TA: Ethereum Remains Strong, Why ETH Could Rally Above $2.3K

Ethereum is trading in a positive zone above the $2,150 support zone the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,300.

• Ethereum is trading in a positive zone above the $2,100 and $2,150 support levels.
• The price is now trading above $2,100 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair start a fresh rally above $2,300 as long as it is above the $2,000 support zone.

Ethereum Price Is Showing Positive Signs

After forming a base above $2,000, ethereum started a steady increase. ETH broke the $2,200 resistance zone and it settled nicely above the 100 hourly simple moving average.

The price even spiked above the $2,250 resistance level. However, the price seems to be struggling to gain pace above $2,250, similar to bitcoin. A high is formed near $2,285 and ether is now correcting lower. There was a break below the $2,250 and $2,240 levels.

The price is now testing the 50% Fib retracement level of the upward move from the $2,094 swing low to $2,285 high. The next major support is near the $2,165 level.

Source: ETHUSD on TradingView.com

There is also a key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD. The trend line is close to the 76.4% key bullish trend line forming with support near $2,140 on the hourly chart of ETH/USD. Any more losses might call for a test of the second trend line at $2,070.

More Upsides in ETH?

If Ethereum stays above the $2,150 support zone, there are high chances of a fresh increase. An immediate resistance on the upside is near the $2,250 level.

The main breakout resistance is now forming near the $2,285 and $2,300 levels. A close above the $2,300 level could start a major increase towards the $2,500 level or even $2,550 in the near term

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 level.

Major Support Level – $2,150

Major Resistance Level – $2,300

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TA: Why Bitcoin Price Could Turn Bearish Again If It Breaks $34K

Bitcoin price failed to stay above the key $35,000 support zone against the US Dollar. BTC is declining and it could slide heavily if there is a close below $34,000.

• Bitcoin started a fresh decline from well above the $36,500 level.
• The price is now trading near $34,500 and the 100 hourly simple moving average.
• There was a break below a key bullish trend line with support near $35,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is likely to accelerate lower if there is a clear break below the $34,000 support zone.

Bitcoin Price is Struggling

Bitcoin started a steady increase above the $35,000 resistance level. BTC even broke the $36,000 barrier and the 100 hourly simple moving average.

However, it failed to stay above the $36,500 zone. A high was formed near $36,698 and the price recently started a fresh decline. There was a break below the $35,500 and $35,000 support levels. The price broke the 23.6% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high.

There was also a break below a key bullish trend line with support near $35,750 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading near $34,500 and the 100 hourly simple moving average.

The first major support is near the $34,000 level. If there is a downside break below $34,000, the bears are likely to gain strength. The next key support is near the $33,450 level. It is near the 50% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high.

Source: BTCUSD on TradingView.com

Any more losses may possibly push the price towards the $32,000 support zone. The main support is still near the $30,000 zone.

Fresh Increase in BTC?

If bitcoin remains stable above the $34,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $35,200 level.

The next key resistance is near $35,500, above which the bulls are likely to aim a retest of $36,500. Any more gains could lift the price towards the $38,000 resistance. The next major hurdle is near the $40,000 zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $34,000, followed by $33,400.

Major Resistance Levels – $35,200, $35,500 and $36,500.

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Coinbase Is Launching A Crypto App Store

In a company blog post released this week, major crypto exchange Coinbase has shared that it is working on a crypto app store. The app store will be built for third-party developers to help increase access to the “decentralized cryptoeconomy” – culminated by an increasing amount of tools within DeFi, NFTs, smart contracts, DAOs, and more.

Coinbase: Embracing Decentralization

The blog post, written by CEO Brian Armstrong and titled “Embracing decentralization at Coinbase”, alludes to inspiration from Apple’s Storefront. “Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps. We need to do the same in crypto,” the post states. The release also states growth opportunities, and the importance of being global as two other pillars around increasing the value-add for Coinbase consumers.

“The use cases are here,” claims Armstrong – and rightfully so. Crypto-based assets beyond simple tokens have been on a tear this year, including NFTs with physical and tangible associated assets, integrated dApps, and sports and entertainment ‘fan tokens’ to name just a few examples.

Related Reading | Coinbase Pro To List Shiba Inu, The “Dogecoin Killer” Price Soars

Looking Forward

There is no timetable set yet for the app store’s launch. The Nasdaq-listed company also noted the importance of adding more assets to Coinbase, as well as implement the ability to add new coins at a faster clip. Armstrong noted that legal and security compliance analyzation remains critical, he wants to streamline the asset vetting process to be quicker to serve clients on both ends. They will do so by addressing three major buckets: reducing the burden on asset issuers, creating a new “experimental zone” for new assets, and at it’s core, moving towards approving most assets for store/send/receive.

Additionally, while the firm serves consumers across over 100 countries, Armstrong wants more. He has cited the need “to move from shipping products that cater only to the US (or UK / EU) to shipping products that work globally.” While US, UK, and EU regulations have led to a good chunk of workload for Coinbase, the firm wants to continue the shift towards a more “International-first mindset”.

Finally, Coinbase wants to better embrace third-party interfaces and self-custody – and ideally the new app store can help achieve that. “Soon any app built on decentralized crypto rails will be accessible to users of the Coinbase app,” Armstrong writes, adding that customer wallets and identities should have streamlined integration. “In the future you will have the option to do self-custody of your crypto, right in the main Coinbase app”. More to come from one of the major leading exchanges.

During the recent bearish cycle, the broader cryptoeconomy has continued to grow - and Coinbase is looking to dig in deeper. | Source: CRYPTOCAP on TradingView.com

Related Reading | The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

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How Ethereum Can Reach $2 Trillion In Market Cap, Matthew Sigel

Ethereum has had a lot of growth in the past year. Growing more than bitcoin and producing more gains. But it is no secret that the market cap of Ethereum is still a long way away from $2 trillion. The market cap of the digital asset currently sits at $248 billion.

