bitcoin Rally Puts Altcoin Holders on Edge

Bitcoin has been relentlessly climbing throughout the past few days and weeks, with its ascent even catching its most loyal supporters off-guard.

A combination of mounting retail demand and institutional demand is the likely suspect behind this rally, which has caused its price to run from multi-month lows of under $10,000 to highs of nearly $30,000 that were set last night.

This rally has not been too friendly to altcoins, as most have declined significantly on their BTC trading pairs over the past few months.

This has created a generally negative sentiment around altcoins and has also sparked some capitulation.

VC Claims Altcoins are About to Boom

Matt Kaye, crypto-focused venture capitalist at Blockhead Capital, explained in a recent tweet that he is slowly converting his Bitcoin to altcoins, noting that he expects an imminent flood of capital away from BTC and towards its smaller peers.

“I’ve starting selling BTC for alts over the past 7 days and will continue to. The extreme nature of this period is why. I’m betting on: – Extreme mrkt positioning – General greed & fomo – ALTs being under owned as holders capitulate for BTC – Cyclical nature of the market.”

If this transition from Bitcoin to altcoins does occur, it will confirm a trend seen during countless other crypto bulls markets, where altcoins strength is inversely correlated with BTC’s.

Featured image from Unsplash.
Price data from TradingView.


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The Legacy System Vs. The NFT Metaverse

This is an intermediate to an expert level article on NFTs. If you only want to understand the first things about it, scroll to the end, or alternatively find a beginner level feature.

Everybody wants big-league gains but ain’t willing to do what it takes to deserve it.

We have a pandemic level cultural illiteracy and incentive model problem, threatening the promising start of the crypto and NFT art movements. The, mostly unconscious, skewed foundational motivation bends will soon bite it in the butt, but some of us can pre-warn some people open to listening.

The whole thing stinks of the 2017 ICO boom so much that, while I like, and even need to party, I can already hear the next three years of ‘NFTs are a scam’ bile happening due to the ongoing, somewhat self-inflicted, starry-eyed, and delusional stripper money excitement.

I’m an artist, not a critic, but there isn’t anyone here to do this job, so without mentioning names, I’ll give it a go. This hopefully will show what it takes, should a real emerging critic take the job, and why I shouldn’t do it, even if I can. It’s a tall order though, as they will need to have an understanding of art history, economics, technology, and the culture wars. The reason I can say this is that I had to figure out why the previous experiences in the legacy art world were so hellish for an innovator, and why I was equally optimistic three years back about crypto.

Sure we are the beginning of a digital revolution, but it’s increasingly, ideas-wise, looking like old mediocre bullshit in a new wrapper celebrating the same old money hype – at the expense of its actual potential impact of liberating a whole class of creative people. This article is an attempt to raise the bar of the current conversation resolution in a culturally significant way, so it will undoubtedly ruffle some feathers.

I don’t claim to be the most technically savvy person, and that part of NFT’s seems to be doing fine. Some say only trust the swarm intelligence, and I would if I saw more evidence of it from the expression side, however. I’ve fought for too damn long and too damn hard just to let this slide – so here goes a hail Mary. If nothing else, consider it a cathartic last thing of 2020, from which we can all bounce into a further upward cycle well.

Release Us From Metaverse Spin

So no one needs to be on the defence any more than they have to, please allow me to state why this is caused by all of us together, and it started before any of us were even born. It’s not the fault of the artists, the collectors, curators, absent critics, corporations, the institutions, the ideologies, the banking system, or even the Jungian shadow in us all – well, maybe quite a bit the last one.

Defiance of authority is cool, but is something being lost in translation?

As most of the sales are now focused on the US, we need to acknowledge important historical, ideological & world culture aspects of recent centuries, and decades. As an outsider familiar with American culture, this is easy to see. In many ways, I feel more entrepreneurial than European, so this is not coming from a hater perspective. I grew up with Ghostbusters, The Blues Brothers, Star Wars, James Brown, and much more like the rest of us – perhaps relating to it more than most in Finland.

The rebellious innovation nature of the American culture is, that what is seen as an inheritance of Kings & Queens, is elitist crap, and we can make billion-dollar companies wearing jeans and t-shirts. This is especially true in the Silicon Valley tech culture. It is now also famous for wanting to look good for the cultural left while strip-mining everyone’s data, making untold fortunes without paying taxes & limiting freedom of speech rights. There is a simultaneous disdain for so-called ‘high-culture’ as well as a yerning for credibility, which is now causing cognitive dissonance and despair for the rest of us.

