TA: Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

Ethereum started a steady increase and it cleared $3,400 against the US Dollar. ETH price is showing positive signs and it might accelerate further above $3,500.

• Ethereum started a steady increase above the $3,350 and $3,380 resistance levels.
• The price is now trading above $3,400 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $3,425 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could accelerate further higher if it clears the $3,480 resistance zone.

Ethereum Price Gains Momentum

Ethereum formed a base above the $3,250 level and started a steady increase. ETH price was able to clear the $3,350 and $3,380 resistance levels.

It even surged above the $3,400 zone and settled well above the 100 hourly simple moving average. A high was formed near $3,477 before there was a downside correction. The price corrected lower below $3,400, but the bulls were active near $3,350.

It formed a low near $3,340 and started a fresh increase. Ether traded above the 50% Fib retracement level of the recent decline from the $3,477 swing high to $3,340 low.

It is now trading above $3,400 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $3,425 on the hourly chart of ETH/USD. The pair is attempting a break above the 76.4% Fib retracement level of the recent decline from the $3,477 swing high to $3,340 low.

Source: ETHUSD on TradingView.com

If the bulls succeed, there could be more gains above the $3,480 resistance. The next main resistance is near the $3,500 level. A clear break above the $3,500 resistance might open the doors for another increase. In the stated case, ether may possibly rise towards the $3,600 level.

Dips Limited in ETH?

If ethereum fails to continue higher above the $3,480 and $3,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $3,435 level.

The next major support is now forming near the $3,425 zone and the trend line. A downside break below the trend line could spark a sharp decline. In the stated scenario, ether price could revisit the $3,350 support region.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

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

Major Support Level – $3,350

Major Resistance Level – $3,500

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TA: Bitcoin Holds Key Support, Why Technicals Suggest a Crucial Breakout Pattern

Bitcoin price is trading below the $48,000 resistance zone against the US Dollar. BTC could decline heavily if it fails to stay above the $46,500 support zone.

• Bitcoin failed to surpass $48,250 and dropped back to $46,500.
• The price is now trading well below $48,000 and the 100 hourly simple moving average.
• There is a key bearish trend line forming with resistance near $47,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could accelerate further lower if there is a break below the $46,500 support zone.

Bitcoin Price Tests Key Support

Bitcoin price attempted an upside break above the $48,000 resistance zone. However, BTC remained below the 100 hourly simple moving average and topped near the $48,250 level.

A high was formed near $48,245 and the price started another decline. It broke the $47,500 and $47,000 support levels. It traded close to the $46,500 support zone and a low is formed near $46,540. It is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $48,245 swing high to $46,540 low.

Besides, bitcoin is now trading well below $48,000 and the 100 hourly simple moving average. On the downside, there is a key support forming near the $46,500 zone.

Source: BTCUSD on TradingView.com

If there is a downside break below the $46,500 support zone, the price might accelerate lower. The next major support is near the $45,500 level, below which the price could revisit $45,000. Any more downsides may possibly set the pace for a larger decline towards $42,000.

Fresh Increase In BTC?

If bitcoin stays above the $46,500 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $47,200 level. The first major resistance is near the $47,400 level. It is close to the 50% Fib retracement level of the recent decline from the $48,245 swing high to $46,540 low.

The main resistance is near the $48,000 level and the 100 hourly simple moving average. A clear break above the $48,000 level could clear the path for a decent increase in the near term.

Technical indicators:

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

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

Major Support Levels – $46,500, followed by $45,000.

Major Resistance Levels – $47,200, $47,400 and $48,000.

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Ex-Goldman Exec And Real Vision Founder Puts Ethereum Value At $20,000 By March 2022

Ethereum has been on an impressive growth path recently. The digital asset recently broke a three-month high after it broke through $3,400 in the early hours of Tuesday. Usage on the Ethereum network has increased drastically in the recent weeks, causing fee rates to surge 200% in the space of a week. As more users adopt the leading smart contracts platform, predictions for the asset’s value have risen accordingly.

Raoul Pal is an ex-Goldman hedge fund exec who is bullish on cryptocurrencies. The ex-hedge fund exec had then gone on to co-found Real Vision, a platform that provides insights and analysis for investors. Pal was on a podcast to talk about his cryptocurrency investment strategies for the top 2 largest projects in the market, Bitcoin and Ethereum, and he had some interesting predictions for both cryptocurrencies.

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Ethereum To $20,000, Bitcoin To $250,000

Real Vision CEO Raoul Pal gave some very optimistic predictions for the top 2 digital currencies during his interview. Pal said he believed that Ethereum was going to be at $20,000 by the end of March 2022, while putting Bitcoin price between $250,000 to $400,000 in the same time frame. For Ethereum, Pal said that the growing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs) factors into his prediction. Disclosing that both DeFi and NFTs have already been twice as widely accepted as Bitcoin.

Related Reading | Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is “Worthless”

Ethereum adoption has far dwarfed the rest of the crypto space, Pal said. Adding that the recent London Hard Fork and EIP-1559 work to reduce ETH supply, and with ETH 2.0 staking, further propels the bullish setup for the price blowout.

Raoul Pal expects ETH to 6X by next year | Source: ETHUSD on TradingView.com

“There’s tons that have gone into just holding, tones that are locked up in DeFi, tons that are locked up in NFTs, and you’re left with, as of today, 11% of the entire supply of Ethereal available and it’s going down every day, and the demand is going exponential. The only outcome is an exponential rise in price. There’s no other outcome.” – Raoul Pal, Co-Founder, and CEO, Real Vision

Put Your Money Where Your Mouth Is

Raoul Pal is not one to give predictions for others to follow without having a stake in it himself. In fact, the CEO had revealed last year that he had moved his entire investment portfolio to cryptocurrencies. That’s how bullish Pal is on cryptocurrencies. The CEO had completely exited his gold holdings, which, at the time, had made up 25% of his investment portfolio, and the funds were moved to crypto. Even at that point, Pal’s portfolio was made out of 75% crypto before he exited his gold positions.

Related Reading | Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End

Now, Pal’s holdings consist of cryptos at various degrees of concentration, down to crypto-related products. The CEO revealed that his holdings consisted of 55% Bitcoin, which made up the majority of his investments. Ethereum (ETH) is the second-largest position, making up 25%. The remaining 20% consists of an equally weighted basket of tokens. These range from tokens of decentralized finance (DeFi) protocols, Layer 1 blockchains, and interoperability solutions.

Related Reading | Here’s How Much Your $1,200 Stimulus Check Would Be Worth In Various Cryptocurrencies In 2021

Pal also added that he had “some specific bets in social tokens, metaverse, and other longer-term macro bets.” The Real Vision co-founder referred to Ethereum as “the greatest trade” from a macro perspective point of view. And he expects the cryptos to go up in Q4 of 2021. “Don’t forget that they usually go up 5X to 10X in the last three months of the year, and we haven’t even got to the all-time high,” Pal said.

Featured image from Toshi Times, chart from TradingView.com

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Visa Describes NFTs As Promising Means To Engage With The Fans

Visa now makes a full head plunge into the NFTs following its evaluation of the technology behind the assets. The global payment giant described NFTs as having the potential to serve as the engagement medium for fans. Visa made this description through its recent whitepaper publication.

The publication suggests that Visa sees non-fungible tokens as a crucial innovation during the recent pandemic. The publication observed that strict restriction orders cause a limitation to live sports, music festivals, and entertainment.

Related Reading | Former DigitalX Executive Appointed As The New Binance Australia CEO

The emergence of NFTs came when fans are eager to join digital communities that portray their favorite sports teams and artists.

What Will Trigger The Move For NFTs?

Professional sports got the hardest blow from the pandemic. There’s an estimation of an $18 billion revenue loss across the major global leagues.

Visa envisages that this further pushes for the need for revenue diversification and more focus on technology. This will bring repositioning for more business growth opportunities and gain more fans’ attention and participation.

According to the report, NFTs are attractive to fans, leagues, teams, talents, and collectors. It further unveils the peculiarity of the NFTs as the basic sources of fan engagement, fresh revenue streams, and customer relationship management. However, the major utility situations of NFTs so far are art, gaming, and collectibles.

The release of the whitepaper came with an announcement from Visa on the purchase of CryptoPunk 7610, its first NFT. Visa bought the NFT for $150,000, and the token has its proof of ownership stored on the Ethereum network. The collection comprises 10,000 unique NFTs.

Industry sources record the sales of 2,519 CryptoPunk collectibles within the past 30 days—the sales sum amount to $467.4 million. The highest-grossing sale within the period falls on CryptoPunk 7252, sold for 1,600 ETH, worth $4.5 million.

Besides the increased adoption for CryptoPunk, NFTs are also gaining popularity in other niches. There’s a report that the NFT marketplaces net sales in August will surpass $900 million.

This sets the industry’s new record. The previous record, set in May, was when the net NFTs sales hit $255 million. The month of May saw the crypto markets reaching new all-time highs and then proceed to a multi-month correction experience.

Related Reading | Cream Finance Loses $25 Million To A Flash Loan Attack

Visa’s plunge into NFTs is not a surprise move as the company already has a growing interest in cryptocurrencies. The firm had a recent agreement with Zipmex, a crypto platform.

This results in the provision of crypto payment integration within the Asia-Pacific region. In addition, earlier in the year, Visa confirmed its commitment to establishing crypto payment and fiat on-ramps. This was its move to boost the class of digital assets.

Featured Image From Pixabay

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Former DigitalX Executive Appointed As The New Binance Australia CEO

The former executive of the first blockchain listed publicly is now the current CEO of Binance Australia. The exchange announced Leigh Travers’s appointment. The new CEO was formerly the chief executive of DigitalX, a locally known blockchain technology and payment enterprise.