A $2 trillion market cap prediction might be overly optimistic. But Matthew Sigel does not believe that it is. According to Sigel, Ethereum can reach a $2 trillion market cap in a “blue sky scenario.” The prediction does not come as a surprise given the level of confidence in Ethereum lately. With forecasts even reaching as high as $20,000 per coin in some cases.

What’s A Blue Sky Scenario?

A blue sky scenario is used in financial markets to represent the best-case scenario for an asset. There are usually three kinds of scenarios in financial markets. The first is the base case. The base case is the most probable scenario for an asset. This is used to represent the most likely outcome for an asset. Usually the most conservative case.

Related Reading | Ethereum to $20,000? Factors Behind The Bold Call

The next is the worst-case scenario. In worst-case scenarios, everything fails regarding the asset and nothing works out. All assumptions and predictions do not come to fruition. And the asset most likely fails.

Lastly is the blue sky scenario. The blue sky scenario is when everything goes according to plan. The asset does as well as it could possibly do in the market. Forecasts are correct for the success of that asset.

The blue sky scenario for Ethereum is where Matthew Sigel believes that the $2 trillion market cap is a possibility for Ethereum.

A base case scenario would be seeing the market cap of ETH hitting $1 trillion in a few years. Maybe by the next bull market. But a $2 trillion market cap in a blue sky scenario does not seem out of place for a digital asset with countless utilities.

Ethereum is quickly catching up in popularity with the number 1 which is Bitcoin. Although Bitcoin still commands a much higher market valuation than Ethereum does by over 50%.

Ethereum Is A Disruptive Technology

Sigel has always been on the lookout for technologies that possess the power to “disintermediate not only big tech but other kinds of centralized institutions.” Sigel had said this when he was talking about his conclusions to buy Google on his investment research note “Google is evil.”

Related Reading | Ethereum Breaks $2,000, What You Should Prepare For

According to Sigel, blockchain technology is such that anyone can join the network from anywhere as long as they had an internet connection.

Sigel noted that the valuation of Ethereum is still very cheap when compared to other Web 2.0 software companies. The price to sales valuation was much lower. But he continued on to say that the volatility of the asset and the earnings model is what can help to push the price up.

Ethereum is in a position where it could capture a large share of global retail revenues.

Ethereum currently undervalued at $248 billion market cap | Source: Market Cap ETH from TradingView.com

Sigel’s May 25th research note pointed out that Ethereum was poised to take most, if not all, revenues from investment banking, asset management, payments, and trading industries.

Speaking further on this, Sigel believes that if Ethereum could capture two-thirds of this value and the Ethereum market cap and revenue ratio held steady, then Ethereum could very well land an enterprise value between $1.8 trillion and $2.3 trillion.

Matthew Sigel joined VanEck in April as the Head of Digital Assets Research. This role did not exist previously at VanEck and it is a sign that the company is moving towards more innovation and research within the digital space.

Sigel had previously worked as a financial journalist for Bloomberg, CNBC, and NHK.

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NFL Star Tom Brady Determined To Stake Big In The Crypto Field

The crypto bug is seemingly proving to be having a big bite on the sports industry as Tom Brady joins other sports celebrities pursuing a dream in the blockchain sector.

The quarterback of the Super Bowl champs – Tampa Bay – had for weeks indicated his enthusiasm, through several tweets about crypto before declaring his intention now to be a “pioneer” in the industry.

The Super Bowl GOAT had for a few days back told the media that he’s a “big believer” in cryptocurrencies. Also, he further disclosed he had acquired some digital coins, which he declined to reveal when asked which ones specifically.

Sports Personalities Delving Into Cryptocurrency Sector

The announcement has made this sports personality the latest entrant into the crypto-world.

This development is coming a few days after a prominent and controversial former batsman from England – Kevin Petersen – affirmed that he’s “getting closer & closer to joining the #bitcoin world.”

Related Reading | Top English Cricketer Kevin Pietersen Acknowledges Bitcoin (BTC)

Similarly, one Shoaib Akhtar, an ex-Pakistani cricketer, had before then launched the world’s first cricket-centric NFT marketplace about two weeks ago.

The FTX Company 

Following his latest crypto activities, Tom Brady has been appointed a brand ambassador for FTX. The FTX is a US-regulated cryptocurrency exchange built from the ground up.

It is a company bent on growing the digital currency ecosystem, offering the US and international traders a platform that inspires their loyalty, and becoming the market-leading US-regulated cryptocurrency exchange.

Tom Brady Met Sam Bankman-Fried

Today, during a Q&A on Twitter that the company mainly organized to promote his new role as their brand ambassador, the experienced quarterback talked with pomp over his latest partnership with the crypto exchange. But unfortunately, he also dismissively belittled the threat of the recent market doldrums.

Related Reading | Blockchain Caucus Co-Chair: Government Needs The Ability To Reverse Transactions

On being asked by his host Sam Bankman-Fried, about what exactly his recent exodus of tweets on Twitter were driving at, “I want to be a pioneer in this field,” Brady revealed.

Host Sam Bankman-Fried is the founder and CEO of the US-based digital currency company.

What Attracted Brady?

In the half-hour-long dialogue with the CEO, Brady assessed his current adventure into the blockchain industry. He equally revealed why he had chosen the FTX over others.

He revealed a “charitable mission” adoption, given the rapidly growing crypto exchange.

Indeed, a fact check shows the US-regulated exchange has obliged to donate 1% of all “net fees” to charity and has thus far put up $10 million from the pledge.

“I got a call from a guy I work with who has a lot of great knowledge about this space. He said, “I think this would be something you would be interested in.” Brady, talking about how he was intrigued to start digging into the company.

The results were his investment into the company and the ensuing ambassadorial reward, he said.

Brady, however, never ceased to give more significant credit on FTX’s charitable project, which he said endeared the company to him the most.

Tom Brady Excited To Partner With’ Charitable’ FTX

“I’m excited about the endless possibilities that we have to create things together,” Brady said, as he revealed how exciting it is for him to partner with FTX in giving back to the communities, the planet, and spreading the crypto knowledge.