The Premature Death & Potential Rebirth Of The Word NFT Art

One of the first things you learn in art school you learn – or you used to learn before the culture wars took it over – was that this is not a pipe. The above is a picture of a pipe. The image points to something and is not the thing itself. Even if it has fancy light effects and you make it into a short animation. The Derrida‘s of the world, however, made the signal more important than what it was pointing to, so here we are.

The Rene Magritte work points to the naive realism now taking over the movement almost fully. Due to the western neo-Marxist revolution, this is now elitist talk in Europe, too, but is very connected to evaluating NFT art, and for it to grow into adulthood. The ‘neo-comms’ of course don’t like it that there is talk of their revolution, so likely some will attack it as a conspiracy theory by them, and those clueless of its influence. I’ve watched all the same activist documentaries, were heartbroken over them, and more, but this is way out of hand now. To some, this camouflage crap simply won’t fly anymore. The price these Children of corn are asking for letting them freely further erode western society, alongside the financial fiat money system, is simply too high. It’s not their fault, but they aren’t capable of knowing what they were indoctrinated into. Before calling me a right-wing pundit, however, please at the very least check out this solar energy activist art project called LUX, which took me 3-years to make. Entering crypto after making it, balanced a whole bunch of things out, that you simply don’t learn in a left-wing university, like mine was and still is.

Vesa, what the hell are you on about?

We are just getting started with NFT’s, and it’s going great!

No one needs critics. They are so negative.

Right?

The Iceberg NFT Analogy

To trust in naive optimism is cute, but if we want those big league gains to come from something not resembling intellectual death and/or pure wash trading, the culture wars underneath the visual part of this emerging space needs to surface. We now evaluate, and mostly reward the works presented by the artists on an embaressingly superficial level, leaving out the spectrum almost entirely what the underlying culture is. Of course, due to what collectors now recognize as ‘brilliant’ are mostly ideas done to death in the legacy art world, and has anyone innovating actual new things with authentic voices rolling their eyes. Just because you tokenize an old idea, calling it genius is what keeps us from getting credibility for actual innovation. You also can’t wash trade like crazy, while saying blockchain solves old world problems.

I’ve made myself persona non-grata in many circles for having pointed some of this out since the beginning. Artists, collectors, and platforms are made of people, and people seldomly like critique – especially if it comes from other artist – so the sycophantic cycle is now on autopilot. It’s just that someone has to state the obvious flaws of it all, since we don’t have any actual new wave, integral NFT critics in this space yet.

Just know, btw, that this comes from the perspective of someone who innovated in the legacy system for a decade before crypto, at a great expense to my finances, mental health and faith in humanity. It really was the worst, jaded, insider world designed to keep innovation out, rather than embrace it. This is part of the reason I’m writing all this. I’m seeing the same crap enter this world now. I’m sure I still have many blindspots, but my on-the-spectrum Aspergers allows me some true definace to this direction.

Camille Paglia, the The Dark Women, Stratford Festival Forum lecture on Youtube.

Nobody Is an NFT Critic

To substantiate the love of US from an intellectual standpoint, much of my education comes from learning the lion’s share of my mindset from arguably one of the most comprehensive philosophers of all time, Mr. Ken Wilber. He is the father of integral theory, which is by far one of the most credible models for us to get out of many of the jams we are currently in. The trouble is, most haven’t even heard his name. He, of course, borrows a lot of his insights from the great Eastern traditions, so there is a merry-go-round in the spirit of Bruce Lee going on with him. If someone says the word integral, and it won’t include the whole world, that ain’t it.

Spirituality, as pointed out by Sahdguru, is likely even more corrupt of a word than art, but just because the word has eroded, it still keeps pointing to the real thing. Without this grounding, I would have surely been beaten down by this world many times over by now. The reason this matters, is that art has it’s origin foundations in religion, and we all know what has happened to the insititutions of that realm. If you don’t think this has anything to do with NFT’s, please allow me to elaborate.

The other, massively important person to follow, is another US native Camille Paglia. She has outlined the problems of the education system, cultural decline, and intellectual suicide for decades. We simply have nothing like these two as any kind of influence on our emergin NFT scene, and we should. They are not the low resolution perception on what a bad, technologically clueless, financially illiterate, and void of vision critics of culture are now seen as.

There are phenomenal use cases of visualization and tech adoption happening in the NFT space. It has legitimate doubts about the legacy world entering, embracing, or imposing any of its ways into it. Like Camille says, the current art establishment only leaves out the religious roots of art, ancient Egypt, antiquity, the enlightenment, societal & natural sciences, non-propagandist history, and political nuance from it’s current evaluation model.

However, this is what is now being used as a watered down version of credibility footnotes to know which artists are ‘innovative’ from a cultural standpoint. It leaves many with real innovation, substance, and authentic voices competely out to dry. I don’t only mean those maybe thinking about entering, but some of us still sticking around.