Leigh Travers served seven years at DigitalX. He also served as a board member in Blockchain Australia, the local leading blockchain sector body. DigitalX broke records as the first publicly-listed blockchain organization in June 2014.

Related Reading | Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos

This announcement was made after the firm completed the reverse takeover of Macro Energy Ltd, an Australian Stock Exchange-listed Firm.

Travers Reaction To The New Office

Leigh Travers disclosed that his priority is to build relationships for Binance Australia with regulators. Also, he emphasized that he aims to grow Australia’s brand.

He stated that the company has a special part to play: to become involved in assisting in structuring the industry’s growth. That is why; they need to prioritize conversations and engagements with regulators and policymakers, says Travers.

In his speech, Travers added that “looking from the industry’s viewpoint, I’m aware that it is essential to continue developing the sector’s relationship with the regulatory bodies. Also, we need to strengthen Binance Australia’s dedication to compliance as well as best practice.

Binance Australia Launch

July 2020 brought the official launching of crypto exchange Australia. Meanwhile, InvestbyBit operates the Australian Binance subsidiary.

InvestbyBit is a locally operating digital asset platform that AUSTRAC (Australian Transaction Reports and Analysis Centre) regulates. The platform went into operations on Sept. 2017.

As we gathered from the Australian Business Register reports, on February 22, 2019, InvestbyBit was rebranded to Binance Pay. Four days later, it changed its brand to Binance Lite. Then, again on August 6, 2020, the company undertook another rebranding to become Binance Australia.

In April, Jeff Yew, the former CEO of Binance Australia, resigned from the company. After leaving Binance Australia in April, Jeff launched Monochrome in May. Monochrome is a unit trust which targets funds as well as high net worth persons.

In his speech at Sydney Morning Herald last May, Leigh Yew expressed that Australia’s policymakers failed in their duty to deliver sufficient regulatory clarity to the digital asset zone.

Related Reading | Cream Finance Loses $25 Million To A Flash Loan Attack

Thus, he calls for higher regulation in crypto trading exchanges. Most especially since many retail investors and institutions now admire digital assets like Ethereum and bitcoin.

The cryptocurrency market is following an uptrend on the daily chart | Source: Crypto Total Market Cap on TradingView.com

Yew acknowledged that Australia is more up-to-date with its regulations as compared to other economies. However, there is the need to work harder on regulation to stop dodgy operators from exploiting everyday investors.

Featured Image From Pixabay, Chart From TradingView.com

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Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1

Top Quant uses the puell multiple to point out a pattern that explains why the current Bitcoin bull cycle is only in the first phase.

The Bull Market Is Not Over, Phase 1 Has Just Begun

According to a CryptoQuant analyst, past cycles show that the current Bitcoin bull market isn’t over yet. The puell multiple seems to reveal where the price might head next.

The puell multiple is a BTC indicator used to tell how healthy miners’ revenue is. It’s calculated by dividing the mining revenue by the 365-day moving average (MA) of the same.

Puell Multiple= Mining Revenue USD ÷ 365 MA​ (Mining Revenue USD​)​

With the help of the metric, it becomes possible to say how much selling pressure miners are facing. When the indicator has high values, miner revenue is relatively healthy, thus miners aren’t compelled to sell. While low values could suggest they are facing considerable selling pressure.

Since miners hold large amounts of Bitcoin, significant selling pressure among them could impact the price of the cryptocurrency on a visible scale.

Now, here is how the puell multiple changed during the 2011 and 2013 bull cycles:

The Puell Multiple vs the Bitcoin price during 2011 and 2013

The above graph numbers the different phases of these runs, and the colored zones help reveal the pattern of where the price heads next after touching each.

Related Reading | Why Bitcoin Dominance Could Submit To Altcoin Season Several Months Longer

During a mid-cycle top, the price touches the yellow box. An end-of-cycle top is signaled when the value touches the red zone.

A new cycle doesn’t start until after a mid-cycle top post halving is reached. The below chart shows how the 2017 bull run looked like as well as how the current one may end up looking like:

The current Bitcoin bull run has just begun

Examining this graph makes it clear that the 2017 cycle also followed a similar pattern for the price vs puell multiple chart.

Related Reading | Bitcoin Mempool Shows Low Demand?, Why Bears Could Stage A Comeback

Now, based on this pattern, it looks like the current bull run may only be in the first phase. If a similar trend continues to be followed, BTC should make a large move up next as the coin hits a new ATH.

Bitcoin Price

At the time of writing, BTC’s price floats around $47.8k, down 1.5% in the last 7 days. Over the past month, the coin has accumulated 15% in gains.

Here is a chart for the trend in Bitcoin’s value over the past three months:

BTC continues on an overall downtrend | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from CryptoQuant, TradingView.com

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Layer 1 Crypto Token Surge Brings 200% Gains During August

Arcane Research recently published a crypto market update and explored the rise of layer 1 tokens over the past 30 days. The season of “ETH Killers” as the research firm and many others have called them.

Although the second cryptocurrency by market cap was leading the crypto market up until a few weeks ago, its competitors have been gaining traction, smashing all resistance towards new all-time highs.

As seen in the chart below, some layer 1 tokens in the crypto market have experienced massive rallies in August.

Solana (SOL) leads the chart with a 221% rally, followed by Terra (LUNA) with a 217% rally, Fantom (FTM), and Avalanche (AVAX), sit at the last spots of the biggest layer 1 tokens with a 215% and 210% rally, respectively.

Source: Arcane Research

Binance Coin (BNB, 38%), Ethereum (ETH, 28%), and Polygon (MATIC, 22%), also made the cut with important profits in the same period.

Crypto exchange Binance’s token slowed down on its late 2020 rally. Similar to SOL, LUNA, and AVAX, BNB surged on the back of the DeFi boom as users migrated to the Binance Smart Chain ecosystem due to its high fees.

Solana seems to have taken part in its market share. Arcane Research noted the increase in this token’s market from $9.5 billion to $35 billion in one month. SOL climbed its way to the 8th position in the crypto top 10 by market cap.

The report attributes SOL’s appreciation to its high throughput of 50,000 transactions per second with low fees when compared to Ethereum. This has made Solana attractive for developers.

As NewsBTC reported, some experts believe SOL will be one of the best performing crypto assets of 2021. Despite its 221% rally in August, there seems to be room for more appreciation based on the token’s growing fundamentals.

Ethereum, King Of Crypto In The DeFi Sector

The DeFi and the increase in adoption of the non-fungible tokens (NFTs) sector could determine which crypto will dominate the market in the coming months.

In that sense, the total value locked (TVL), a controversial metric due to its “sketchy” accuracy, in Solana recently surpassed the $2 billion mark.

However, Arcane Research claims that no layer 1 network will be able to outperform Ethereum in terms of DeFi market share. Data from DeFi Pulse record a TVL of $89 billion for all DeFi protocols.

The Ethereum network has supremacy in this sector, the most popular dApps are hosted on its ecosystem. Aave, MakerDAO, Curve Finance, Compound, Uniswap, Yearn Finance, SushiSwap.

Source: DeFi Pulse

These protocols have a total value locked (TVL) ranging from $4.2 to $15.86 billion. The smallest DeFi protocol in the Ethereum top 10 by TVL has double that held on Solana, Arcane Research claimed:

ETH has experience growing transaction fees amid the NFT frenzy, possibly attracting more users to other chains. However, in the ecosystem overall, Ethereum remains the clear leader, and it seems unlikely that any other protocol will dethrone Ethereum’s position in the near future.

At the time of writing, ETH trades at $3,398. The second crypto by market cap has a 5.2% profit in the daily chart.

ETH with moderate profits in the daily chart. Source: ETHUSD Tradingview

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Cardano Offers Up To $10,000 For Network Vulnerabilities In Bug Bounty

Cardano is getting ready for the release of smart contracts capability on September 12th. To this end, the Cardano Foundation is taking steps to make sure that there are no vulnerabilities in the network ahead of launch. A new partnership will help to facilitate this, while also engaging the broader community to take part in making sure that the beloved ecosystem is as safe as possible.

Cardano Foundation, in conjunction with HackerOne, recently released a bug bounty program. This program aims to reward hackers for any vulnerabilities that they may find in the network. Bug bounty programs incentivize hackers to find and report vulnerabilities in a network instead of exploiting them for personal gain.

Related Reading | Cardano (ADA) Getting Ready For A $3 Retest?

Why A Bug Bounty Program Is Important

There is no doubt that for an ecosystem as vast as Cardano, its team alone cannot find out all of the vulnerabilities in the network. This is where bug bounty programs come in. It draws in the wider hacker community to help find as many vulnerabilities as possible.  The partnership with HackerOne will draw in its large base of hackers, with over 250,000 vulnerabilities already found and reported by its hackers.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

Ahead of its biggest project launch yet, the foundation is committed to making sure that the entire network is secure for use once it starts onboarding the general public to the mainnet with smart contracts capability.

“Cardano is a leading blockchain ecosystem that aims to enable integrated blockchain solutions globally. It is our duty to maintain the highest standards and commitment to code transparency and reliability to ensure that the protocol remains viable for mission-critical applications delivered around the world from individuals, start-ups, enterprises, financial institutions, and governments alike.” – Jeremy First, Project Manager, Cardano Foundation.

Keeping Cardano Blockchain Safe

Finding bugs through ethical hackers is one of the most efficient ways for any organization to fish out vulnerabilities in its network. Projects like Cardano will usually use automated scanners to check for vulnerabilities in the networks. But bugs that are ‘chained’ together cannot be detected by these automated scanners. This is where human hackers come in.