Stoked to partner with @SBF_Alameda and @FTX_Official as we continue building the future of crypto. I hear we’re headed to the moon? pic.twitter.com/BdReBkNfxg

— Tom Brady (@TomBrady) June 29, 2021

The 43-year-old super bowl’s “greatest of all time” revealed his new role at FTX is inclusive of his wife.

He explained she would be working primarily on the charitable part of the partnership. She will help determine which charities to fund with the money the FTX continues to raise, Brady revealed to Sam Bankman-Fried.

The Bitcoin chart shows bears are forcing BTC to remain sluggish  | Source: BTCUSD on TradingView.com

Undoubtedly, the cryptocurrency sector is appealing and it’s gaining traction at an impressive pace. As the most renowned sports personalities show interest in Bitcoin and other digital assets, the prices are expected to skyrocket in the near term.

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Why This U.S. Congressman Compared Bitcoin Investment With Playing The Lottery

The U.S. Congress Oversight and Investigations Subcommittee held a hybrid hearing on Bitcoin and cryptocurrencies. The institution summoned Alexis Goldstein, Director of Financial Policy for the Open Market Institute, Sarah Hammer, Managing Director at the Stevens Center for Innovation in Finance, Peter Van Valkenburgh, Director of Research at Coin Center, and others.

Adam Cochran, a partner at Cinneamhain Ventures, made a detailed summary of the event. The members of the Committee made their opening statements with Congressman Tom Emmer defending Bitcoin and the potential of blockchain technology to create more trust and transparency in traditional systems.

Similarly, Emmer criticized the lacked clarity on regulation and the danger of U.S. companies leaving to other territories consequently. The representative called for answers on a key topic: the classification of digital assets and whether they will be treated as securities, commodities, or currencies.

However, not every member of the Committee was an advocate of Bitcoin. Representative Brad Sherman claimed that “he would rather people make ‘bets’ in equity markets or the California lottery” than invest in BTC or cryptocurrencies. He added:

(…) the only advantage of crypto is avoiding KYC and its supported by anarchists for tax evasion.

Representative Anthony Gonzalez seemed to support cryptocurrencies and encouraged everyone to listen to the opinions of all the members in the Committee and not just the hostiles ones. He classified the idea of investing in the California lottery over Bitcoin as “ridiculous”.

U.S. Representive @RepAGonzalez, with a line of questioning that flips the typical argument against #Bitcoin on its back, "99.9% of money laundering with fiat currencies go unprosecuted" pic.twitter.com/cvbS3sfeHM

— Documenting Bitcoin 📄 (@DocumentingBTC) June 30, 2021

Does Bitcoin Need New Regulations?

Amongst the speakers, Valkenburgh’s presentation highlighted the importance of Bitcoin as a tool that aids different human rights causes around the world. He cited the Nigerian Feminist Coalition in Nigeria to demonstrate the power of receiving money with a censorship resistance network anywhere in the world.

10/ wow Peter just cited the Nigerian Feminist Coalition / #EndSARS movement as an example of bitcoin powering freedom and censorship resistance around the world – love this being on the congressional record

(see this amazing podcast w @AnitaPosch – https://t.co/f6J15x3wsg)

— Meltem Demir◎rs (@Melt_Dem) June 30, 2021

Valkenburgh believes there is sufficient regulation in the crypto industry. His argument had two main points: over the past 10 years, several federal and local governments issued their own legislation towards this new asset class. He added that technologies within the blockchain are a type of regulation.

(…) onramps, offramps and exchanges, are money transmitters, banks and trusts, and are all under the BSA, report to FINRA and require KYC/AML.

In BTC’s decade of existence, there have been no reports of a U.S.-based exchange that has suffered major losses. Regulators in this country have swiftly punished fraud, money launders, and other crimes related to the industry.

Valkenburgh thinks that central bank digital currencies (CBDCs) from China and other “totalitarian governments” will launch in the coming years. Thus, he called on the U.S. Congress to accept financial inclusion or “cede” the influence of these governments. Representative Warren Davidson agreed.

U.S Representive @WarrenDavidson, "China is building the creepiest surveillance tool in history…that's why we should be embracing decentralized ledger technology." pic.twitter.com/PdorEcBikX

— Documenting Bitcoin 📄 (@DocumentingBTC) June 30, 2021

At the time of writing, BTC trades at $34,856 with losses in the lower timeframes. The first cryptocurrency by market cap has experienced a downtrend in the past days and could face further unless it makes a significant push towards former highs.

BTC moving sideways in lower timeframes. Source: BTCUSD Tradingview

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Analyzing The Critical Bitcoin June 2021 Monthly Close

Today, June 30 marks the last day of the month, and after around 8PM ET the Bitcoin monthly candle will come to a close. This monthly candle isn’t anywhere as damaging as this past May, which historically was one of the worst on record.

However, there’s no denying that this month was also still fairly nasty and has left the market in a state of indecision. Here’s what past moments of indecision say about the current market cycle, and what could come next depending on which side of the trade gains control over the next month in Bitcoin.

Stalemate Between Bulls And Bears Results In Sideways Action

From the local top to the recent bottom, Bitcoin has collapse by nearly 60% and its only taken three months in full. Q2 2021 is now destined to be the bloodiest on record, with May nearly breaking records for the worst monthly drop ever.

Despite the violent drawdown, the cryptocurrency bull market still could very well still be on. The market knows this, so investors and traders are still cautiously buying the dip.

Price action is trapped between the Tenken-sen and Kijun-sen | Source: BTCUSD on TradingView.com

At the same time, panic sellers are being shaken out with each failed attempt to push lower. The sideways price action can be explained best due to price action – currency forming a red doji candle on the monthly – being sandwiched between the Tenken-sen and Kijun-sen.

Related Reading | Could The Golden Ratio Provide Clues To The Bitcoin Bottom?

The two span lines make up a small portion of the tools the Ichimoku indicator offers. The Relative Strength Index, pictured below, shows a bearish divergence across the most recent peak and the last bull market top.