“At particular times, a great deal of stupid people have a great deal of stupid money” – Walter Bagehot, Economist, 1859

The problem from the last ‘develpments’ of the legacy art world were brilliantly outlined by the BBC “The Great Contemporary Art Bubble” documentary, how many newly rich people wanted shiny things, and the art world printed their fiat crap to suit them – making billions in the process. The second part is the cultural Marxism embrace, largely due to the nihilistic financial future of us all, as the monetary system started it’s death spiral in 2008.

Let’s collab, Bro!

Let’s get another disclaimer out the way. I have nothing against great collaborations, nor being communally social. I come from a film background, in which you need a 100 people to pull something off. If people can compensate for the lacking skills they have in certain areas, they can do increasingly incredible things.

The inheritance of the legacy system degeneration is that the artists are now meant to be seen as people who ony help each other – while actually struggling towards the top sales in a super limited collector space mostly ignorant of art. The inherent conflict needs to exclude acknowledgement of the competition aspect inside it at all, as well as the pandering to people who don’t know what to demand for their money. The amount of knives stuck in various backs, including mine behind the scenes, aren’t stories they write about on Cent WIP’s or community Whatsapp groups. It’s straight from the communist playbook of ‘what we will say and what will actually happen’. The whole output of the so-called Intellectual Dark Web will help you understand this paradigm, should you want to get it on a deep level.

This leads me to the collaboration hype model, which is now prominent, and a hangover inheritance of the post-modern neo-communists hijacking the cultural space, in which art almost solely serves ideologies and causes in the big picture. This is why we have people making statements like ‘everything is political and about oppressive power’. It’s the death of art, and it’s been going on for a while. There are many reasons to write this, but what is now happening almost entirely unnoticed, is that the worst aspects of the legacy corruption, are now seen as intellectual footnotes of validation to a space trying to entirely re-invent the wheel. They look down upon everything in the legacy system, quite frankly, because they don’t understand it and vice versa. This is why the below the water line iceberg matters. You see, these corrections will eventually come from the outside if we don’t do it from the inside. We won’t have a say in the matter, and it will be a whole lot more embarrassing if it comes from the outside in.

The Flow State

You see, I can only be seen as being supportive and appraising of my fellow artists, even if they blatantly rip me off, use absolutely done to death concepts, fool investors with facepalm level concepts, etc. The reason I want critics to come in is that someone has to do the dirty work of separating the actual seeds from the sea of dry intellectual land, or we all suffer. Anyone who knows what has been done to death, won’t be impressed by something that was revolutionary 50-years back. The more accurate pointer can’t be me, as that would cost me even more than this has already cost me now. It would further alienate investors, make enemies out of my fellow artists, and give me a ‘negative aura’. The truth is, I’ve even been so nice that I haven’t named the other artists I could easily prove ripped off my concepts, art, and process thus far.

The truth about human development is that we require both challenge and support to grow in an equal measure. Inside the community, we have plenty of support for one another, but all emerging critics have been removed as soon as they started pointing things out. There is plenty of real challenge of finance, education, and platform development, as well as artistic expression progress, but we have come a long way. This is the real love coming from me to write this all. The quality improvement last year alone was a light-year leap from the previous.

Crypto killed the gallery star NFT by Moxarra Gonzales

The NFT Machine

NFT’s end the dark ages of corporate servitude for digital creatives as we have known it since the beginning of computers. It also does the very counter-intuitive thing to end the era of computers mostly being good for replicating things endlessly.

It also ends an era of ideological servitude to the culturally dominant and oppressive narratives like the ever-present postmodernist one. Should you want to know what I am talking about, please refer to this talk with Jordan Peterson & Camille Paglia. Kid gloves are removed, and that is one of the best things to happen to art in a while. It will also put into context in a much more direct and brilliant way everything I was trying to say here.

The best way to describe the revolution is to juxtapose it with the arrival of MTV in the ’80s. The youth culture, opportunity, and feel of it swallowed all criticism, like the Dire Straights song, and birthed a creative renaissance. This time though, the context is much wider involving digital land ownership, digital art, digital permanent certificates for physical things, avatars, game items, brand collectibles, and things we’ve yet to imagine. This is not lost on me, but also, what the MTV culture started, was a rebellion that has now been done to death also. The culture rebelled so much, that it now hasn’t a clue about what it is rebelling against, leaving it feeling mostly just vacuous. The crypto art movement, for those of us who were there in the beginning, meant an army of artists fighting for a new money movement to help the world re-open its blocked arteries. The corporate overlords have now all but removed all traces of it in the Wikipedia page, and you can but wonder about the audacity this moderator does it with.