Related Reading | Crypto Analyst Lays Out ADA Pathway To $4

Ethical hackers use creative thinking to identify places where these ‘chained’ bugs may reside and then report them to be fixed. So something an automated scanner would not catch, an ethical hacker, through the HackerOne bug bounty program, would find and then report. Increasing the safety of the network.

Rewards for the bug bounty are separated into four different levels; low, medium, high, and critical. The bug bounty is also separated into two groups. Bugs can either be reported in the Cardano Wallet or the Cardano Node. The rewards range from $300 for low priority bugs in the Wallet to as high as $10,000 for the critical level bugs in the Node, which will be paid in its native token ADA.

ADA price continues to trail $2.8 | Source: ADAUSD on TradingView.com Featured image from The Cryptonomist, chart from TradingView.com

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The 411 On “Adopting Bitcoin,” A Lightning Network Conference in El Salvador

Perfect timing and place for a Lightning Network Conference. In less than a week, Bitcoin will be legal tender in El Salvador. The Lightning Network was instrumental for this to happen. The real-life case study for the Lightning Network is El Zonte AKA Bitcoin Beach. And in Mid-November, all of those factors will collide in an event aptly titled “Adopting Bitcoin.”

Related Reading | How Big Is Bitcoin’s Lightning Network? The Answer Will Surprise You

This Lightning Network conference comes with a call-to-action as its unofficial slogan, “Unite, focus, collab!” And, by the looks of Adopting Bitcoin’s official Twitter, the tribe responded to the call and will attend en masse. 

What Characteristics Does This Lightning Network Conference Have?

According to “Adopting Bitcoin‘s” website, their purpose:

“… is bringing together the Bitcoin and Lightning community in San Salvador and El Zonte to create connections and foster the future of money and payments in the Central American republic.”

The Lightning Network Conference has the following characteristics:

• The team behind the Bitcoin Beach Wallet, Galoy, produced the conference. 
• “Adopting Bitcoin” is a not-for-profit event.
• The organizers will donate 100% to support Lightning Network development.
• The Lightning Network conference will be both in English and in Spanish. 
• “Adopting Bitcoin” will be live-streamed.
• They’ll dedicate Tuesday and Wednesday to hard-core conferencing.
• Thursday they’ll finish the peregrination by visiting the place that started it all, El Zonte. “We will have an organized Bitcoin Bazaar 10a-4p…. with kiosks, stands and food stalls anchored at / near Hope House,” said Galoy’s Co-Founder.

Tuesday and Wednesday are full conference days in San Salvador.

Thursday is more casual in El Zonte. We will have an organized Bitcoin Bazaar 10a-4p…. with kiosks, stands and food stalls anchored at / near Hope House.

R/T bus transport SS <> EZ will be provided.

— Hunter 🌋⚡️🇸🇻 (@btcnyc) August 30, 2021

• The Lightning Network conference is for “early adopters only.” Tickets can only be purchased with bitcoin over the Lightning Network.
• “Adopting Bitcoin” is for “developers, businesses and general enthusiasts to network and form in-person connections.” 

Adopting Bitcoin: Lightning Summit in El Salvador. Dates: 16 – 18 November 2021. Tickets can only be paid on the #Bitcoin #LightningNetwork. All proceeds of the conference will be donated to the development of the Lightning Network. https://t.co/vZzQb6MOy9 pic.twitter.com/ivizhyD960

— Bitcoin LightningNetwork+ News ⚡️ (@BTC_LN) August 30, 2021

“Adopting Bitcoin’s” Line Up

Tuesday and Wednesday, the party is in San Salvador’s Sheraton Presidente. Both days contain “Lightning 101” workshops. Among the star lecturers are: 

Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation; podcaster extraordinaire Stephan Livera; Bitnob’s Bernard Parah, from Nigeria, one of the protagonists of this historic transaction; “Bitcoin En Español’s” host Camila Campton; Mónica Taher, Tech & Econ Intl Affairs: Gov of El Salvador; Bitcoin Beach’s Mike Peterson, and Paxful’s Ray Youssef.

Full line-up in the Lightning Network Conference ‘s website.

On Thursday 18, the party moves to El Zonte and ends with a literal Taproot Activation Party in El Tunco. For a video tour of both towns, check this mini-documentary out.

BTC price chart for 08/31/2021 on Cexio | Source: BTC/USD on TradingView.com About Galoy, Organizers Of The Lightning Network Conference

According to their official website, “Galoy offers easy to use Bitcoin ‘Banking-as-a-Service’ (BaaS) products.” They are responsible for the self-referential official wallet for the Bitcoin Beach project. “In October 2020, we launched our branded “Bitcoin Beach” Lightning Wallet in El Zonte.” Galoy describes itself as:

“… a B2B company, serving organizations that embrace Bitcoin as money. We build on the Bitcoin Protocol and the Layer 2 Lightning Network, utilizing the tools created by the team at Lightning Labs.”

Related Reading | Are The Lightning Network’s Almost-Free Transactions The Killer App BTC Needed?

And now, they’re contributing to the Bitcoin ecosystem with this not-for-profit Lightning Network Conference in El Salvador. One that requires that you actually use the novel network to purchase the coveted ticket. And donates all proceeds to Lightning development. 

Nice.

Featured Image: Adopting Bitcoin's logo | Charts by TradingView

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Six Reasons to Withdraw Your Bitcoin from Exchanges

If you are a person who is used to storing huge amounts of bitcoins on exchanges, here are six reasons why you’d better not do that.

1. If keeping your coins on an exchange, you are not allowed to spend them freely. You have to ask the exchange for permission to use them. Upon withdrawing the funds, you can pay for whatever you want, whenever you want, and at a suitable fee. 

Depending on the exchange terms, they may ask you to prove the source of income and send some identification documents or just block you because of going beyond the withdrawal limit. By keeping the coins in your possession, you can move any amount at any time and wherever you want. For example, there are no restrictions on playing in Bitcoin casinos or shopping online.

2. You may be misled that your coins are always available. The exchange promises to give them the moment you ask, but it may not be so. There are lots of unpredictable cases like the exchange hacked or the government interference when your coins can just disappear. 

It is crucial to understand that the bitcoins you can see in your account are just a number on the screen. As long as the exchange has a private key, you don’t have any assets. You have only a password and a login.

3. When left on the exchange, the coins can be used in fractional reserve lending. It is profitable for the exchange, as it inflates the supply of Bitcoin. In the process of mass bitcoins withdrawal, exchanges may not have all these promised coins. As a result, exchanges go bust, and you don’t get your coins. 

Fractional reserve is an illegal system when a depositor requesting his funds gets another depositor’s assets. In theory, there is no harm to any of them, but when many users want to get their coins, the exchange cannot fulfill this desire.

4. No one can know it for sure, but the withdrawal of bitcoins can be announced illegal one day. Due to this, the coins stuck on exchanges will become less valuable and inoperative. The real market will rely on peer-to-peer transactions among those who have their coins outside exchanges. 

It is expected that governments will forbid Bitcoin withdrawals one day. Coins stuck on exchanges will not be used as cryptocurrency and become cheaper and almost useless.

5. There may be a group of people in power and want to depreciate Bitcoin by short-selling it on future markets. By extracting coins from exchanges, we can decouple the price of paper Bitcoin from the physical coins. 

Thanks to miners who stabilize the price of Bitcoin, this warning is not so topical today. But there will definitely be a situation when the amount of coins available is not sufficient. That will enforce the difference between the price on paper and the real price requested by merchants.

6. There are various ways to make the most of Bitcoin, and they are absolutely unavailable when you stock the coins on exchanges. 

Getting aware of how far cryptocurrency technology has developed will enable you to appreciate the real value of Bitcoin.

 

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Crypto Millions Lotto Review: Shaping the Future of Online Lotteries Through Bitcoin

The Covid-19 pandemic has changed a lot about existing industries, with some notable sectors like lottery growing bigger as a result. Before the pandemic, the traditional lottery industry operated based on physical sales points, but this is now changing as stakeholders move to adopt digital ecosystems.

Even better, the advent of crypto assets is revolutionizing the industry, making it globally accessible. This article will review Crypto Millions Lotto, owned by the U.K. registered Wilmington Holdings PLC, one of the players that have integrated Bitcoin within its operations to enable more participation in some of the largest lotteries in the world.

At the helm of Crypto Millions Lotto is financial markets veteran Sulim Malook; his experience dates back to the 1990s when he was an options trader focusing on Government Bonds Futures at the London International Financial Futures Exchange (LIFFE). This foundation led Sulim to develop a BlackBerry stock market application that was later converted into a lotto-style game based on share prices.

Eventually, Malook sold the stock market application to a South American company whose niche is online lotteries. As fate would have it, the business demands in the growing lottery industry motivated Malook to develop solutions that could facilitate global participation. Crypto Millions Lotto was born in this process.

About Crypto Millions Lotto

Unlike traditional lotteries, which mostly rely on fiat and card purchases, Crypto Millions Lotto offers participants an opportunity to play lotteries through Bitcoin. Essentially, this initiative functions as a Bitcoin lottery which means that users buy ‘chips’ in the form of BTC and can sell the coins for fiat if they win a particular lottery.

Licensed by the Government of Curaçao, Crypto Millions Lotto acts as a facilitator or access point to eight international lotteries. These lotteries are available across 180 nations, a massive step from the traditional lottery industry, limited by jurisdictions. Ideally, Crypto Millions Lotto leverages Bitcoin to avoid the cross-border hurdles in accessing lucrative lotteries.