Technical signals are a mixed bag but mostly lean bearish | Source: BTCUSD on TradingView.com

The miss of the higher, dotted trendline on the RSI could suggest another push higher is still possible, however, falling so deep out of the bull zone isn’t good for Bitcoin. At the same time, the Parabolic SAR has been tagged suggesting a major trend change, and the LMACD has begun to turn downward.

The LMACD hasn’t yet crossed bearish yet, and ahead of any cross happening bulls could push another wave higher. The histogram on the monthly MACD also hasn’t switched red just yet, which could prevent further downside if the green bars grow again.

Bitcoin And The Red Doji: What Could Come Following This Monthly Close

Interestingly, red doji candles, which indicate indecision between bulls and bears, have typically resulted in some of the largest bullish impulses in the months following.

Red doji often lead to reversals in cryptocurrency markets | Source: BTCUSD on TradingView.com

The red doji could suggest that bears are failing to continue to bring prices to lower support levels, and bulls might be able to regain the upper hand.

Related Reading | Institutional Bitcoin Selloff Leaves Retail With Bloody Aftermath

After such an enormous selloff market structure is typically damaged to the point of no return. Bulls best hope to hold out for is a repeat of the 2013 final wave up, which instead had a green doji to pin-point the exact bottom before a reversal to new highs.

Bulls best hope is for a repeat of something like 2013, but is hope enough? | Source: BTCUSD on TradingView.com

If Bitcoin can regain lost highs, another final leg up could bring the leading cryptocurrency by market cap to the final cycle high, and set another bull market peak.

The importance of this monthly close to the bull cycle continuing cannot be understated and is one that anyone in crypto should be paying. close attention to.

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Poolin Reward Tokens Plummet In Response To China Bitcoin Mining Exodus

Following China’s bitcoin mining crackdowns, Poolin has suspended rewards for its tokenized hashrate contracts.

The wBTC and wETH rewards are on pause until “less than 60 days”, as per a blog post from Poolin.

Poolin Pauses Rewards For pBTC35A And pETH18C

Poolin’s tokenized hashrate contracts, pBTC35A and pETH18C, have all their wBTC and wETH rewards suspended until less than 60 days.

The reason behind the move is China’s ongoing crackdown on mining farms, which has forced miners around the country to migrate elsewhere.

The 60-days timeframe correlates to the migration time needed to move mining farms out of China.

As a consequence of the rewards payout suspension, holders are pulling out of the contracts in hordes.

Related Reading | Bitcoin Hash Rate Goes On Death Spiral Post China’s Crackdown On Miners

Here is how the pETH token price and volume chart looks like right now:

pETH price rapidly goes down | Source: Compass Mining Memo

The chart shows that pETH price has rapidly corrected following the announcement.

Similarly for pBTC, the below chart highlights the trend in its price and volume:

pBTC plummets following rewards suspension | Source: Compass Mining Memo

Two other notable takeaways from the graphs are that pETH hit a single-day $2 million turnover in volume for the first time ever, but pBTC only hit a monthly high.

The other high turnovers in pBTC volume were in the months of April and May. The first one corresponds to the coal mine flooding incident in Xinjiang that cut power supply to Bitcoin miners, while the second one was caused by the 21% difficulty adjustment.

The Poolin team plans to pack and transport their mining rigs to another location within 60 days, after which rewards are expected to resume normally.

Related Reading | Institutional Bitcoin Selloff Leaves Retail With Bloody Aftermath

It should be noted that while wBTC and wETH rewards are paused, Poolin is still offering rewards in the Mars token.

Mars is the platform’s native governance token, holders of which can usually vote on decisions relating to the platform.

However, for the decision of cutting out wBTC and wETH rewards, no Mars holder was able to vote. Poolin went forth with the initiative by themselves.

Bitcoin Price

Right now, Bitcoin is priced around $34k, up 2% in the past week, but down 7% in the last 30 days.

China’s latest mining crackdowns are also responsible for BTC’s latest crash. As BTC miners were also forced to shutdown their farms, and migrate elsewhere.

Here is a chart showing the trend in its price:

BTC seems to have stagnated around this point | Source: BTCUSD on TradingView

It’s hard to say where the price will be heading next. There is a possibility BTC is entering a bear market as a never-before wrong signal has been triggered.

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Ethereum Classic Surges As Crypto Market Recovers

Ethereum Classic is an altcoin that has seen tremendous growth this year. It has ridden the bull along with other top coins. And it doesn’t look like the coin is stopping yet. The coin was trading for as low as $7 at the beginning of 2021. But with April came an uptrend in the price of the coin that would continue on to May.

On May 6th, Ethereum Classic hit a new all-time high. The coin was trading at a whopping $175 per coin on May 3rd. Before crashing back down into the $120 range. The previous all-time high for Ethereum Classic was a little over $48. This was during the bull market of 2017 that eventually ended in 2018.

Cheaper Version Of Ethereum

Ethereum Classic has always been known to be a cheaper option on the Ethereum play. While Ethereum might still be too high for some people, Ethereum Classic presents a perfect opportunity to get into the Ethereum network. This is one of the reasons why the price surges.

Related Reading | Ethereum 2.0 Contract Reaches 100,000 ETH Milestone

New investors are usually looking to put their money in assets that they do not feel they have missed the boat on. And Ethereum Classic is one such asset.

Ethereum Classic is Ethereum before the hard fork. Both ETC and ETH still continue to use the proof of work mechanism. But soon, Ethereum plans to move to proof of stake, leaving ETC behind using the proof of work mechanism.

It is still left to be seen if ETC will follow in the footsteps of ETH and switch to proof of stake.

The switch to proof of stake will mean that transactions will be faster and more efficient. Also, this gives more scalability to the Ethereum network.

There is a standing conflict that Ethereum deviated from what blockchain technology was created to do, prevent manipulations in the market by people. Although at the time, it seemed the way to save Ethereum’s reputation was to perform the hard fork. Obviously, that was the right move given current situations.

ETC supporters believe that they continue to stay true to the original notion and mission of blockchain technology.

The present growth of Ethereum Classic can also be attributed to the improvements in the ETH network. ETH 2.0 has investors excited about the new possibilities in the network. And Ethereum Classic is a part of that ecosystem.