Neo-Conservative Elements in Art

I’m a nude bodypainting, tech & innovation loving, crypto, meme, and pop culture embracing progressive human, who embraces various spiritual concepts. This said, the new rebellion has conservative elements, that are now the direction out of the nihilistic youth culture of the ’80s and 90’s continued to the opioid epidemic. As much as I love the 60’s counter-culture figures, they are mostly now, invalid for what real liberals actually need. The rigor mortis conservative relics still do, but they aren’t here to listen to anything I have to say anyway. The new liberals need financial literacy, crypto, Austrian economics, a balanced perspective, and some real patience with their own team.

“The only way to make sense out of change is to plunge into it, move with it, and join the dance.” – Alan Watts

Ends and Means

So, what have I done in order to feel like someone who can point this out? I actually managed, in the eyes of art history, to renew the process of portrait painting into a new visual language, and digital originals in 2008. That was also the year I made my first pricing innovation and was featured in Finland’s two top economic papers about it starting 2009. I’ve been a full-time crypto artist now for 3,5 years, with various pushes of boundaries, and my tokenized NFTs aren’t currently selling.

I was also left out of the recent Decrypt article on NFT innovators, and even my limited edition 1 ETH works aren’t currently flying off the shelves. Nifty gateway won’t have me on their platform, and Async art denied me access too, despite the obvious compatibility. I wonder why because it’s not that they aren’t aware of my efforts. Is this more of a shame for the space, me, or both? Do you think any of this can actually be rectified?

I’m saying that to pre-empt some of the most vacuum filled criticisms laid towards the substance of this article, so you wouldn’t have to deal with the arguments. Is it all coming from an upset point of view? Perhaps some. But if you would have been in the trenches for as long as I have, paid the price I have, and having to watch your favorite new thing make massive side-steps – can you blame me? I’m as in love with this space as you are, but it’s really starting to become a new almost one-sided thing.

Please consider this to cap this off. What the above quote from the Integral Insititute feature from 2014 means, is that basically managed to integrate more expression, cultural significance, and innovation to my works that the biggest names in Western art history, now selling for hundreds of millions – as acknowledged by one of the rare professors left able to do the evaluation of that level. I also reached 300MM people with a project featured in that article due to its cultural impact. I climbed the heavyweight tallest mountain, only to find out almost no one cared. So this is all deeply personal, sure. You could say I’m furious at times.

So, what I am selling really?

No, seriously, I’m done writing culture.

No one paid me to do this.

I’m not claiming immunity to all things mentioned above.

Metaverse AND the Physical Space

I’m also building a physical studio space crossing over to the metaverse with the company Coloro. There are 9 of the 10 NFTs left to help support the build of it, now tokenized on Mintable. The link is to the second one, and this will soon get its own promotional article. The space in its raw form can be seen in this Brittany Kaiser interview with Hardforking, and if you want to further understand the NFT space, have a listen to this Encrypted episode with Ahmed recorded in Dubai a couple of weeks back.

Redemption digital art NFT for sale on Superrare

I think this article will age fairly well.

Stay cool, folks.

V E S A
Crypto Artist
Official Pages:
Crypto Art
Artevo Platform
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Fears of Bearish Correction Loom as Bitcoin OTC Deals Plunge

Bitcoin faces the prospects of undergoing a massive downside correction as on-chain data shows a plunge in its over-the-counter deals.

According to data fetched by CryptoQuant, the total amount of Bitcoin tokens flowing out of Coinbase Pro’s addresses to their newly-created custodial cold wallets has decreased ever since BTC/USD crossed above $23,000.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Coinbase Pro Bitcoin Outflow chart. Source: CryptoQuant

As CryptoQuant’s CEO Ki-Young Ju noted earlier, these wallets hold Bitcoin for major crypto-enabled firms like Genesis Trading (which buys Bitcoin for Grayscale Investments, one of the largest crypto accumulators) and Ruffer Investment (which bought around $750 million worth of BTC last year).

That allows the data analytics portal to equate large BTC transfers from Coinbase Pro to new wallets as OTC transactions.

Retail Involvement High

The statements appeared as Bitcoin logged another all-time high on Thursday, hitting $29,321 ahead of New Year’s eve. Its latest rally came on the backs of a devaluing US dollar and prospects of new institutional investments into the cryptocurrency space, especially after Skybridge Capital’s big reveal that it holds Bitcoin worth $182 million.

The news also coincided with a recovery in stablecoin inflows into all cryptocurrency exchanges from their December 13 low. A CryptoQuant metric earlier this week showed that the total number of stablecoin counts increased from 20,000 (BTC price: $19,270) to 30,590 ($27,000).