Some of the top lotteries featured by Crypto Millions Lotto include Mega Sena (Brazil), Oz Lotto (Australia), Superenalotto (Italy), 6aus49 (Germany), Euromillions, U.K. National Lottery, LottoMax (Canada) and Loto 7 (Japan). Crypto Million Lotto users can purchase BTC and play any of these lotteries, standing a chance to win $10 million to $250 million.

Image Source: Crypto Millions Lotto

Notably, Crypto Millions Lotto only acts as a facilitator to the lotteries. As for the winnings, they are determined based on the officially televised results by each national lottery. Users whose numbers happen to win the lottery can then cash out their Bitcoin ‘chips’ through Crypto Millions Lotto to receive their prizes within the same day.

Besides the Bitcoin lottery, Crypto Millions Lotto also features online games and casinos where users can play through microbitcoin units (μBTC); one unit is equivalent to 0.000001 BTC. Some of the exciting games that users can play include Super Reno, Caribbean Poker, Black Jack, Bonnie & Clyde and 777Heist, amongst others.

Payments and Cashing Out

As mentioned earlier, Crypto Millions Lotto only supports Bitcoin. Users whose money is in fiat or card have to convert it into crypto to play the available lotteries. Once they have registered, Crypto Millions Lotto offers users a Bitcoin address, enabling them to transfer BTC from another wallet to the Crypto Millions Lotto account. It is also noteworthy that the platform’s minimum deposit is $12.50 worth of BTC.

On cashing out, Crypto Millions Lotto introduces a more effective way compared to the traditional counterparts. The platform uses Bitcoin to facilitate same-day payments on lottery winnings instead of relying on legacy payment networks. It is one of the main cutting-edge functionalities of this Bitcoin-focused lottery. Users can transfer their Bitcoin winnings to other wallets and cash out through crypto exchanges or other digital asset marketplaces.

While signing up on Crypto Millions Lotto does not require KYC, users have to provide proof of identity before they can cash out any winnings over 1 BTC.

Bonuses and Referral Programs

Like most lottery initiatives, Crypto Millions Lotto features a joining bonus and affiliate program to incentivize adoption. First-time users on the platform are given six free entries to the available lottery plays, making them eligible to win a prize before even depositing any BTC. However, the prizes are higher for users who allocate Bitcoin to the lottery plays.

The Crypto Millions Lotto affiliate program allows users to earn Bitcoin by referring their friends or associates. This program provides users with a link that can be shared to trigger a commission based on the players that register, make a deposit and enter into one of the available draws.

Did you know? Crypto Millions Lotto was selected as a cryptocurrency affiliate program to watch in 2021.

Once a user has registered with the Crypto Millions Lotto affiliate program, they can track their earnings in real-time. The project has set a 15% commission on top-line sales for referrers that buy a ticket and a 5% cashback for any wins by their players. In addition, affiliates whose players interact with other games can earn up to 25% – 35% of the net gaming revenue.

Image Source: Crypto Millions Lotto

Privacy and Security

Security and data privacy are among the significant concerns of any market stakeholder in this decade. Crypto Millions Lotto is using blockchain technology to encrypt and secure payment details. Despite the Bitcoin address being public and accessible, the platform does not reveal users’ private information.

According to a breakdown on the security approach, Crypto Millions Lotto uses a three-part strategy to ensure security and data privacy. First, the platform’s servers are based in Switzerland, where they must comply with tight security standards. These servers are ISO/IEC accredited and Tier 3 certified.

The second strategy involves storing users’ Bitcoins in cold storage, making it hard for malicious actors to compromise the funds. Last but not least, Crypto Millions Lotto ensures all the jackpots, which means that users do not have to worry about uncertainties that usually affect lottery payouts.

The Future of the Lottery Industry is Digital

As the world becomes more digitally connected, most of the existing traditional industries have integrated digital solutions in one way or another. The shift can be seen in the lottery industry from physical stores to online websites where users can purchase tickets for entry into various draws. However, a global solution in the payments niche still lacked until the debut of digital currencies.

With Bitcoin now in the picture, it is evident that online lotteries such as Crypto Millions Lotto will likely forge the future of this industry. According to Crypto Millions Lotto CEO Sulim Malook, Bitcoin was the missing factor in globalizing the lottery industry. Don’t hyperlink the part in yellow, hyperlink the part in green to the same article.

“Playing games across borders using a credit card or any other traditional form of payment is fraught with complications and frustrations such as whether the payment can be made or if it will be blocked, the exchange rate and payment periods. Using bitcoin for a digital lottery removes all of that because there are no borders.”

Going by the developments in digital currencies and online lotteries, the writing on the wall points towards a possible integration. First movers like Crypto Millions Lotto will likely unlock more solutions to revolutionize the lottery industry.

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TA: Ethereum Just Saw Key Technical Correction, But 100 SMA Is Still Strong

Ethereum failed to clear the $3,350 resistance and corrected lower against the US Dollar. ETH price is still above the 100 hourly SMA and it could rise again to $3,350.

• Ethereum seems to be facing a strong resistance near $3,350 and $3,380.
• The price is now trading above $3,200 and the 100 hourly simple moving average.
• There is a crucial bullish trend line forming with support near $3,180 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase as long as it is above the $3,150 support zone.

Ethereum Price Rally Fades

Ethereum made another attempt to gain strength above $3,300 and $3,320. However, ETH price failed to continue higher above $3,350 and started a fresh decline, similar to bitcoin.

The price broke the $3,300 and $3,250 support levels. Ether traded below the 50% Fib retracement level of the upward move from the $3,142 swing low to $3,348 high. The price even spiked below the $3,200 support and the 100 hourly simple moving average, but the bulls were active.

The price found support near the 61.8% Fib retracement level of the upward move from the $3,142 swing low to $3,348 high. There is also a crucial bullish trend line forming with support near $3,180 on the hourly chart of ETH/USD.

It is now trading above $3,200 and the 100 hourly simple moving average. An immediate resistance is near the $3,250 level. The first key resistance is near the $3,285 level, above which the price could accelerate higher.

Source: ETHUSD on TradingView.com

The main resistance is now forming near the $3,350 level. A clear break above the $3,350 resistance might open the doors for a steady increase. In the stated case, ether may possibly rise towards the $3,420 level.

Downside Break in ETH?

If ethereum fails to continue higher above the $3,250 and $3,285 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,200 level.

The next major support is now forming near the $3,150 zone. A downside break below the $3,150 support zone could spark a sharp decline. In the stated scenario, ether price could revisit the $3,065 support region.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now just below the 50 level.

Major Support Level – $3,150

Major Resistance Level – $3,285

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TA: Bitcoin Fails Again, Why BTC Remains At Risk of a Larger Decline

Bitcoin price failed to surpass the $49,000 resistance against the US Dollar. BTC is sliding and it could even break the $46,500 support zone.

• Bitcoin is slowly moving lower from the $49,000 resistance zone.
• The price is now trading well below $48,000 and the 100 hourly simple moving average.
• There was a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could accelerate further lower if there is a break below the $46,500 support zone.

Bitcoin Price Breaks Support

Bitcoin price struggled to clear the $49,000 resistance zone and started a fresh decline. BTC traded below the $48,500 and $48,000 support levels to move into a short-term bearish zone.

There was also a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair. The pair is now trading well below $48,000 and the 100 hourly simple moving average. It tested the $46,700 zone and it currently consolidating losses.

An immediate resistance is near the $47,150 level. It is near the 23.6% Fib retracement level of the recent decline from the $48,736 swing high to $46,697 swing low. On the downside, the price is finding bids near the $46,700 level.

Source: BTCUSD on TradingView.com

The next key support is near the $46,500 zone. If there is a downside break below the $46,500 support zone, the price might continue to move down. The next major support is near the $46,200 level, below which the bears might even aim a test of $45,000.

Fresh Increase In BTC?

If bitcoin stays above the $46,500 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $47,150 level.

The first major resistance is near the $47,750 level. It is close to the 50% Fib retracement level of the recent decline from the $48,736 swing high to $46,697 swing low. The main resistance is near the $48,250 level and the 100 hourly simple moving average. A clear break above the $48,250 level could set the pace for more gains.

Technical indicators:

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

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

Major Support Levels – $46,500, followed by $45,000.

Major Resistance Levels – $47,750, $48,250 and $49,000.

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Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is “Worthless”

“Bitcoin is a bubble” is something that has been thrown around a lot ever since the last bull run began in 2017. A lot of prominent personalities in the finance industry took this stand when the digital asset hit its then all-time high of $19K. The bear market that followed seemed to validate this for the next few years. Then the bull run of 2020 started and a lot of those sentiments were put on the back burner. But now, John Paulson has come to hit the market with the same thing.

Related Reading | Here’s How Much Your $1,200 Stimulus Check Would Be Worth In Various Cryptocurrencies In 2021

Over a decade ago, billionaire John Paulson had bet against the housing market. Paulson had reportedly made his fortune from carefully placed bets against the housing market in 2007. The billionaire had used credit default swaps to bet against the housing market, which looked to be in its subprime. By 2010, Paulson himself had made $4.9 billion from his bet. The complete total Paulson made for himself and his clients from shorting the market in 2007 came out to about $20 billion, making it one of the biggest fortunes ever made in the history of Wall Street.

Bitcoin Has No Intrinsic Value

Paulson was on Bloomberg’s Wealth with David Rubenstein to talk about trading and financial markets. Paulson remained bullish on gold, as he has been for a number of years now, which he believed is coming into its moment. The billionaire although had nothing good to say about cryptocurrencies. Cryptos received harsh criticism from Paulson, where he stated, “I am not a believer in cryptocurrencies.”