Related Reading | Ethereum Breaks $2,000, What You Should Prepare For

The price of ETC has been on a downtrend in recent months along with other coins. The coin lost over 50% of its all-time high value in the crash. It now looks to be posting a steady recovery post-crash.

Ethereum Classic Market Indicators

Moving averages for ETC are negative over the short term but remain positive over the long term. Five-day moving averages are down 20%. But the 100-day moving average is up by a wide margin, holding at 373.10% in the long term.

The market indicators for Ethereum Classic are currently showing a buy pressure.

Coin price is up despite low trading momentum in the market. This could be attributed to upward movement in the price of Ethereum.

This price increase puts ETC firmly upwards on the highest market recoveries.

ETC surges amid market recovery | Source: ETCUSD on TradingView.com

Moving averages for the month put the asset in the strong buy pressure region. Accounting for the increase in the price of the coin recently.

Although hourly moving averages are now moving into strong sell indicators. Nothing out of the ordinary. Sell indicators are usually expected when coins post-high percentage recoveries in short periods of time.

Ethereum Classic is currently holding at a price of $58.

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DOT Token, Now Tradable at Revolut, the Game Changing UK Banking App

Seemingly a match made in heaven, Revolut the disruptive UK bank with over 15 million customers, has teamed up with Polkadot, the visionary blockchain technology that promotes interoperability at scale, to offer a listing of the DOT token on its app.

Revolut, which was founded in 2015 is the UK’s fastest-growing financial app, and has recently been made available to the US. It allows users to exchange money with no hidden fees, to send and receive 28 currencies in moments, to take control over their spending with in-depth analytics, and to withdraw from 55,000+ ATMs nationwide for free.

This super-app has been involved with offering the trading, buying, selling and storage of crypto assets since 2017. DOT is the latest token to be listed on the app, allowing users to perform transactions with this crypto asset in seconds.

Polkadot for the Transfer of Anything

Revolut facilitates the usage of mainstream cryptos so customers can use their debit or credit card to buy and exchange DOT. DOT is the native token of the Polkadot protocol, remarkable blockchain technology that enables transfers of any type of data or asset, not just tokens across a multitude of blockchains in the Polkadot network.

Polkadot ensures warp speed transactions across networks, which are safe and highly economical when compared to its competitors. It does this by spreading transactions across multiple parallel blockchains.

Developers can easily build their own custom blockchain within minutes by using the Substrate framework. Those who build using this framework can connect their custom chains to the entire Polkadot network, for increased liquidity.

Unlike Ethereum, Polkadot can be upgraded fast without the need for hard forks when upgrading or fixing bugs. It is this feature that ensures that Polkadot can readily adapt when better technology becomes available.

DOT, which is the token behind this ecosystem, is a popular cryptocurrency with a market cap of over $16,979,918,748 and a trading volume of $1,322,937,807 for the last 24 hours. DOT can currently be found on a huge list of digital and centralized exchanges including all the main players like Binance, Huobi, Bithumb and Coinbase.

 

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Blockchain Caucus Co-Chair: Government Needs The Ability To Reverse Transactions

As blockchain technology becomes more applicable to business and its uses continue to grow, investors are curious as to how the US will regulate crypto. Influential figures at the highest levels of the United States government are finally beginning to discuss cryptocurrencies, blockchain tech, digital assets, and how to regulate and tax those assets.

On Tuesday in a “Cryptocurrency Goes Mainstream” virtual event from Axios focused on the future of cryptocurrency policy and regulation, Democratic Representative Bill Foster from Illinois, and co-chair of the blockchain caucus stated,

You have to be able to go to a court to unmask participants under some circumstances,

I’ve just said about three things there that will drive the crypto purists berserk, like the trusted third party and so on. But in fact, there’s not a technological alternative that I’m aware of. For most people if they’re going to have a big part of their net worth tied up in crypto assets, they’re going to want to have that security blanket of a trusted third party that can solve the problem

(Crypto must be) pseudo anonymous, so the regulators can see

Crypto market cap trends low amid news of regulations | Source: Crypto Total Market Cap on TradingView.com

Representative Foster is, of course, voicing legitimate concerns for everyday investors worried about how transactions are locked into the blockchain with regard to security. Especially considering the recent uptick in ransomware attacks in the US. In that sense, safeguarding investments is of the utmost importance for blockchain technology as it continues to grow and on top of the minds of those drafting legislation on crypto.

Related Reading | Bitcoin Lacks Momentum Above $36K, Why BTC Could Correct Lower

Foster later proposes that a court could unlock a crypto user’s identity with a guarded key of some sort. Indeed, for cryptocurrencies to become fully adopted by the mainstream, they will eventually be regulated by the governments where they operate. And in some cases, may have to be less anonymous than users would like

Yet with any decentralized financial system, the point of that system is to stay away from regulation. Let the code run itself. The US and anyone else looking to control crypto will have to strike a fine balance between regulation and the decentralized financial liberation that blockchain inherently is.

How Will This Effect Crypto Prices?

News of new regulations will always scare first-generation crypto investors. Especially since the ability to not be regulated by a single entity is one of the reasons blockchain technology was invented.

But in fact, any news is good news and more US regulation could help crypto on the whole. With more regulation, more able investors and businesses can be reached. As there are more investors in the pool, crypto prices will continue to rise with the growing new demand.

Related Reading | The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

Are Bigger Regulations Around The Corner?

Unfortunately, the answer is probably yes. As blockchain technology becomes more widely accepted and used around the world, more regulations will be put in place. Rogue operatives will certainly still be able to maneuver through countries where the technology stays unregulated, but the days of a Bitcoin wild west are over.

Keep in mind, with more regulation comes more application of the technology. With both more users and uses, the blockchain market is poised to continue growing.

Featured Photo by Casey Horner on Unsplash, chart from TradingView.com

 

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TeraBlock To Use Binance Cloud to Solve Liquidity Issues and Bolster Security of its platform

TeraBlock, an automated crypto exchange, has partnered with Binance Cloud to make crypto trading hassle-free on its platform.