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin rally pauses after hitting $29,000. Source: BTCUSD on TradingView.com

That showed that the rally to $29,000 was majorly retail-driven, which further increased Bitcoin’s potential to correct lower in the coming sessions. Small and medium-capital traders tend to sell the cryptocurrency at its local top while investors with a long-term outlook use those dips to purchase it.

With OTC deals going down, it might be possible that institutions are waiting for the next Bitcoin correction to accumulate more of its units.

“We haven’t had significant Coinbase outflows since $23k, tokens transferred is decreasing, and the fund flow ratio for all exchanges is increasing,” explained Mr. Ju. “Still possible that institutional investors would join anytime soon, but we might face a correction if it continues like this.”

The 2021 Bitcoin Forecast

Many analysts agree that Bitcoin’s rally has become overheated enough to undergo a price correction. Nevertheless, that has not changed their perspective about a bullish 2021 ahead as long as the Federal Reserve stays on its indefinite monetary stimulus plans to aid the US economy through the coronavirus pandemic.

David Grider, the lead digital strategist at Fundstrat, said in a note that he expects the Bitcoin price to touch $40,000 within the next 12 months. He further noted that the cryptocurrency might face many bumps on its way upward, led by potential regulatory actions or mere profit-taking.

“We wouldn’t view these events as long-term negatives for Bitcoin, but if such events unfold, they may negatively impact broader market sentiment and prices,” Grider explained.



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Rabu, 30 Desember 2020

TA: Ethereum Prints Bullish Pattern, Why ETH Looks Set To Clear $750

Ethereum extended its rise and traded towards $760 before correcting lower against the US Dollar. ETH price is showing positive signs and it looks set to clear $750-$760.

  • Ethereum is trading in a positive zone and it recently climbed to a new yearly high at $758.
  • The price is now trading well above $730 and the 100 hourly simple moving average.
  • There is a major bullish breakout pattern forming with resistance near $760 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above the $750 and $760 resistance levels in the near term.

Ethereum Price Eyes More Upsides

There was an upside extension in bitcoin price above $29,000, pushing Ethereum above the $740 resistance level. ETH price even spiked above the $750 level and settled nicely above the 100 hourly simple moving average.

It traded to a new yearly high at $758 before starting a downside correction. There was a break below the $750 level. Ether price even spiked below the 50% Fib retracement level of the recent increase from the $715 swing low to $758 high.

Ethereum Price

Source: ETHUSD on TradingView.com

However, the bulls were able to defend the $730 zone. The price also remained stable above the 61.8% Fib retracement level of the recent increase from the $715 swing low to $758 high.

It seems like there is a major bullish breakout pattern forming with resistance near $760 on the hourly chart of ETH/USD. The pair is currently consolidating above $730 and it could aim a fresh increase above the $750 level. A clear break above the $760 resistance level could open the doors for more upsides in the near term. In the stated case, the bulls are likely to aim a test of $800.

Dips Supported in ETH?

If ethereum fails to clear the $760 resistance zone, it could correct lower. An initial support on the downside is near the triangle lower trend line and $738.

A downside break below the triangle support trend line might lead ether price towards the $720 support zone. Any more losses may possibly call for a push towards the $705 level and the 100 hourly SMA in the near term.

Technical Indicators

Hourly MACD The MACD for ETH/USD is showing positive signs in the bullish zone.

Hourly RSI The RSI for ETH/USD is currently close to the 50 level.

Major Support Level – $730

Major Resistance Level – $760



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TA: Bitcoin Price Breaks $29K, Why BTC Is Likely To Hit $30K

Bitcoin price extended its upward move and traded to a new all-time high near $29,250 against the US Dollar. BTC is likely to continue higher towards the $30,000 level.

  • Bitcoin is gaining bullish momentum above $28,400 and it broke the $29,000 level.
  • The price traded as high as $29,274 and settled well above the 100 hourly simple moving average.
  • There is a major breakout pattern forming with support near $28,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher above $29,000 unless there is a clear break below $28,300.

Bitcoin Price Breaks $29,000

There was a steady increase in bitcoin price above the main $28,300 resistance zone. BTC broke the $28,500 and $29,000 levels to continue higher. It even spiked above USD 29,200 and traded to a new all-time high at $29,274.

Recently, there was a sharp downside correction below the $29,000 level, but it is still well above the 100 hourly simple moving average. The price also spiked below the 23.6% Fib retracement level of the upward move from the $27,375 swing low to $29,274 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

Bitcoin price tested the $28,325 support zone. It also remained well bid above the 50% Fib retracement level of the upward move from the $27,375 swing low to $29,274 high. Moreover, there is a major breakout pattern forming with support near $28,650 on the hourly chart of the BTC/USD pair.

On the upside, the price is facing hurdles near $29,200. A clear break above the $29,200 and the recent high could open the doors for more upsides above $29,500. The main aim for the bulls could be $30,000 in the near term.