Related Reading | Deloitte Survey Shows 76% Of Finance Execs Think Physical Money Is Nearing Its End

Paulson then went on to call cryptocurrencies a “bubble.” Paulson attributed the value of cryptocurrencies to the high demand for them. One could argue that this is the way economics works. Demand always plays the biggest role in how something is valued.  Paulson also explained that there were way too many downsides to bitcoin. He added that the digital asset was just too volatile too short. Hence, the short methods

“I would describe cryptocurrencies as a limited supply of nothing. There is no intrinsic value to any of the cryptocurrencies.”

Although Paulson spoke critically on other investments like SPACs, he was harshest on bitcoin. The billion said that cryptocurrencies “will eventually prove to be worthless.”

Gold Versus BTC

Paulson’s track record after his famous 2007 short has not been noteworthy. Although his assets under management grew after the notoriety he gained from that trade, it soon dwindled down as investors pulled out their money. In 2019, Paulson went from managing $38 billion to only about $9 billion assets under management, at this point mostly managing his own money. So Paulson turned his hedge fund into a family office.

BTC has surpassed gold year over year | Source: BTCUSD on TradingView.com

Paulson is bullish on gold, despite the fact that bitcoin has outperformed the asset consistently over the past decade. While gold has brought consistently negative results to its investors, bitcoin has returned over 200% year over year in returns.

Featured image from Bitcoinist, chart from TradingView.com

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Bitcoin Mempool Shows Low Demand?, Why Bears Could Stage A Comeback

There is a before and after in one particular Bitcoin indicator that could be signaling bearish price action in the short term.

BTC picking up movement to the upside in the daily chart Source: BTCUSD Tradingview

As stated by many experts, the current bullish momentum can only be supported by strong demand, otherwise, BTC’s price could move sideways or risk returning to its former range below $40,000.

If anything has me concerned it's this. Where is the demand? pic.twitter.com/id2a7l6tEf

— Will Clemente (@WClementeIII) August 29, 2021

The amount of on-chain activity is a useful indicator to measure say demand. As the first cryptocurrency by market cap climbed to its all-time high, above $60,000, the network saw a rise in its number of transactions.

This was probably triggered by a FOMO effect from retail investors jumping into the crypto space for fear of missing out on future gains.

This phenomenon was driven by Elon Musk promoting Dogecoin, the boom in the non-fungible token (NFT) sector, and the yield offered by some DeFi protocols competing with Ethereum.

Bitcoin benefited from this new wave of investors adopting cryptocurrencies, and digital assets. Thus, a combination of institutional and retail interest and capital allowed BTC’s price to reach a new ATH. Transactions fees at that moment skyrocketed.

This happened right until the moment when BTC collapsed in the first of 3 capitulation events spread out across May, June, and July. On-chain activity dropped with the market and has been unable to recover since.

As seen below, data from explorer Mempool.space shows that fees have gone from 100 sats/vB to around 7 sat/vB for a high-priority transaction. Via Twitter, analyst Mr. Whale said the following on the decline in Bitcoin’s on-chain activity:

Data shows there is virtually no demand for Bitcoin right now. The BTC mempool has been flatlining for weeks, which is even worrying some bulls. We’re in for another big crash, yet most are too greedy to admit that.

Source: Mempool.space Bitcoin On-Chain Activity At A Low, Whales Take Over The Market?

On the other hand, pseudonym analyst “ChimpZoo” sees the other side of the coin. The analyst believes the lack of on-chain activity could be bullish for BTC’s price based on 2 reasons.

First, this indicates a decline in retail participation or that a low amount of BTC’s supply is being held by “weak hands”. The large inflow of retail investors experience in the first months of 2021, some analysts believe, led to speculation, high funding rates, and a high level of over-leverage trading positions.

All those factors accelerated Bitcoin’s dropped from its ATH and operated as bearish catalyzers. Recent price action to the upside lacks those variables, which could suggest that this rally could be more sustainable.

In addition, ChimpZoo claimed that the lack of on-chain activity and the rally point to an increase in whale activity, and in strong hands coming into the market. This is supported by Jarvis Labs’ Accumulation Trends metric.

As seen in the chart below, in the past 30 days Bitcoin whales have been accumulating more BTC than smaller investors. The more yellow and closer to 1 on this metric, the more whales have been accumulating.

Source: Jarvis Labs

Thus, this could explain the low on-chain activity. Analyst Checkmate acknowledged that the market is at an uncertain point, but tends to incline more to the bullish side:

The divergence between onchain activity and supply dynamics atm is simply insane. Activity looks like a bear. Supply looks like a juiced bull. Truly a challenging structure to assess direction in, but in my view, supply dynamics trump activity. Shows conviction and strength.

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Cream Finance Loses $25 Million To A Flash Loan Attack

PeckShield reported through a tweet of the new hack on Cream Finance. The blockchain security company said a flash loan attack on the decentralized finance lending and borrowing protocol.

#FlashLoanAlert https://t.co/JPW7e368qd

— PeckShield Inc. (@peckshield) August 30, 2021

PeckShield explained that the hacking came through a 500 Ethereum flash loan from the attacker. This was used to infiltrate a reentrancy bug in the smart contract of the Flex Network. Usually, flash loans being undercollateralized can be borrowed and repaid within a single transaction.

Related Reading | Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos

As a DeFi protocol for lending, Cream Finance allows users to earn interest from their deposited assets. Though Cream Finance is a fork of the Compound protocol, its operation is quite different from Compound or Aave. The platform has several more markets for some esoteric digital assets.

1/4 @CreamFinance was exploited in (one hack tx: https://t.co/JPW7e368qd), leading to the gain of ~$18.8M for the hacker.

— PeckShield Inc. (@peckshield) August 30, 2021

This attack on Cream Finance was exploitation involving 1,308 Ethereum and over 418 million AMP, the native token of Flexa Network. According to PechShield, the Ethereum records reveal that over $6 million were hacked at 5:44 UTC.

Cream Finance Becomes Another DeFi Protocol Hacked In 2021

Furthermore, the Cream Finance team members confirmed the authenticity of the hacking reporting. Then, reporting on Discord Channel, the project’s official channel, the members started working with PeckShield.

The team revealed that the hacking was on the CREAM v1 market on the Ethereum Blockchain. Furthermore, they mentioned that it’s through the reentrancy of the contract on the AMP token.

At the time of writing, AMP’s value has dipped by 15% within few hours to $0.05. Also, the value of Cream Finance’s native token, CREAM, plummeted by about 6%.

However, ETH is at $3, 190.46 showing a slight dipping within the last 24 hours. The total amount of the Crean Finance hacking is more than $25 million. The address of the hackers shows that they presently have about $18.8 million.

Amidst the hack, Cream Finance is down by 6% | Source: CREAMUSD on TradingView.com

The Cream Finance team has put a stop to any further loss. The team said that it now has a pause on AMP’s supply and borrow. It further acknowledged that the hack doesn’t affect any other market. Eason Wu, the protocol’s production Manger, disclosed this information on Discord.

Recall that earlier in the year; Cream Finance had a huge hack. The attack led to the loss of $37.5 million worth of digital assets. According to the report, the earlier hacking had a root cause from the exploitation of Alpha Finance.

Related Reading | Reports Show 45% Surge In Stock And Cryptocurrency Sign-Ups Across Rural Areas In India

Flash loans have remained one of the controversial features of decentralized finance. This’s because there’s no collateral needed for the loans, and hence, they are susceptible to hacks. This accounts for the recent attacks and hacks of flash loans.

A similar incident is a hack on the Bilaxy crypto exchange on August 28. The exchange had a huge hot wallet hack that compromised about 295 ERC-20 tokens. Also, a hack on Liquid on August 19 resulted in a loss of about $100 million.

Featured image from Pixabay, chart from TradingView.com

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Why Bitcoin Dominance Could Submit To Altcoin Season Several Months Longer

Bitcoin price is struggling to break through resistance at $50,000, and it could partially be altcoins to blame for the weakness. The most recent technical structure on the highest time frames suggests that not only could alts continue to gain against BTC dominance, altcoin season itself could last a while longer.

Bitcoin Dominance And Technical Analysis Using The Metric

Technical analysis is a subjective art. The practice has enough naysayers as is, but even those that subscribe to the study don’t always believe that all charts are created equally.

For example, there are several industry vets that do not believe BTC dominance – a metric that weighs Bitcoin against the rest of the crypto space in terms of market share – has value as part of crypto analysis.

Related Reading | Total Crypto Market Cap Reenters Monthly RSI Bull Zone

If Ethereum outperforms Bitcoin, for example, dominance might dip as a result. The magnitude of this is enhanced further due to the sheer volume of unique altcoins that exist today. Some even argue that the metric itself was once useful, but less so due to dominance not including the vast world of NFTs or the constant sea of new DeFi projects springing up.

For those that are believers, the recent altcoin season could have been predicted with some degree of accuracy. And if the metric continues to hold weight, altcoin season might have another few months left.

Could altcoins beat Bitcoin at its own game a while longer? | Source: CRYPTOCAP-BTC.D on TradingView.com Why Altcoins Season Could Last Several Months Longer

BTC dominance has established a massive trading range between 70% and 38% dominance. While altcoin sentiment was at its worst compared to Bitcoin, the range failed to break to the upside, resulting in a swing to the lower boundary of the trading range.

BTC.D stopped short of touching the previous bottom, but is following a pattern from the last cycle that suggests not only will the lower boundary be touched, lows will be swept and perhaps a new range reached.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Technicals also support a fall into the bear zone – or oversold levels – on the Relative Strength Index. The total crypto market cap has also reentered the bull zone on the RSI, all while Bitcoin struggles with resistance.