Commenting on their partnership with Binance Cloud, Shivam Tandon, the CEO of TeraBlock, said: “After announcing the successful completion of our recently conducted IDO on BSCPAD, our users will benefit directly from the Binance Cloud partnership. The upcoming TeraBlock exchange, powered by Binance Cloud, enables our users to experience better trading depth, security, and transaction speed.” He also hoped “to bring a renewed interest and experience like never before to the crypto space.”

The Game-Changing Partnership

It is a game-changing partnership as it will save TeraBlock from falling into what we can call a new crypto exchange conundrum. You see, it is common for new exchanges to lose users because of a lack of liquidity and gaps in security infrastructure. Considering that 34% of crypto traders consider liquidity a crucial factor while making a decision, it can prove to be a death knell for many new cryptocurrency exchanges.

You must be wondering how a partnership with Binance Cloud changes the equation here? Well, that is because Binance Cloud essentially mimics all the advantages of Binance. It combines the technology, security, and liquidity of one of the most popular cryptocurrency exchanges in the world. Thus, TeraBlock users do not have to worry about the lack of liquidity on the platform or any security gaps in TeraBlock’s infrastructure.

The Role of TeraBlock & Binance Cloud in the Partnership

After the partnership between TeraBlock and Binance Cloud, TeraBlock will only have to handle the business development and operations aspect of their platform. Binance Cloud will manage the rest of the activities like the development and maintenance of their exchange technology, user registration, security, and liquidity. Also, the benefit isn’t limited to liquidity alone as Binance Cloud will also prop up the security infrastructure of TeraBlock.

 

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CoinMarketCap Adds Token Swap Feature Through Uniswap Integration

The popular crypto-data aggregator CoinMarketCap launched a feature integrating Uniswap that facilitates Ethereum token swaps. The network integrated with Uniswap to achieve this feat, and according to the team, they’ll add more networks and decentralized exchanges.

🚀 We're incredibly excited to see Uniswap integrated natively into @CoinMarketCap

🔥 Token pages now have a "Swap" icon allowing users to connect to an Ethereum wallet and instantly trade that token through the Uniswap protocol

👏👏👏 awesome work on the integration!!! https://t.co/qm4SbcTTCA pic.twitter.com/PwO3mEWJU4

— Uniswap Labs 🦄 (@Uniswap) June 30, 2021

Swap Ethereum-Based Tokens Easily

CoinMarketCap’s integration with Uniswap will enable swapping between Ethereum-based digital assets. Users can now access the token swapping feature through the swap icon on the aggregator’s website.

Users are obligated to connect their wallets to swap between ERC-20 tokens as they please seamlessly. The wallets that users can connect are WalletConnect, Coinbase, Portis, MetaMask, and Fortmatic.

According to CoinMarketCap, there will be more integrations with other networks and DEXs. However, the platform supports only Ethereum and Uniswap V1 and V2 for the token swaps.

Related Reading | TA: Ethereum Corrects Lower, What Could Spark A Fresh Rally

Previously, there has been an increase in CoinMarketCap’s traffic. In early January 2021, the platform recorded 101 million visits, but the number increased to 272.32 million in May.

Most of the traffic for CMC is, of course, coming from Binance. According to SimilaWeb, a firm that conducts website analytics, the total referrals from the parent company in May was up to 52.68% of the total traffic.

Brief On CoinMarketCap And Binance Acquisition

CoinMarketCap is a popular and reliable crypto-assets data aggregator that investors of all levels depend on for real-time updates.

The company behind this engine now is Binance, after acquiring it on April 2, 2020.  But before Binance bought the data aggregator, it has been operating since 2013. Within this period, CoinMarketCap garnered popularity as a reliable data website globally.

Related Reading | UK Regulators Prohibit Binance, What’s Ahead For The Crypto Exchange?

Fast-forward to 2019; the website launched a new feature, “crypto indices” on reputable finance platforms in the industry such as Bloomberg Terminal and Nasdaq Global Index Data Service.

After the Binance acquisition, things changed drastically for the firm. Many top executives left the company a few months after the takeover.

Even though Binance announced that CoinMarketCap would operate independently, it didn’t stop the executives from leaving. Top executives such as CEO Carlyne Chan, Spencer Yang, and even Jeremy Seow left the firm.

Uniswap Integration Intends to Enhance Crypto-Investment Experience

Uniswap is a decentralized exchange operating on the Ethereum blockchain to facilitate seamless token swaps. For example, users can swap ERC-20 tokens through CoinMarketCap’s newly introduced feature.

Related Reading | The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

Uniswap has been operating on the Ethereum blockchain since 2018. So, this integration is a collaboration between two giants for a better crypto investment experience.

Also, it is worth noting that CEO Carylyne Chan announced her vision for more crypto adoption. So, it seems that the vision is gradually becoming a reality even in her absence.

Bulls are trying to take control over the market | Source: UNIUSD on TradingView.com

The top DeFi token, Uniswap, is expected to reclaim the $20 mark after such significant news. For now, UNI is down by 5%, but the bulls are fighting to take the Uniswap price in the green zone.

Featured image from CoinMarketCap, chart from TradingView.com

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The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

The second biggest stablecoin by market capitalization is already a multi-blockchain project. Soon, though, USDC will live almost everywhere. According to Coindesk, it will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, and Solana.

The biggest stablecoin, Tether or USDT, is only available in 8 of those. Currently, the most used stablecoin is Tron’s version of USDT. 

Related Reading | Is USDC’s Billion Dollar Growth A Sign Crypto Smart Money Is Ditching Tether?

With that in mind, CENTRE said:

“We anticipate that USDC on these blockchain platforms and multichain protocols will further accelerate the use of the world’s fastest growing digital dollar currency.”

The consortium that runs USDC, CENTRE, is a joint venture between Coinbase and payments processor Circle. The information comes from, “a draft announcement from USDC administrator CENTRE obtained by CoinDesk.”