Dips Supported in BTC?

If bitcoin starts another downside correction, it is likely to find support near the $28,650 zone and the triangle lower trend line.

The next major support is near the $28,300 zone (a multi-touch zone) and a key level. If there are more downsides below $28,300, there is a risk of a larger decline. In the stated case, the price could test $27,500 or even the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower from the 70 level.

Major Support Levels – $28,650, followed by $28,300.

Major Resistance Levels – $29,000, $29,200 and $30,000.



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The Chances of a Parabolic Chainlink Rally are Surging; What Analysts Think

Chainlink has been severely underperforming Bitcoin as of late, despite its enormous and devoutly loyal community and continued fundamental growth.

This isn’t uncommon for the crypto, as it often trends independent from the rest of the market, seeing some of its largest rallies during the depths of the bear market seen over the past few years.

Its growth from a small ICO to a multi-billion-dollar project has been incredible, and many still believe that its future is brighter than ever.

From a technical perspective, its lackluster performance as of late has caused the crypto to lose some serious value against Bitcoin.

One trader is noting that its BTC price could double and it would still only mark a bearish retest of a previous support level.

This underperformance isn’t unique to Chainlink, as many other major cryptocurrencies have seen massive losses as of late, with most capital being directed to Bitcoin and Ethereum as investors avoid smaller tokens.

Eventually, however, there will be a capital rotation event away from BTC and towards smaller altcoins, allowing for tokens like Chainlink to see massive upside. This is a possibility that analysts believe is incredibly likely.

Chainlink Continues Losing Ground Against Bitcoin as Altcoins Slide Lower

At the time of writing, Chainlink is trading down just over 4% at its current price of $11.28. It has also lost some serious ground against Bitcoin and is showing signs of immense weakness on its BTC trading pair.

The crypto has established the lower-$11.00 region as a strong support zone, but its continuous descent suggests that this level could soon break.

Its weakness seen on its BTC trading pair may also inhibit its growth against USD, making it vital for it to gain some ground against the benchmark crypto in the near-term.

Analyst: LINK Could See a Powerful Rise Once Altcoin Market Rebounds

One analyst pointed to Chainlink’s Bitcoin trading pair to demonstrate just how weak the cryptocurrency has been as of late.

He notes that the longer it drifts lower against BTC, the more potential it has to see a massive rebound once the aggregated altcoin market turns around.

“LINK: Link/BTC could double against BTC and it would still only be a bearish retest. Kind of crazy to think about. The more it dumps the more potential a long has once alts do turn up again. Just gotta be patient till then.”

Chainlink LINK

Image Courtesy of DonAlt. Source: LINKBTC on TradingView.

For now, Bitcoin remains the leader of the market, and altcoins are unlikely to gain any short-term ground against it.

However, this could change on a dime, and capital will likely rotate towards altcoins once it enters a prolonged consolidation phase.

Featured image from Unsplash.
Charts from TradingView.


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Here’s Why Despite SEC Charges, XRP Will Soar Again Someday

XRP is suffering currently, even while Bitcoin trades well above its former all-time high. The reason for the altcoin’s struggles is due to the SEC slapping the coin’s parent company and its top executives with a lawsuit.

The crypto community has been quick to point the finger to laugh, despite its dangerous implications for the greater industry. Others call for the token to collapse to near zero, but one trader says that XRP will soar again someday regardless of the situation with the SEC. Here’s why.

XRP Could Recover With Next Altcoin Season, Trader Claims

Bitcoin is trading at well over $28,000 as 2020 comes to a close. Crypto investors have long been salivating not just over the top-ranked asset by market cap reaching a new all-time high, but for the “alt season” that was expected to arrive soon after.

During the last market cycle, as soon as Bitcoin’s bull market was confirmed with a new high over the 2013 peak, altcoins skyrocketed in value.

Related Reading | Analyst Who Called Coinbase XRP Delisting Says SEC Is “Investigating” Other Altcoins

Bitcoin regained the center stage once again as the asset went fully parabolic, and made mainstream media headlines in 2017. Again, the asset peaked, and the altcoin season that arrived right after was the stuff legends are made of. Ethereum spiked to over $1,400 and XRP to more than $3 per token.

Then, even “abandoned coins” exploded by 100,000% in weeks, including projects with no working product, no teams, no social footprint, or worse. Even outright scams like Bitconnect ballooned in price as dumb money came pouring in.

xrp ripple crypto altcoins

The SEC lawsuit has not been friendly to XRP | XRPUSD on TradingView.com

This time around, dumb money has yet to pour in and the capital that is coming in is institutional money focused on Bitcoin alone. Altcoins aside from maybe Ethereum and DeFi tokens have basically been ignored.