The LMACD is still fully red on the histogram and not nearly at the depths, lengths, or oversold levels as the last market cycle. All of the signals combined suggest that altcoins are likely to outperform Bitcoin for another few months.

A monthly candle close below the trading range highlighted in the chart above might be the exit signal that altcoin season is over, and putting any crypto capital back into BTC might become the more profitable venture again. Before it happens, there could be extreme volatility on the dominance chart in a battle that’s brewing between Bitcoin and altcoins.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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PlanB: S2F Model Predicts Bitcoin To Break $100k By Christmas

PlanB, the popularizer behind the Bitcoin S2F method, says the model predicts BTC will break $100k by this Christmas.

The Bitcoin Stock-To-Flow Model

According to PlanB on Twitter, the BTC stock-to-flow (or S2F in short) model predicts that the cryptocurrency is on its way to break $100k by Christmas.

The S2F model is a method to predict the price of an asset based on the ratio of the stock (supply) to the flow (annual production).

PlanB is commonly known as the originator of the model, which is, however, not true. The method was already used for other assets like gold or silver before the analyst only popularized it for Bitcoin.

The S2F value of an asset can show how scarce the commodity is. The model uses a formula to relate that value with the price of the asset, which in this case is BTC.

Related Reading | Ethereum Issuance Drops Below Bitcoin’s For the First Time, Why This May Lead to a New Rally

Now, here is a chart that shows the trend of BTC’s price vs what’s predicted by the model:

Along with the S2F model, the Time Model is also depicted | Source: PlanB

As the above graph shows, the Bitcoin price as predicted by the model seems to be remarkably close to the real thing so far.

There are a few points of deviation, but the overall trend seems to be quite similar. Now, if the price follows the pattern going forward, BTC’s value should go up soon, reaching over $100k by Christmas.

Related Reading | Stablecoins Reserve Hits A New ATH, What Does It Mean For Bitcoin’s Price?

Besides the S2F model, there is also the curve for the Time Model in the chart. This “Time Model” is a method that takes into account diminishing returns and lengthening cycles while predicting the price.

According to this other model, the price should be around $30k by Christmas. PlanB, however, believes that this method underestimates Bitcoin’s value, and the S2F model is more accurate.

BTC’s Price

At the time of writing, Bitcoin’s price floats around $47.8k, down 4% in the last 7 days. Over the past month, the cryptocurrency has increased 14% in price.

The below chart shows the trend in the coin’s value over the last three months.

BTC's price catches a downtrend | Source: BTCUSD on TradingView

After breaking above the $49k price mark again yesterday, Bitcoin has started to sharply fall down. It looks like the cryptocurrency is in a range market right now as the coin’s price continues to swing between $45k-$50k.

It’s unclear where BTC might head next, but if the S2F model holds any weight, the crypto might be moving big soon in order to reach $100k by Christmas.

Featured image from Unsplash.com, charts from PlanBTC.com, TradingView.com

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Andre Cronje Announces Keep3r Expansion With Eden Network

Renowned developer Andre Cronje has revealed a new partnership with Eden Network that will benefit Keep3r users. As part of the strategic partnership, according to a post written by Cronje, Keep3r Network has acquired 602,409 EDEN tokens.

Eden Network, previously ArcherDAO, is a transaction ordering protocol that protects its users from “arbitrary reordering” while making transactions on Ethereum. In other words, users are protected from transaction frontrunning by sending transactions via the Eden Network.

The protocol is optional and non-consensus breaking, their official website claims, and offers a “fair set of rules to order transactions within each block”. In addition, it has a reward system to realized Miner Extractable Value (MEV) profits.

The acquisition of the EDEN tokens guarantees that Keep3r Network has “probabilistic certainty” to become a Slot Tenant on Eden Network.

Gmi🥳 @AndreCronjeTech + @thekeep3r invest in the Eden edge 🍃.

We love this 2x:– @thekeep3r making a large investment in their platform performance for the benefit of their users😍– A strategic partner and guide that continues to help us to develop our product for ETH users🤓 https://t.co/ZKYyghF7lH

— Eden Network Formerly Archer_DAO (@EdenNetwork) August 27, 2021

This will grant premium blockspace to Keep3r effectively allowing to “own a slice of every block” and have priority to insert transactions, benefit from private transactions, users will receive better prices to transact on Ethereum, and thus Keep3r will increase its adoption levels.

To access these benefits, a person needs to leverage the kp3r proxy, the post clarified. Andre Cronje said the following on Keep3r Network’s new collaboration:

This is valuable for Keep3r as we can protect keepers & jobs from frontrunning while having priority access to block space. Over half of Ethereum hashpower is on the Eden Network.

Source: Eden Network Explorer Eden Network Contributes To Solve Ethereum’s High Fees Problem?

As NewsBTC has reported on several occasions, high transactions fees have become a major issue for the Ethereum ecosystem.

Thus, solutions emerged from many sectors, such as the series of tools developed by Flashbots, Eden Network and its user focus MEV approach, L2 scaling solutions like Optimist Rollout, and others.

Ethereum is the epicenter of some of the hottest trends in the crypto industry, from DeFi to Non-fungible tokens (NFTs), and on-chain gaming. To trade or interact with a smart contract, a transaction must be triggered.

Cronje, known as the developer behind Yearn Finance, and for his motto “I test in prod”, seems to acknowledge the importance of integrating Keep3r with solutions that mitigate the high fee issue.

The main objective is to protect users, but also to encourage them to use Ethereum and prevented them from migrating to alternatives.

In the past weeks, Ethereum competitors and their ecosystem have been thriving on the back of the high costs to operate on its network. Recently, Solana and Cardano reached new highs with massive rallies that have gone, at some point, against the general trend in the market.

In the short term, Eden could gain more relevance as other projects will prioritize the preservation of their user base amidst the current congestion of the Ethereum network. The team behind Eden Network told NewsBTC the following on their collaboration:

This partnership demonstrates the value that blue chip DeFi projects are finding in Eden Network’s priority protocol. In the near term, we plan to continue to expand access and awareness of Eden Network to traders, who currently are being quietly exploited by malicious MEV bots on the order of several millions of dollars per week. Taking advantage of Eden Network is low-hanging fruit that offers a lot of advantages.

At the time of writing, ETH trades at $3,225 with sideways movement coming out of the weekend.

ETH moving sideways in the daily chart. Source: ETHUSD Tradingview

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Cardano (ADA) Getting Ready For A $3 Retest?

At this point, there is not a crypto investor that has not heard of Cardano. The network is famed for being the number 1 competitor to Ethereum, seeing that one of its co-founders had created Cardano after exiting the project. Its growth has been tremendous in the past month alone. Giving returns of over 100% in the space of a single month alone.

Related Reading | Crypto Analyst Lays Out Cardano’s (ADA) Pathway To $4

Cardano’s native token ADA has already broken its previous all-time highs, while most of the market is still trying to get back up to its high points in April/May. This has provided the project much-needed notoriety as the race towards smart contracts capability continues. If all goes as planned, the Alonzo Purple Hard Fork will launch on September 12th, bringing DeFi and NFTs to the ecosystem.

Cardano (ADA) Running Towards $3

Crypto analyst Benjamin Cowen also puts the price at $3 if the Bitcoin can stay above the 20-week SMA (simple moving average). Citing the price of Bitcoin as an important driver for the asset. BTC has maintained trading over its 100-day moving average, putting above the 20-week SMA. If Cowen is right, then ADA is set for another bull rally.

ADA price sets sights on $3 | Source: ADAUSD on TradingView.com

ADA has also maintained trade levels above the 100-day simple moving average. The average transaction volume currently sits at $121 million. With the market cap at $89 billion at a coin trading price of $2.82. The strength of the asset has also grown, currently 13% higher than its 100-day average.

Related Reading | Cardano: Alonzo Enters Final Stage, Smart Contracts On The Horizon

As more investors take an interest in Cardano and its returns, the number of holders will go up. Coupled with the fact that ADA has the highest amount of coins staked, at over 70% of its current market supply, ADA looks set to test $3 again. And with a significant uptick in momentum, the asset is more likely to break the $3 resistance point the second time around.

Growing Value

More prominent of these have been Cardano’s incredible price run which saw the asset clench the number 3 spot for top crypto coins by market cap. Beating out Binance’s native token BNB to take its spot. ADA had earlier tested the $3 price level but was knocked down at this resistance point. ADA’s value is expected to skyrocket in the following weeks leading to the hard fork.

Related Reading | Cardano (ADA) Founder Responds To Criticism Over New Crypto Partnership

DeFi and NFTs coming to Cardano will also grow the value of the asset. As more investors move away from Ethereum due to growing fees, Cardano is the next natural competitor to take these users. Although the blockchain does not offer the lowest fees available, it is significantly lower than EThereum. While Ethereum’s TPS (transactions per second) currently sits a 30, Cardano offers 257 TPS.

Featured image from Currency.com, chart from TradingView.com

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Three DeFi Platforms Changing the Game in Unexpected Ways

2021 has been a period of great innovation in the blockchain space, with the development and launch of a huge range of novel platforms and protocols that have helped to reshape the industry in new and unexpected ways.

The decentralized finance (DeFi) sector of the industry has seen arguably the most progress in this time, with the launch of a dazzling array of new platforms that help users do more with their money and avoid the need to rely on centralized financial infrastructure.

Here, we take a look at the three new platforms leading the charge when it comes to unraveling the full potential of cryptocurrencies.