USDC market capitalization | Source: TradingView.com

What Is USDC And How Does It Work?

For this, we have to go back to the academy. Coinzilla informs us:

USDC is one of the fastest-growing stablecoins pegged 1 to 1 to the US Dollar.

What is more remarkable is that Circle, the company that developed the stablecoin, is actually holding the amount of money required for backing the USDC in circulation. 

That’s definitely a shot at USDT. Tether’s audit and legal issues have been a topic of contention in the cryptocurrency community for a while now. Can they back all the Tether they’ve minted? A burning question that’s harder to answer than you’d think. 

For what is worth, USDC’s April independent audit is on the public record and says:

• USD Coin (“USDC”) tokens issued and outstanding less tokens allowed but not issued (218,807,037) and less blacklisted tokens = 14,697,267,257 USDC  

• US Dollars held in custody accounts are at least equal or greater than the USDC tokens outstanding at the Report Date and Time. 

Back to Coinzilla’s academy, the stablecoin’s characteristics are:

In essence, USD Coin is an ERC-20 token that functions through the Ethereum Network. Nowadays, USDC transactions can also be settled through Algorand, Solana, and Stellar’s infrastructures.

Since the launch of USDC 2.0, the payment process is simplified, the gas fees being paid directly in USDC. 

Related Reading | Circle’s Stablecoin USDC Passes Independent Audit, Fully Backed by USD

Stablecoins Are Supposed To Rule The USA in 2021

The official love affair between the US government and stablecoins started last January, when Jeremy Allaire from Circle announced that, “the largest US banking regulator with new guidance allowing US banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the US financial system.” According to him, “Decentralized, permissionless, open source and internet mediated software is literally becoming the foundation for not just the US financial system but for the global economy.”

3/ The new interpretive letter establishes that banks can treat public chains as infrastructure similar to SWIFT, ACH and FedWire, and stablecoins like USDC as electronic stored value. The significance of this can’t be understated.

— Jeremy Allaire (@jerallaire) January 4, 2021

Recently, Randal K. Quarles, the Federal Reserve’s Vice Chair for Supervision, considerably raised the stakes:

In my judgment, we do not need to fear stablecoins. The Federal Reserve has traditionally supported responsible private-sector innovation. Consistent with this tradition, I believe that we must take strong account of the potential benefits of stablecoins, including the possibility that a U.S. dollar stablecoin might support the role of the dollar in the global economy. For example, a global U.S. dollar stablecoin network could encourage use of the dollar by making cross-border payments faster and cheaper, and it potentially could be deployed much faster and with fewer downsides than a CBDC.

Will stablecoins like USDC and USDT substitute the Digital Dollar project? Could they be an alternative to CBDCs? We’ll have to wait and see.

Featured Images by NeONBRAND on Unsplash - Charts by TradingView

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Glitch Finance set to Launch its Testnet on June 30

Financial systems are facing a massive overhaul with decentralized finance (DeFi) applications at the forefront of this revamp. A steady influx of decentralized solutions is paving the way for fewer authorities and more control in the hands of the end-users. Right now, there is constant anticipation for how these solutions will be adopted by the masses.

Further excitement is brewing in DeFi circles, with Glitch Finance set to unveil its testnet on June 30. This is a vital step in realizing its dream of providing a scalable infrastructure for decentralized finance applications and trustless money markets. The testnet launch is the culmination of six months of frenetic work and a testimonial to the team’s commitment to their vision of decentralized finance for all.

Testnet launch — a Testament to the Growth of Glitch Finance

If there is one characteristic that defines the crypto space, it must be ‘dynamic.’ Keeping pace with this market is no small effort, and Glitch Finance has been notably proactive in its approach to building infrastructure.

In March 2021, the project issued its whitepaper and also announced the development of two highly-awaited dApps. First, the GEX — Glitch Decentralized Exchange — a peer-to-peer exchange that shall allow assets to be traded efficiently. And the xBridge, which facilitates cross-chain token transactions in just a few clicks.

The team followed this up with a bridge to the Binance Smart Chain (BSC), a move that not only added value to the $GLCH token but also further emphasized the growing need for interoperability for mass adoption of crypto solutions. Additionally, in a significant stride towards scaling the project, Glitch announced a partnership with Polygon (Matic) to connect their ETH-compatible blockchain networks and push towards greater dApp efficiency. In the same timeframe, Glitch’s native token $GLCH was listed on Kucoin, along with a few other exchanges, providing a major bump to the token’s visibility.

The fact that Glitch Finance is finally approaching testnet and mainnet launches means they’re at a point where theory becomes reality. And as such, they’ve introduced the Glitch Grants Program to encourage development on DeFi’s newest chain. Like many others like it, the grants program is a growth-focused initiative that allocates $2 million to support projects developing financial solutions on GLITCH.

The launch of the GLITCH Testnet on June 30 will be a major milestone in the project’s growth, and it will allow for comprehensive testing of the entire infrastructure. With a recent announcement that the team will be working with Kurtosis on integration testing, Glitch will receive critical feedback to make sure the foundations of the network and its smart contracts are robust from the start.

Overview: the GLITCH protocol

High transaction fees have created undeniable issues for many DeFi applications in the last few months. Coupled with the growing congestion in certain host blockchains, the feasibility of these decentralized applications has been all but lost.

To provide a solution, Glitch Finance is aiming to be an operating system designed explicitly for trustless money markets and other DeFi solutions, i.e., they’re adding another rail for dApps to run on.

For these permissionless solutions to be adopted by the masses, faster transactions at low fees are an absolute requirement. Hence, Glitch has been built with three key things in mind.

Consensus

Glitch Finance has employed a consensus protocol known as Delegated Proof of Stake (DPoS) to establish a collective agreement. Being innate energy-efficient, DPoS allows for both cheaper and quicker transactions. Employing DPoS at an early stage sets GLITCH up to support transactions of high volume post-mass adoption. The DPoS protocol also allows for fair governance in the Glitch DAO by depreciating voting power over time.

