Bitcoin Overcomes Technical Hurdle; Ethereum Prints 7 Consecutive Green Monthly Candles

Before moving into the weekend, Bitcoin started seeing traction and made its way past $58,500.

As of writing, we are still keeping around $57k on the back of very low funding rates. The highest Bitcoin funding rate is currently 0.0376% on Binance despite the price of Bitcoin increasing by about 11.5% to its highest level since mid-April.

Low funding rate has been the case ever since April 17, when over a million traders were liquidated for $10.1 billion. The funding even further minimized after another $4 billion were liquidated on April 22nd.

The same has been the case for ETH funding rates which are the highest at 0.056% on OKEx, while the price continues to hit a new all-time high — up 44% in the last 8 days to climb to $2,955.07 today and 0.052 BTC on Friday.

With seven straight green months in a row, Ether had its largest-ever monthly close. ETH 0.19% Ethereum / USD ETHUSD $ 2,951.18
$5.610.19%
Volume 28.03 b Change $5.61 Open $2,951.18 Circulating 115.71 m Market Cap 341.49 b
11 h Bitcoin Overcomes Technical Hurdle; Ethereum Prints 7 Consecutive Green Monthly Candles 1 d Binance Smart Chain (BSC) TVL Reaches $45 Billion, Catching Up Fast to Ethereum 2 d “Institutional Money is Moving Toward Ethereum,” says Guggenheim’s Scott Minerd

With funding remaining flat, it means the rally is being led by spot buying, which makes it more sustainable and less prone to get wiped out by a brutal liquidation.

Open interest on Bitcoin futures also has yet to recover as it is currently at $19.8 billion, down from $27.68 billion on April 13. OI on Ethereum futures meanwhile continues to increase, perched on a record $8.5 billion, up from $2 billion at the beginning of this year.

Amidst all the positive action, hedge funds on CME that have been record short on Bitcoin since late last year to earn all the yield have also decreased their short exposure. Overall, the net short position has fallen to early March level.

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The latest price action has helped Bitcoin surpass the technical hurdle of its 50-day average price. According to traders, Bitcoin’s move above $57,000 is a bullish sign for further continuation, but it needs to be seen if it will be able to maintain this level.

Trader SmartContracter sees the current momentum to take bitcoin to $74,000.

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Interest in both Bitcoin and Ethereum continues to grow, especially the second-largest cryptocurrency, which has its big upgrade, London hard fork, with EIP 1559 coming in July. As we reported, Rothschild bought the shares of Grayscale Ethereum Trust for the first time in Q1, and Guggenheim’s CIO shared that money is also flowing into ETH and other credible cryptos.

Assets in Bitcoin products, including ETFs and ETPs, meanwhile have reached a record high of $9 billion at the end of the first quarter, as per ETFGI.

“If you make an investment today or you make an investment in early December like we did, you have to expect multiple 20% to 30% pullbacks in the bull-market phase,” Troy Gayeski of Skybridge Capital said this week on Bloomberg. “But that being said, I mean, the combination of extraordinary supply growth, we still think we’re in the early innings of the adoption cycle.”

Meanwhile, Mike McGlone of Bloomberg continues to see Bitcoin’s diminishing supply combined with the historically low interest rate and a substantial amount of money being pumped into the system to act as catalysts to take it to $100,000.

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Author: AnTy

BTC to Hit $100k-$200k in 2021 But a Pullback Could Come Before Going into Next Year

BTC to Hit $100k-$200k in 2021 But a Pullback Could Come Before Going into Next Year: Bitcoin Analyst

Charles Edwards of Capriole Investments says, “would be shocked if BTC doesn’t hit at least $50K” next year.

Yesterday, Bitcoin hit another all-time high, a new norm for BTC, to celebrate Christmas. Currently, trading around $24,900, retail looks ready to take advantage of the holiday season and weekend to push the prices higher and make institutions go FOMO next week.

By the looks of all the things that are bullish, bitcoin looks primed to hit more new levels. As noted by Charles Edwards of Capriole Investments, “fresh all-time highs (ATH) usually lead to more ATHs.”

However, the good thing for anyone looking for some good pullback, Edwards sees one before we move into 2021.

Using old school Wyckoff’s theory, he sees the correction next week that could take us to $21,000.

“Some short-term metrics suggest a brief pull back may be due and if this occurs, would likely represent a great buying opportunity in the region of $19-21K. But don’t count on it,” wrote Edwards, who advanced the Hash Ribbons indicator for timing entry points in the Bitcoin market, in the newsletter.