YeFi

Yield farming. It’s all the rage in 2021 and has become one of the most popular use cases for many cryptocurrencies today. Indeed, there are now billions of dollars worth of digital assets locked up in yield farm platforms — many of which generate a solid return for investors.

But while many yield farms are challenging to interact with, and only support relatively obscure digital assets or liquidity provider (LP) tokens, YeFi has recently come along to change the game.

YeFi is a platform that makes it easy for users to generate a passive income on their digital assets by staking them on its decentralized application (DApp). The platform currently supports a wide variety of assets, including ETH, BNB, BTC, and USDT. But users can boost their rewards by 1.5x by staking decentralized file storage coins like FIL, or up to 2x by staking YeFi’s native asset — YEFI.

❗️Announcement❗️Staking Mechanism Upgrade on https://t.co/xP3o61vD4T Dapphttps://t.co/oMn7ZfBAcI

— YeFi.one (@yefi_platform) August 8, 2021

By allowing users to stake native assets rather than LP tokens, YeFi ensures users avoid the risk of impermanent losses — hence providing a reliable source of yield.

The platform is unusual among yield farms in that it is cross-chain compatible with both YottaChain and Binance Smart Chain, with plans to support additional chains in the future. Beyond this, YeFi is set to roll out a variety of DeFi products in the coming months — including a decentralized lending/borrowing platform and a full decentralized exchange.

Once complete, YeFi could become one of the first blockchain-agostic DeFi ecosystems.

Popcorn

You’ve probably seen the headlines — major cryptocurrency networks like Ethereum and Bitcoin consume huge amounts of electricity. In total, the mining activity of these two networks alone is equivalent to the entire energy consumption of a small country.

But despite this, the potential for blockchain technology to disrupt dozens of industries and change the way we go about our daily lives is a compelling reason to continue experimenting with the technology.

If only there were a way to offset the negative consequences of digital assets, while still retaining all of their benefits?

Well… now there is. It’s called Popcorn, and it’s an automated yield generation protocol that allows users to put their idle funds to work through a series of automated yield-bearing systems. But more than this, it’s also a force for social good. The platform uses a chunk of its fees to fund organizations working to improve the world we live in — whether that be through renewable energy research, forest conservation efforts, or public awareness organizations.

This week on What’s POP’ing? #3

Popcorn Rebrand 🎨New Website 🌐New Hire: Director, Global Impact ❤️Popcorn in the Press 🗞️Farmer Bob’s #YieldFarm Guide 🧑‍🌾

-🍿https://t.co/5sZsowEWLC

— Popcorn (@Popcorn_DAO) August 19, 2021

While using the platform, Popcorn will automatically direct user funds to the most profitable investment and trading opportunities using a variety of carefully designed investment models. Meanwhile, the platform mitigates the carbon impact of its operations by partnering with carbon sequestration and offsetting organizations.

Earn money while helping to save the world? We’re in.

Premia

In the last year, decentralized trading platforms like Uniswap and PancakeSwap have skyrocketed in popularity, by providing CEX-like speeds and features and breaking down accessibility barriers.

But until only recently, such derivatives trading platforms didn’t quite reach the same degree of usability and popularity. That is, until Premia came along.

Premia is a decentralized options minting and trading protocol that arguably exceeds the capabilities of even the most popular centralized options exchanges. The platform’s primary feature is an intuitive decentralized trading platform that allows users to trade options for a variety of digital assets — including Chainlink (LINK), Wrapped ETH (WETH), and Wrapped Bitcoin (WBTC).

Missed last week’s community call?

Get up to speed on the latest happenings with Premia as we move closer and closer to Premia v2 on main net 💎💪https://t.co/0IqYL8SRXK

— Premia – Options Platform (@PremiaFinance) August 20, 2021

But where Premia really stands out, is through its options underwriting feature, which allows users to underwrite a range of options to earn a yield on their investment. This is a completely permissionless process that allows anybody, from anywhere to generate a passive income without worrying about regional restrictions.

With Premia helping users speculate on various DeFi assets, hedge their risks, earn a yield on their assets and protect against market volatility, it stands out as an extraordinarily capable platform for budding and expert traders alike.

 

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Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos

Crypto Finance, Inacta, and InCore Bank have combined to form the Swiss financial trio, and they have joined forces in establishing financial products regulated on Tezos.

The three Switzerland firms focus on crypto; they use the Tezos blockchain to provide institutions tokenized assets. Their major target is to serve and satisfy institutional clients.

FINMA is partnering with Inacta and InCore Bank to provide regulated financial products with the recent tokenization process. The company announced this on Tuesday, adding that the process will follow the standard of Tezos FA2.

FINMA is the Swiss Financial Market Supervisory Authority is the Swiss government body responsible for financial regulation.

Related Reading | Reports Show 45% Surge In Stock And Cryptocurrency Sign-Ups Across Rural Areas In India

It’s a licensed cryptocurrency trading firm established in 2007 with Mark Branson as the CEO. Their services include the supervision of banks, stock exchanges,  insurance companies, securities dealers, and other financial intermediaries in Switzerland.

InCore Bank had announced the onboarding of institutional-grade staking, storage, and trading services. This would be for XTZ, the Tezos blockchain native cryptocurrency.

The Tezos blockchain

Tezos is an open-source Proof of Stake, a decentralized blockchain network capable of executing peer-to-peer transactions. In addition, it serves as a platform for deploying smart contracts with the Tez as its native crypto represented as XTZ.

Tezos was among the first blockchains to integrate a proof-of-stake consensus system in 2018. Tezos has its foundation located in Switzerland, similar to other public blockchain foundations.

Crypto Finance acts as the provider of the infrastructure on the project while InCore Bank carries out tokenization. The Bank would use the new ‘DAR’ standard of 1 token on Tezos built by Inacta.

According to Stijn Vander Straeten, Swiss regulators are not far from issuing approval to the first tokenized product on Tezos.

Stijn Vander Straeten is the CEO of Crypto Finance (Infrastructure Services) AG in the Crypto Finance Group.

Before joining the firm, Stijn worked for a fintech bank in Zug as the CEO. He has thirteen years of experience in the banking, wealth, and asset management sectors, holding various positions in senior management.

Areas To be Tokenized on Tezos

Vander Straeten revealed their plans while talking about the areas to be tokenized on XTZ. He stated that We would definitely kick start with the simpler ones, mostly in private debt. Then we will gradually move into the private area of equity.

Related Reading | FTX Bags Naming Rights Of Cal Memorial Stadium For $17.5M To Display Their Brand

However, the XTZ ecosystem slacks the aspect of development, though it barely reflects on the price of the XTZ token.

The XTZ token trades at $5.56 in downward momentum | Source: XTZUSD on TradingView.com Featured image from Pixabay, chart from TradingView.com

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Top 5 Energy-Efficient Cryptocurrencies to Invest In

Bitcoin has been scrutinized for its heavy energy consumption all around the world, with China and few companies taking drastic measures. As most of the Bitcoin mining takes place with the help of coal power plants, the carbon footprint it leaves behind is massive.

Luckily there are several energy-efficient cryptocurrencies that can be invested in as an alternative for Bitcoin. Also, these cryptocurrencies are on the rise and make up for a great early investment opportunity. Here is a list of the top five energy-efficient cryptocurrencies.

Bitcoin Latinum

Bitcoin Latinum is one of the most energy-efficient cryptocurrencies that is built on the same ideology as Bitcoin. However, instead of the power-consuming Proof of Work consensus algorithm, Bitcoin Latinum utilized Proof of Stake, which requires the nodes to validate the transaction for mining new currencies.

Bitcoin Latinum (LTNM) is a next-gen Bitcoin fork that is greener, faster, and safer than Bitcoin. LTNM aims to bring faster transaction speed, lower costs, and better security to several high-growth markets, including Media, Telecommunications, Gaming, and Cloud Computing.

Nano

Nano has one of the smallest energy footprints in the crypto ecosystem, of 0.000112 kWh per transaction. Nano does not rely on mining and uses a process that requires low energy that helps it to make quick transactions with no fees.

Nano is a relatively new challenger in the crypto ecosystem, which adds to its attractiveness. It is one of the ideal choices for investors looking to make quick bucks by trading and selling the coin across different markets because of its fast and no-cost transactions.

Cardano

Cardano relies on mining new tokens, but it does not utilize the PoW consensus algorithm. Instead, Cardano uses an environmentally-friendly PoS model that requires only one random miner for every transaction. Cardano (ADA) is the sibling of Ethereum Network and is currently valued at $55 Billion.

While currently at a low market value, Cardano has amassed a lot of popularity and can compete with ETH itself.

Ripple

Ripple is one of the greenest cryptocurrencies in the present time. Being an Altcoin, it only consumes 0.0079 kWh per transaction, one of the lowest in the entire industry. Ripple does not mine tokens but relies on a protocol that pools its network for validating transactions. If the majority agrees on the transaction’s validity, it is approved and recorded.

Hedera Hashgraph

HBAR is a new player and utilizes the same no-mining approach as Nano to offer quick transactions at low costs. While being new, the cryptocurrency has amassed support from various corporations such as Google, IBM, Boeing, and other Fortune 500 companies.

Hedera also surpassed the total daily network transactions of Ethereum by conducting 6.5 Million transactions.

These are some of the most energy-efficient cryptocurrencies available in the market today. All of these currencies have several unique advantages that investors can decide upon according to their preferences. Costly and slow transactions are slowly becoming a thing of the past, and it’s time that everyone jumps on the green wagon.