Interoperability

Users and devs alike can benefit from the low costs and the high speeds of the GLITCH Network even while using dApps built on other blockchains. By token wrapping assets as a GRC-20 coin, cross-chain utility is realized with Glitch. Furthermore, Glitch is focused on building cross-chain bridges to other ecosystems to enhance interoperability.

Revenue Sharing

Unlike other projects that incentivize users by sharing a part of the gas fees, Glitch has relied on its dApps and usage. Nearly a quarter of their revenue and fees are shared to stakers and holders in the form of $GLCH. This system of revenue sharing is touted to be a key driver of user adoption. Likewise, devs are incentivized to generate revenue by contributing to the Glitch dApps ecosystem.

Final thoughts

Building a dedicated ecosystem for DeFi products and helping them scale is the clearly defined aim of Glitch Finance. Given their efforts towards the GEX’s launch and development of more cross-chain bridges, GLITCH is an exciting addition to the field. While many developers seem content to build dApps or add layers onto existing blockchains, Glitch has gone to the foundation, building an entirely new L1. With the testnet launch of this new, purpose-built blockchain, we will get the first glimpse of GLITCH, and more importantly, see what it can offer the world of decentralized finance.

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Phemex Launches Learn And Earn Program To Reward Users And Boost Adoption

Leading crypto exchange Phemex has announced a new initiative called Learn and Earn. This educational program has the objective of rewarding users to learn about crypto and its underlying technology.

Divided into several courses with different lessons in video formats, users will learn fundamental concepts related to this industry and this new asset class. Users can access the courses via Phemex’s website by clicking on the drop-down menu, the Learn & Earn option.

Once a lesson is completed, users can take a quiz. If they answered correctly, they would receive a reward. Even if the user has made a mistake, the platform will allow them to try again. Before participating in the program, the exchange requires everyone to complete the KYC process.

Every new technology must go through an adoption curve. In the beginning, people need tools to learn how to adapt these technologies to improve their life. Phemex seeks to reward users to take on this task. Thus, they fulfill one of their core principles: to gain something of value back to their community.

How Phemex Will Rewards Its Community

As part of the educational program launch, Phemex did a double Giveaway from the 17th to the 24th of the current month. Users were able to earn double the reward to participate in the initiative. In the coming week, the exchange will hand out bonuses for all participants that meet their requirements.

Moreover, between June 25th and July 2th, users can complete certain steps to receive an entry into a Phemex Lucky Draw. 20 winners will be selected on July 16th and will receive $100 in trading bonuses. Users will have more chances of winning with every entry they can get.

As one of the most important exchange platforms in the crypto industry, Phemex and its new program will take an active role in educating new users and persuade them of the benefits of cryptocurrencies and blockchain technology.

The past year has demonstrated that the international payment and financial system is complex and outdated. The pandemic has accelerated a process of digitalization that people demand. In the coming years, cryptocurrencies and digital assets will become more relevant for everyday life, Phemex gives you the opportunity to learn about this exciting technology, have fun in the meantime, and earn extra money.

 

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Will Humanity Achieve Immortality in the Near Future?

For millennia Immortality has been the greatest dream of humanity. The brightest minds have tried to solve its mysteries, but despite the support of the richest people on Earth, to no avail. Well, at least in the “becoming immortal” part. In terms of longevity, humanity went a long way in recent decades. And today, when longevity research is backed by big tech companies from Silicon Valley, the progress in studies of longevity and immortality is accelerating.

How can we achieve immortality?

There are two basic approaches to the mortality problem. The first one is to ensure longevity. Of course, living up to 120-150 years is not true immortality, but it is a lot better than the current situation, isn’t it? And, by the way, 120-150 years is not an arbitrary figure: according to a paper, published in May 2021 by a joint research team from the US, the United Kingdom, Singapore and Russia, that’s the natural human lifespan. We don’t live this long only because of diseases and stress.

The second approach is so-called “mind upload” or “digital immortality”. Basically, it is exactly what it sounds – a person uploads their memory into a computer with a sophisticated AI that simulates their personality and thus “lives” forever. It may seem like stuff from sci-fi, but it may be closer than we think.

Data exchange has become a vital part of longevity research, and blockchain technologies can greatly facilitate it. Blockchain can make secure data transfer faster and cheaper. Therefore, research centers will be able to dedicate more time and resources to the research itself, instead of dealing with data exchange. Moreover, blockchain will even remove the issue of plagiarism which haunts data exchange between research teams at the moment. The “2045 Strategic Social Initiative” project claims that in 17 years it will release digital “avatars”, Microsoft claims that all the conversations an average person takes part during the entire live take less than a terabyte to store. And, by the way, William Shatner (Captain Kirk from Star Trek), is having a hologram of himself created. This hologram will be able to interact with other people after Shathner dies.

Blockchain can aid longevity research

Blockchain technologies can become an invaluable aid to longevity research in multiple ways at once. The Moon Rabbit project is a great example of it.

Moon Rabbit is a digital infrastructure platform, created specifically for supporting longevity research projects. It provides an unlimited number of subchains (jurisdictions) that can be used for supporting certain projects. Jurisdictions can provide incentives for research teams, facilitate data exchange, provide additional sources of finances and so on. Moreover, as all jurisdictions operate on a single platform it is much easier to set up data exchange between different teams, institutions and projects without any interference from borders and politicians and with reliable copyright protection.

The main focus of the Moon Rabbit project is supporting biotech research, but jurisdictions are not limited in what approach to immortality and longevity they support, as long as it fits within the common platform’s theme. For example, a digital immortality project can use a Moon Rabbit jurisdiction to raise funds or ensure reliable data storage for “mind upload” experiments.

The Moon Rabbit project’s founder is Angel Versetti – one of the most successful and influential businessmen in crypto. Versetti was instrumental for Bitcoin’s initial success, and one of the key investors in Ethereum ICO, DOGEcoin, AAVE and dozens of other decentralized projects. Not only does he have the necessary expertise to make the project successful, but he is also extremely well connected in the financial and blockchain circles. So we can be sure that the Moon Rabbit project will enjoy support from the most influential people on the planet.

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