This is because the $19-21K region has a lot of support. Furthermore, Bitcoin Production cost is also around $18.6K and growing.

Overall, there is a high probability of bullish continuation over the coming months, both in technicals and fundamental terms.

“It’s incredible how the institutional media narratives and fiat hyper inflation is all aligning with the highest returning period in the Bitcoin four year cycle, 2021.”

“Buckle up and get ready for an incredible year.”

Charles Edwards Capriole Investments

Talking about next year, Edwards points to the big opportunity that only occurs once every four years.

Going into 2021 with great confidence, “We expect to see Bitcoin in the region of $100K-200K in 2021, and would be shocked if it doesn’t hit at least $50K.”

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Author: AnTy

Bitcoin Poised to Kickstart the Next Cycle with a Giant Monster Candle: Analyst

Today, Bitcoin dipped to $17,930 before bouncing back above $18,000 following yesterday’s dump.

The volume is low, and the market is currently in the red, but according to one analyst, “We are in the very final weeks of Bitcoin’s current Four Year Cycle.”

According to his analysis, the next cycle will give us the giant monster candle, which during the last bull run occurred in 2017, taking BTC from about $700 to the all-time high of $20,000.

BTC 4 Year Cycle
Source: Rekt Capital

Following the explosive October and November, December is turning out to be a month for correction and sideways action.

As the price of Bitcoin tries to find the direction it wants to move in, the network metrics are also showing weakness. The transaction value has eased back down to $22bn, and “the more people that exchange value, the higher the Bitcoin price will be,” noted Charlie Morris of ByteTree.

After amassing over 600,000 BTC, institutional investment flows also waned with the next upturn expected to “coincide with the long-awaited $20k breakout.”

Keep the Money Coming

While the largest cryptocurrency is taking a rest after rallying for the last two months to a new high, the stock market powered up. On Wednesday, S&P 500 surged to hit a new peak at 3,710 before falling to 3,660 the same day.

The US Dollar Index meanwhile continues to trade under 91 ever since its fall on Nov. 30. On the other hand, Gold has recovered from its loss to $1,760 as it makes a strong comeback to around $1,850 in these last 10 days.

These movements have been in response to the coronavirus stimulus package of $916 billion, which Congress continues to negotiate over but with no clarity.

Unlike the European Union, the European Central Bank has unleashed €500 billion ($605 billion) in new stimulus to prop the economy as “uncertainty remains high,” as per the central bank’s statement on Thursday. With this, the total stimulus program comes to 1.85 trillion ($2.24 trillion).

With the government’s money printer going brrrr… “it’s a bit silly to speculate on which one exactly will fall the fastest. However, it can be a good way to diversify your portfolio and drastically reduce risk,” wrote analyst Mati Greenspan in his daily newsletter Quantum Economics.

And this is why everyone is jumping into crypto. “Wall Street is quickly realizing that having a minimal exposure to crypto assets can be very healthy for your overall portfolio,” said Greenspan.

From Ray Dalio, Stanley Druckenmiller to Paul Tudor Jones, and Bill Miller, everyone finds bitcoin as a diversifier.

Wang Xing, CEO of China’s third-largest internet company Meituan is also into Bitcoin, as revealed by a Chinese publication.

Xing, who has previously said that bitcoin could be the biggest transfer of wealth in human history, recently revealed that he owns BTC adding, “I just think bitcoin is an awesome idea, the kind of awesome that is destined to go down in the history of human civilization.”

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Author: AnTy

Members Of Congress Blasts Acting OCC For His “Unilateral Crypto Decisions”

On Tuesday, the acting Office of the Comptroller of the Currency (OCC), Brian Brooks, testified before the Senate bringing forward several proposals on the cryptocurrency and the digital assets market. However, multiple congress members have come forward criticizing Brook’s unilateral decisions in the digital assets space, stating the former Coinbase executive is “too focused on crypto.”

In a speech before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Brooks highly praised the digital assets market and the importance of stablecoins. He praised the adoption rate of digital assets among Americans and the exponential growth of the cryptocurrency market, saying,

“These figures clearly illustrate that this payment mechanism is now firmly entrenched in the financial mainstream.

Cryptocurrency has become a popular mechanism for sending and receiving payments for goods and services because transactions post in real-time and provide convenience and security.”

Brooks is, however, facing a backlash from multiple members of Congress who view his crypto-related efforts as the head of OCC as “one-sided.” A letter signed by Congresswoman Rashida Tlaib (MI-13) and cosigned by Congressmen Stephen Lynch (MA-08) led a letter, which was cosigned by Reps. Jesús G. “Chuy” García (IL-04), Deb Haaland (NM-01), Barbara Lee (CA-13), and Ayanna Pressley (MA-07) blasted Brooks for his crypto-heavy leadership.