 

Image by seagul from Pixabay

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PARSIQ Introduces New Subscription Model as World’s First Decentralized SaaS Powered by IQ Protocol

The ability for companies to create their business models by issuing tokens is advancing the FinTech industry as we know it. Tokenomics, or the token economics behind these blockchain-based assets, are completely redefining the way companies fundraise and implement business models. However, this evolution has also brought about complex regulatory, economical and technical challenges that can sway many from adopting token frameworks.

For example, projects offering existing tokens have weak utility behind their tokens. This usually leads to poor demand and purpose behind the token. Apart from that, not every project has the proper know-how to create a strong token economy, which is vital to the long-term growth of the project. Furthermore, launching a token is tricky as most projects (blockchain-based or not) certainly don’t want their token to be categorized as investment securities. Thankfully, IQ Protocol, developed by PARSIQ can solve all of these problems.

IQ Protocol offers an innovative circular economy model allowing projects, enterprise firms and organizations to issue and manage compliant tokens.

The First Cryptocurrency SaaS, Explained

As the creators of IQ Protocol, the PARSIQ team has devised a blockchain agnostic solution for implementing subscriptions on-chain in a flexible and cheap manner.  This has been done all while preserving the all-important workflows such as cancel/refund policies, different time-frame considerations, consumption rate quotas, discounts, and more. This was accomplished through the introduction of a concept utilizing PowerTokens.  PowerTokens are not used as a means of payment, but rather, as a deterministic over-time “energy” generator.  Within IQ, energy plays a role in accounting for the unit of service consumption (like gas units in Ethereum).

PARSIQ serves as a platform for blockchain monitoring and interpretation: allowing businesses and individuals to build custom Smart Triggers and embrace real-time blockchain data streams.

Solving the common crypto “token not needed” problem, the company has become the first enterprise to transform the traditional subscription model using IQ Protocol.  As of today, every PARSIQ user can use the platform and build monitoring solutions simply by holding PRQ tokens as a method of payment.

IQ Protocol helps companies build a circular economy and take into account the interests of the main shareholder groups: HODLers, service users, and traders. Under IQ, the new PARSIQ subscription model works as follows:

1. Platform users, mainly businesses, pay for the service by holding special PRQ tokens. Consumers have two options: either buy the original tokens that have life-time value, or rent PRQ tokens from the renting pool. The main idea here is that the original tokens are not released from the renting pool. Instead, the pool mints an expirable version of these tokens.
2. Lenders can loan their PRQ into the IQ Protocol and start earning yield. If a person lends his PRQ to the pool, he will be issued iPRQ (interest PRQ) as proof that he has placed PRQ into the pool. As the name suggests, the lender earns an interest on his PRQ when PARSIQ customer borrows them from the pool.

 

 Subscription as a Service (SaaS) – Powered by IQ

Leveraging PARSIQ’s revolutionary IQ Protocol, businesses will now be able to seamlessly construct blockchain SaaS models – enabling companies across all industries to tokenize their product or service for consumption on-chain.

This is possible via IQ and the introduction of a concept known as Life Time Value (LTV).  When a company tokenizes their offerings, each token is assigned an LTV, giving the token holder the right to consume a defined amount of goods or services.

Such a concept allows practically anything to be put on the blockchain – from the content streaming business to your local market, a business can tokenize their product offerings and assign each issued token an LTV.  Using these as examples, content streamers can issue tokens that allow the token holder to consume one hour of content each day for the next 365 days.  The local market could offer weekly delivery of home essentials (fresh fruits, milk, bread), which would be delivered at the beginning of each week for 52 weeks.  The possibilities are limited only by how the business aims to tokenize its offerings. On the consumer side, individuals would simply purchase the tokens.  By virtue of holding the token, the token holder would be the recipient of the value that has been defined for that token, for the life of that token.

Additionally, consumers who do not wish to hold tokens but would prefer to rent them can also do this, via the introduction of a renting pool – made possible by the Protocol.  So long as these tokens are held or rented, the consumer can enjoy the value tied to the token.  In doing so, a blockchain subscription model has been born.

Through this approach, IQ enables businesses to cater to their existing audiences, and unlock new revenue streams.  It does this by allowing companies to produce uniquely tailored offerings to a potential customer that may not be ready to fully commit to a company’s product or service just yet.

Additionally, crypto projects struggling with existing tokenomics structures can benefit from IQ.  After initially raising funds, many projects suffer from finding a use case for their tokens.  At best, a consumer may be incentivized to buy the project’s token, only for the purpose of spending it to acquire a particular service.  Under this model, it makes little sense to go through this intermediary step if, in reality, the transaction can be conducted entirely in fiat.

However, with the IQ Protocol, such companies can tokenize their product offerings – incentivizing communities to hold project tokens for the life of the token, while enjoying the value that has been assigned to that token.  Further, token holders have the potential to earn, by depositing their holdings in renting pools and acquiring interest payments.  Through IQ, a project can develop a circular economy, drive demand for their services and their token, which ultimately benefits all believers of the project being supported.

Free, Transparent, and Open Source

As an open-source protocol, any project can utilize IQ to fit its needs.  Because of this, companies can customize the solution to ensure a proper fit to their existing business models.  Further, the costs of implementation are manageable, limited to the costs for paying GAS.

Under this efficient and easy to adopt model, PARSIQ is currently working with over twenty companies in deploying IQ Protocol.  If you have any questions on how IQ can be incorporated into your existing business model, the PARSIQ team is ready to assist in your queries.

Crypto projects utilizing IQ Protocol can:

Issue utility tokens that are not securities

• The system is transparently designed such that the criteria for securities do not apply to tokens issued on IQ Protocol
• Services built into IQ Protocol, such as the risk-free lending and borrowing feature, are completely non-custodial
• Lenders can provide capital liquidity to the protocol voluntarily and control their tokens through trustless smart contracts
• Since voluntary lenders or borrowers use the service at their own will, projects will not be held accountable for any guaranteed returns from the lending pool

Make token issuance simple and secure

• No need to think about how to implement complex tokenomics when issuing tokens because IQ Protocol has industry-grade security frameworks already built-in
• Benefit from the ease of having proper tokenomics ready to customize and deploy
• This means that companies can focus on the business logic and execution using the token without having to worry about underlying technical complexities

For more on how Parsiq is using its unique IQ Protocol to power the world’s first Saas company, visit their main site here.

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TA: Ethereum Retests Key Support, What Could Trigger More Downsides

Ethereum failed to clear the $3,280 resistance and corrected lower against the US Dollar. ETH price must stay above $3,140 to avoid more downsides in the near term.

• Ethereum seems to be facing a strong resistance near $3,280 and $3,300.
• The price is now trading below $3,200 and the 100 hourly simple moving average.
• There was a break below a key bullish trend line with support near $3,185 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue lower if it fails to stay above the $3,140 support zone.

Ethereum Price is Facing Hurdles

Ethereum made another attempt to gain strength above $3,260 and $3,280. However, ETH price failed to continue higher above $3,280 and started a downward move, similar to bitcoin.

The price broke the $3,220 and $3,200 support levels. There was also a break below a key bullish trend line with support near $3,185 on the hourly chart of ETH/USD. The pair settled below $3,200 and the 100 hourly simple moving average.

Ether tested the $3,150 and $3,140 support levels. A low is formed near $3,142 and the price is now consolidating losses. An immediate resistance is near the $3,170 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,260 swing high to $3,142 low.

Source: ETHUSD on TradingView.com

On the upside, the first key resistance is near the $3,200 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $3,260 swing high to $3,142 low. The main resistance is now forming near the $3,220 level. A clear break above the $3,220 resistance might open the doors for a steady increase. The next key resistance sits at $3,280 and $3,300.

More Losses in ETH?

If ethereum fails to continue higher above the $3,200 and $3,220 resistance levels, it could extend its decline. An immediate support on the downside is near the $3,150 level.

The next major support is now forming near the $3,140 zone. A downside break below the $3,140 support zone could accelerate losses. In the stated scenario, ether price could revisit the $3,060 support zone.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,140

Major Resistance Level – $3,220

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TA: Bitcoin Consolidates, Why BTC Could Start A Fresh Increase

Bitcoin price is holding the $48,000 support zone against the US Dollar. BTC must clear $49,500 and $49,750 to start a fresh increase in the near term.

• Bitcoin broke the $48,500 resistance, but it faced hurdles near $49,500.
• The price is now trading above $48,500 and the 100 hourly simple moving average.
• There is a major bullish trend line forming with support near $48,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase unless it clears the $48,000 support and the 100 hourly SMA.

Bitcoin Price Holds Key Support

Bitcoin price formed a base above the $48,000 and started a fresh increase. BTC broke the $49,000 resistance and settled above the 100 hourly simple moving average.

However, the price failed to gain strength above the $49,500 level. A high was formed near $49,657 before the price started a downside correction. There was a drop below the $49,000 support level. The price moved below the 23.6% Fib retracement level of the upward move from the $46,486 swing low to $49,657 high.

Bitcoin is now trading above $48,500 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $48,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The next key support is near the $48,000 zone and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $46,486 swing low to $49,657 high. If there is a downside break below the $48,000 support zone, the price might continue to move down. The next major support is near the $46,550 level.

Fresh Increase In BTC?

If bitcoin stays above the $48,000 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $49,000 level.

The first major resistance is near the $49,350 level. The main resistance is near the $49,500 level. A clear break above the $49,500 level could set the pace for more gains. In the stated case, the price might even surpass the $50,000 zone.

Technical indicators:

Hourly MACD – The MACD is losing pace in the bearish zone.

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

Major Support Levels – $48,500, followed by $48,000.

Major Resistance Levels – $49,000, $49,350 and $49,500.

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