Related Reading | Bitcoin Dominance Doji: Why 2021 Could Spell Doom For Altcoins

That trend won’t last forever, and when altcoin season returns, that’s when one top trader says that even XRP will see upside again.

For now, Bitcoin dominance could be signaling that altcoins are doomed in general, so there’s a chance that the altcoin season this trader is calling for never actually arrives, leaving XRP and others to die a slow death in the wake of Bitcoin’s next bull run.

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Bitcoin Nearly Taps $29,000 as Bull Run Continues

Bitcoin nearly tapped $29,000 this morning as the bull run has continued. The leading cryptocurrency is up 5% in the past 24 hours, having pushed from the $27,000 region to $28,900 in the latest leg higher.

Bitcoin currently trades for $28,750 as bulls have failed to surmount the $29,000 resistance.

Chart of BTC's price action over the past month from TradingView.com

Altcoins are underperforming during this rally higher.

Ethereum has only gained 3% in the past 24 hours, underperforming Bitcoin’s rally. This has been a large trend of the past year, with BTC strongly outperforming altcoins as it sucks the air out of the altcoin market.

This may largely be due to the composition of investors that are entering the cryptocurrency market. Where retail investors often push altcoins higher, institutional players are focusing their efforts on Bitcoin.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin ETF Filed

This latest leg higher comes as it was revealed that digital asset-friendly exchange-traded fund firm VanEck has once again filed for a Bitcoin ETF with the Securities and Exchange Commission.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Nearly Taps $29,000 as Bull Run Continues


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Bitcoin Sellers are Starting to Disappear as Analysts Forecast Major Growth

Bitcoin has been the best performing major cryptocurrency by far, with most large altcoins severely underperforming it throughout the past few days and weeks.

While many investors allocated serious capital to altcoins in hopes of smaller tokens being a higher beta play that outperform BTC, the benchmark cryptocurrency’s massive upswing has sucked all the oxygen out of the room.

Until its momentum stalls and investors rotate capital away from BTC and into altcoins, there’s a strong possibility that it will continue outperforming the aggregated cryptocurrency market.

One trader is now pointing to the lack of intense selling pressure that Bitcoin is now facing as its price rallies above $28,000 as a positive sign. This exhaustion amongst sellers seems to hint that it may be gearing up for another leg higher that sends it to fresh all-time highs.

While speaking about this, one prominent trader explained that he is watching for BTC to “send” higher in the coming hours. He specifically notes that the fact no sellers are showing up at the crypto’s highs seems to indicate that price discovery is about to continue.

This may place some short-term pressure on altcoins, as they typically struggle to rise in tandem with the benchmark cryptocurrency.

Bitcoin Rockets Past $28,000 as Bulls Target Fresh All-Time Highs

At the time of writing, Bitcoin is trading up just under 3% at its current price of $28,100. This is around where it faced some serious selling pressure throughout the past week.

A break above its $28,500 highs could result in a continuation of the price discovery that the cryptocurrency has been undergoing as of late.

These highs were visited overnight, but the selling pressure here was significant and caused it to see a rather intense short-term selloff.

Lack of Aggressive Selling Above $28,000 Points to Imminent Upside

One trader explained that the lack of aggressive selling above $28,000 bodes well for Bitcoin and may indicate that upside is imminent for the cryptocurrency.

“BTC looks like it wants to send. No sellers showing up at the highs. I’m not short anymore, nor ‘hedged’, seems like price discovery is about to continue…”

Bitcoin

Image Courtesy of SalsaTekila. Source: BTCUSD on TradingView.

If Bitcoin does continue seeing price discovery in the near-term, it may be poised to visit the psychologically important $30,000 level, as this is where everyone expects there to be some resistance.

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Charts from TradingView.


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Bitcoin Eyes $30K as UK Vaccine Approval Boosts Risk Appetite

Bitcoin secured yet another record high level on Wednesday, helped by news of Anthony Scaramucci’s SkyBridge Capital investment’s investment into the cryptocurrency space.

The benchmark cryptocurrency topped at $28,580 during the Asian morning session after reports revealed that the investment management firm had purchased $182 million worth of Bitcoin. The news soon followed a dramatic stablecoin inflow into the cryptocurrency exchanges, pointing to traders’ willingness to “buy-the-news.”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin price vs. Exchanges' stablecoin inflow. Source: CryptoQuant

Vaccine, Profit-Taking

Nevertheless, the BTC/USD exchange rate sharply reversed its course owing to profit-taking sentiment among daytraders. The pair remained in the negative area throughout the European session, falling to as low as $27,311 in the early trade.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin finds support at the 20-period MA curve near $27,000. Source: BTCUSD on TradingView.com

Part of the reason could be Britain’s fresh approval of the COVID-19 vaccine developed by AstraZeneca and Oxford University.