Read More: OCC Needs To Provide Regulation Clarity To Protect Users And Businesses

The letter argues that Brooks’ stance on digital assets should not take precedence in millions of Americans’ lives while there is an ongoing global pandemic. The members wrote,

“Arguably, the immediate needs of millions of at-risk individuals who have not yet received an economic stimulus check and/or cannot deposit their funds in a bank deserve greater attention than an effort to increase access to financial services to the ‘banked community’ via mobile phones.”

They further questioned his unilateral actions in the digital asset space, including “interpretive letters on cryptocurrency custody, stablecoins, and announced plans to start offering special purpose ‘payments’ charters.” Furthermore, they criticized Brooks’ plan to offer huge corporations such as Amazon and Facebook payment charters, claiming it would increase systemic risks, which could “expose the financial system to significant vulnerabilities.” The lawmakers wrote.

“Our concern regarding the OCC’s excessive focus on crypto assets and crypto-related financial services is shared by the American Bankers Association and other trade groups who have expressed similar reservations that such services move too far away from the core business of banking.”

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Author: Lujan Odera

Lolli Partners with Kroger to Allow Users to Earn Bitcoin Back on Groceries

  • Just before the festivities begin, Lolli has announced its newest partner, Kroger.

Lolli users can now earn Bitcoin back on groceries at America’s largest grocery chain and the second-largest general retailer after Walmart. It allows its users to earn up to 1.5% BTC back on grocery orders for pickup or delivery.

“This is what bitcoin adoption looks like,” tweeted the rewards application that gives back Bitcoin whenever a user shop at the stores supported by Lolli. The Sats-Stacking rewards program has been working hard in the last year and a half to help users earn BTC back on their everyday purchases. They raised $3 million from investors like Ashton Kutcher and Michelle Phan earlier this year.

Already, it supports over 1,000 stores such as Udemy, Groupon, Adidas, GoDaddy, Lululemon, Macy’s, Gap, Nike, and Samsung.

“Our team is continuously looking for more ways to put more bitcoin in your wallet, and today we are furthering that goal by launching our newest partner, Kroger. Kroger serves over 11 million customers daily. These shoppers now have access to earning free bitcoin back on their everyday shopping when using Lolli,” said CEO and Co-founder of Lolli, Alex Adelman.

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Author: AnTy

“Better Fiat Gateways” Is The Reason Why Binance Jersey to Shut Down on Nov 30th: CZ

The news of Binance Jersey shutting down its operations before 2020 was uncovered on Monday.

The announcement came without reason, so Binance CEO Changpeng Zhao took to Twitter to share the why. He tweeted,

“The reason is: better fiat gateways already supported by http://binance.com. No loss of features to users.”

Early in 2019, Binance announced that its Jersey-based subsidiary would allow fiat-to-crypto trading for European markets. Right from the launch, less than two years back, the support was added for top cryptos Bitcoin and Ether against the British pound and euros.

With a trading volume of a mere $210,000 in the past 24 hours, this branch didn’t really accomplish what the leading spot exchange was aiming for – be a “major driving force” in the European markets.

Cointelegraph first reported that the new deposits would be suspended from Oct. 30, and the final shutdown will happen a month later on Nov. 30. While there is still time for user accounts to be inaccessible, trading and withdrawals will be halted much before on Nov. 9.

The primary platform Binance.com meanwhile will continue to offer its services to the citizens of Jersey via “compliant banking channels.”

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Author: AnTy

Bitcoin Seeing New ‘Macro Bullish’ HODLers; Traders Call Out Short Term Sell-Off Before New High

Yesterday, we managed to get back above $10,800 before President Donald Trump sent the BTC price tumbling by announcing that he broke off the additional coronavirus relief fund negotiations with the Democrat.

Unsurprisingly, Bitcoin’s drop of 2% was in tandem with the equity market, which fell nearly 1.8%. But interestingly, it was gold that got hit the hardest, about 2.6%.

Markets are still wobbly, despite Trump backtracking, with altcoins continuing to drown in losses.

With notable losers including CREAM (24%), SWRV (20%), YFI (14%), SUSHI (13%), CRV (12%), and Aave (10%) DeFi tokens continue to bleed the most.

Micro Scenario

While the leading digital asset’s price remains subdued, bitcoin realized volatility has hit a three-year low at 20%.

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As we reported, this could result in a bout of volatility. Although network activity calls for bulls, bears can’t be called off altogether as the last time bitcoin realized volatility hit the lowest was right before the crash of November 2018 started.

“Bitcoin 30-day historic volatility has been falling fast and is in the ’20s. In the past, it has hit 20% vol 7 times. 6 times prices exploded higher immediately, and vol hit 80% in a few months. 1 time (Nov 2018) prices fell sharply. Either way, a big move is coming soon,” noted Raoul Pal of Real Vision Group.

Before BTC could jump higher in the near term, many are waiting for the price to take a dip first.

“I remain bearish for the time being. 10k support was tested, but lack of strength is apparent, price action is weak, no volume. breaking last low of $9,882 would likely trigger massive selling across the board. bearish until convinced otherwise by bull strength,” said Trader Crypto Yoda.

And while trader Loomdart is also looking for a downwards move, he doesn’t see BTC breaking the important $10,000 level before hitting the 2019 high of $14,000.

Macro Bullish

Amidst this, the coins on the spot exchanges are dropping, which is even more exaggerated with global exchanges.

According to on-chain analyst Willy Woo, this is “very macro bullish,” because “it’s a sign that new buyers are coming in to scoop coins off the markets and moving them into cold storage HODL, we are seeing new HODLers right now.”

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The analyst also points out how the 2017 bull market was fueled by the first scoop up of the coin at that time, which coincided with Wall Street Journal covering Bitcoin as a legitimate investment vehicle off the back of the Winklevoss ETF news. This time, the latest coins moving off the exchanges coincides with MicroStrategy buying Bitcoin.

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Author: AnTy

Salt Lending to Begin the Process of Refunds to Investors in Early 2021

“Anyone who bought SALT from us directly before and including 12/31/2019 will have an opportunity to submit a written claim at a later date to recover the consideration paid plus interest,” tweeted SALT Lending.

This has been in response to the Securities and Exchange Commission (SEC) ordering Salt Blockchain, the owner of the lending platform that offers dollar-denominated loans collateralized by cryptos that it has to refund the raised amount to investors.

As per the SEC’s decision, the token is deemed a security because Salt told investors they could expect to make a return on their investment. Investors will have three months after the filing of a registering statement to submit their claims to Salt, which the company is obligated to pay back with any agreed interest.

“We’re in the early stages of registering the token with the SEC,” said Salt adding that the claim form is expected to be available “in the early part of 2021.”

The refunds for tokens purchased will be provided directly from the company, as per the SEC Order, and if one no longer holds the tokens, they will be asked to provide the evidence of loss or damages.

The company raised $47 million in its initial coin offering (ICO) starting in 2017 through 2019.

Interestingly, the news of Salt reaching a “settlement” with the SEC, which means the company doesn’t have to agree or deny the agency’s findings, worked in its token’s favor. In the past 24 hours, the SALT price has spiked nearly 150%.

At the time of writing, SALT has been trading at $0.131 with a 24 hour ‘real’ volume of $106,183

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Author: AnTy

Ethereum ‘Getting Ready for Spadina’ Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per the dev update.

The means, next week, a “dress rehearsal” Testnet for the community to practice sending deposits, launching beacon nodes, and validator clients starting from genesis.

For this, Eth2 Standard API definitions are complete, and implementation started, and voluntary exit implementation is ready. Prysm web UI beta testing, meanwhile, will be coming in the first week of October.

It is a small scale testnet that will last just three days with 1024 validators with the main net spec requiring 16384 validators to launch.

For the eventual launch of Ethereum 2.0, Spadina’s deployment was announced a couple of weeks back, following the Medalla testnet going live last month.

This mainet-configuration test network will run parallel with Medalla with the aim to practice the more difficult and risky parts of the process before reaching the mainnet.

ETH 2.0 is expected to go live later this year or early next year with its phase-zero launch, but not everyone is excited to stake.

Still, a good 65% of 287 respondents of the ConsenSys survey revealed earlier this year that they intend to stake 32 ETH.

However, the extremely high fees and congestion on the Ethereum network are making it unusable for the small players for now. As we reported, Coinbase will no longer be covering the gas fees for its users.

“The Ethereum gas price is high due to increased network activity, which means that we have to find avenues to either support this increase in activity, or to reduce it,” said Kosala Hemachandra, founder and CEO of MyEtherWallet (MEW).

According to him, this can be done by “increasing the block gas limit to a safe amount and also by utilizing existing layer 2 solutions.”

Just this week, Optimism took its first step towards its testnet with Synthetix, Chainlink, and Uniswap being the early adopters.

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Author: AnTy