Hani Redha, a multi-asset portfolio manager at PineBridge Investments, called it an “important development” in the global fight against the pandemic. Unlike its peers, the AstraZeneca-Oxford vaccine will have more doses to transfer across the developing countries against comparatively higher temperatures.

“Just the sheer number of doses there will be and the fact that distribution of it is easier, particularly in developing countries, makes it important,” he noted.

Investors grabbed the vaccine news as their cue to increase their short-term exposure in the risky markets. The pan-European Stoxx 600 index climbed 0.11 percent, while the FTSE 100 index on the London stock exchange posted a modest 0.1 percent gain.

Bitcoin, on the other hand, appeared sidelined.

A Bitcoin Run-Up to $30,000

Meanwhile, a weaker dollar limited Bitcoin’s post-high losses amid a thin trading session.

The US Dollar Index, which measures the greenback’s strength against a set of foreign currencies, fell to its lowest levels since April 2018. So, while on the one hand, the vaccine news troubled Bitcoin traders, on the other, a weakening dollar safeguarded their medium-term bullish bias for the cryptocurrency.

Investors view Bitcoin as a hedge against inflation and current debasement. Meanwhile, The US dollar is a global reserve asset that has fallen by more than 12 percent from its mid-March highs. Its plunge has followed a massive stockpiling of debts by the Federal Reserve and the US government’s two stimulus packages of a combined worth of more than $3 trillion.

Entering the US session, the anti-fiat sentiment could prompt further upsides for Bitcoin’s ongoing bullish move. A pseudonymous analyst believes the cryptocurrency could close towards $30,000 based on a reliable technical indicator.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin is brewing for another upside push, as highlighted by IncomeSharks. Source: BTCUSD on TradingView.com

“Bitcoin’s SuperTrend,” the analyst noted, “on the daily gave a buy at $11,000. It is yet to flip bearish. Almost a 155% move just following this indicator. Every support touch has been a great buy opportunity (loaded up at $16,000 most recently).”



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Ripple Fires Back Saying SEC to Blame For Harm to Innocent XRP Holders

The Ripple Team has released a statement in response to the events of the past week or so. In it, they maintain their innocence against all charges levied by the U.S. Securities and Exchange Commission (SEC).

They added that the “muddied waters” have adversely affected innocent XRP holders, who they claim, have no connection to Ripple. What’s more, the firm accuses the SEC of acting against their own manifesto in continuing to pursue this case.

“their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple. It has also needlessly muddied the waters for exchanges, market makers and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect. It’s no surprise that some market participants are reacting conservatively as a result.”

The statement was not enough to stop the XRP price from falling further. Bears continue to dominant, but the $0.17 support level did hold yesterday, leading to a daily close above that level at $0.22.

However, mounting sell pressure today sees a continuation of the downward trend. Currently, the price of XRP is down 7% to $0.20301.

Ripple XRP daily chart YTD

Source: XRPUSDT on TradingView.com

The Exodus of Crypto Exchanges Continues

The announcement by Coinbase that it will suspend XRP trading was a massive blow for Ripple. The firm said:

“We will continue to monitor legal developments related to XRP and update our customers as more information becomes available.”

Today sees an escalation of the exchange exodus as Bittrex follows suit in suspending XRP trading.

From January 15, 2021, Bittrex will remove all four available XRP trading pairs on its platform. Much like Coinbase, wallet transfers in and out will remain functional after the removal date.

Both Coinbase and Bittrex have drawn criticism because a global suspension makes no sense when the SEC has no jurisdiction over non-U.S. customers.

However, as mentioned in Ripple’s response to recent events, exchanges that have bailed are exercising extreme caution to avoid any legal repercussions during this period of uncertainty.

Ripple Pre-Trial Conference Date Set

A pre-trial conference to hear the Ripple securities fraud case is set for February 22, 2021.

Pre-trial conferences are used to ensure a smooth trial, such as establishing facts, simplifying the issues of the case, and making document submission schedules.

But the judge may also use the pre-trial conference to help settle the case, therefore avoiding trial altogether.

“A pretrial conference may be conducted for several reasons: (1) expedite disposition of the case, (2) help the court establish managerial control over the case, (3) discourage wasteful pretrial activities, (4) improve the quality of the trial with thorough preparation, and (5) facilitate a settlement of the case.

However, Garlinghouse has previously said he wants the opportunity to clear his and Ripple’s name in court. He upholds the view that this is necessary to defend the crypto industry.

With that in mind, given that no party is backing down, it looks as though we are in for a long and drawn-out case. What will happen to the XRP price in the meantime?



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