Bitcoin’s Wild Weekend Reminiscent of 2017 Bull Rally, ‘Higher Highs Ahead in 2020’

This past weekend, bitcoin had a rough time as the largest cryptocurrency made its way past $12,000 to $12,112 in trading just after midnight Sunday and within 30 minutes of reaching this level, last seen in June 2019, it crashed to about $10,635.

Since then, we have made our way back above $11,000, and bitcoin started trending on Chinese Twitter. Bitcoin was the 9th most trending topic, which is the highest it has ever climbed.

“Clearing resistance at $10,000-$10,500, which coincided with the downtrend line from the late 2017 highs and first-quarter 2020 highs, established a higher high for Bitcoin confirming a new tactical uptrend,” said Rob Sluymer, technical strategist at Fundstrat Global Advisors.

“In the short-term, Bitcoin’s daily momentum indicators are overbought (as they are for gold), but beyond some very near-term choppy trading, Bitcoin is likely to continue to trend to its next resistance level at $13,800,” he said.

During the weekend’s shenanigans, a total of $1.38 billion were liquidated in all futures markets. About $400 million were liquidated on OKEx and Huobi, and the largest single liquidation order worth about $10 million occurred on BitMEX’s bitcoin perpetual swap. 176,294,051 contracts got liquidated on derivatives exchange BitMEX, of which 28,545,824 were the shorts getting liquidated and 147,748,227 in longs.

The bigger picture remains unchanged

The pullback came following the huge amount of bitcoin moved to the exchanges. According to the data from Crypto Quant, the mean inflow of BTC to crypto exchanges, especially Coinbase and Binance, reached the same level as that of March before the digital asset plunged to $3,800.

Another warning sign before the drop came in the form of daily active addresses that weren’t keeping up with the surging price. “A telltale bearish divergence formed yesterday, as the price continued to climb toward $12k despite DAA dropping from 1.06m on Friday, to 959k on Saturday (a ~-9.5% drop),” stated Santiment.

However, such a pullback isn’t out of the ordinary for bitcoin. Unlike this mere 15% correction, during the last bull market uptrend, there have been at least six pullbacks of more than 30%, noted trader Josh Rager.

Economist and trader Alex Kruger also pointed out how a blowoff top like BTC and ETH had last night doesn’t have to be the top. Last week, even precious metals had a blowoff top.

Moreover, crypto-assets particularly are “known to experience multiple blowoffs on the way up given the high use of leverage and how fragmented liquidity is,” as we saw in 2017 and 2019.

“Bigger picture remains unchanged. Higher highs ahead in 2020 IMO,” he said.

Such corrections are opportunities to buy the dip before bitcoin makes it’s way higher.

Bitcoin has been rallying strongly after rising above $10,000 recently. The weekend’s notable movement recalls a similar phenomenon in 2019 when the digital assets recorded outsized gains during Saturday and Sunday.

The market, however, remains bullish as ever as trader Crypto Squeeze puts it, “We’re in the early phase of an exponential Crypto bull market.”

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Author: AnTy

ZEC Breaks Out of 3-Year Bear Market as Executive Director Bids Adieu to Zcash Foundation

The inaugural executive director of Zcash Foundation, the company behind the 24th largest cryptocurrency by market cap $845 million ZEC, has left the Foundation. Josh Cincinnati in his farewell statement said,

“It was the best team I’ve ever had the honor of working with, and I will miss them terribly.”

Cincinnati believes that after leading the Foundation for over three years, he isn’t the right person to do it anymore and that he shouldn’t do so indefinitely either. Moreover,

“whatever power that has vested to the Foundation should stay in check institutionally, and not accrue to a single leader,” he said, adding that he is “ready for a break and a change of pace.”

Another reason for his departure is that the negotiation and successful conclusion of the dev fund has taken a toll on his “relationship with ECC leadership and damaged my ability to collaborate with them effectively.” Because the Electric Coin Company is unlikely to change its leadership “ever,” “I instead chose to leave.” Before leaving, he shared his prediction that the,

“prospects for private digital cash are bright,” and “the Foundation’s technical efforts will make a big splash this year.”

On Cincinnati’s departure, Analyst Qiao Wang shared some bullish facets about ZEC. He noted how the digital asset has broken out of the 3-year bear market. Up 20% in the past 24 hours, ZEC is currently trading at $87.27.

Zcash started surging this week after bitcoin broke its key levels to make new 2020 highs. ZEC has recorded 205% returns YTD but is still 99% down from its all-time high hit during the last bull market.

Textbook W-shaped bottom, coinciding with governance crisis, usable shielded clients, imminent 1st halving, increasing awareness on privacy, and global return of socialism, Wang pointed out all the reason to be bullish on this digital currency, He said,

“if this isn’t a generational buying opportunity Iono what is.”

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Author: AnTy

Coinbase Teases 19 Cryptocurrencies They May List; Prices Jump Across the Board

One of the largest US based crypto exchange Coinbase has revealed that it is reviewing additional 19 cryptocurrencies for potential listing.

The San Francisco-based crypto exchange has announced that the 19 cryptocurrencies are being reviewed as per its Digital Asset Framework which will determine if they will be listed on its popular trading exchange platform.

The firm revealed that it is reviewing the graph, wbtc, uma, tbtc, theta, reserve rights, flexacoin, paxos gold, helium, ocean protocol, Hedera hashgraph, melon, keva, ampleforth, band protocol, fetch.ai, balancer, and curve.

The firm explained that the review process will check various technical and compliance analysis of the above mentioned cryptos where some of them may need to have regulatory license in various jurisdictions.

The exchange however cautioned that being under review doesn’t mean the cryptocurrency will be guaranteed of an automatic listing. The firm also clarified that those not under review doesn’t disqualify them from potential future listing. The firm stated,

“As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any such asset from active review and potential listing.”

The firm did not give any timeline on when the review process will be finalized or when the cryptocurrencies can expect to be listed.

As data from CoinMarketCap shows, most of the crypto assets under Coinbase’s review are trading within the green zone which is defined as 2-8%. There are some which have outperformed others like UMA (+10.05), Ocean Protocol (+12.93) and Melon (+17.23%).

Previous support of cryptocurrencies by Coinbase have led to a surge in the value of these coins and tokens. For instance, in June, the exchange’s support for COMP solidified its ranking as a major DeFi token. Similarly, the listing of MakerDAO (MKR) token back in May led to a surge in its prices in major exchanges. However, the ‘Coinbase Effect’ may not always yield a positive effect on the market.

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Author: Joseph Kibe

These Top Coins Including XRP Have Finally Started Moving

Bitcoin is enjoying a ride with the price now above $11,000. For the first time, the largest digital asset has broken its long-standing trendline resistance that dates back to mid-December 2017.

Even Bitcoin dominance has started to recover, which isn’t good for altcoins that have been enjoying a rally for the past few weeks, although a handful of small-cap cryptos are still enjoying gains.

But bitcoin uptrending is not the only reason why altcoins are moving in the opposite direction to the largest digital asset. CMS PRIME shares,

“The biggest and most important is people were overweight alts and under weight btc.”

Moreover, there was a “sudden need” for margin as positions get stretched and under collateralized positions get shocked. Bitcoin is also the reserve currency, so people have to sell and get collateral in.

“In short altszn bred complacency in btc and then a mad dash to catch up,” and the same is true in reverse.

Breaking Out

Although some of the best performing altcoins like Chainlink (LINK), Tezos (XTZ), VeChain (VET), Ampleforth (AMPL), Aave (LEND), Kyber Network (KNC), Balancer (BAL), and many others recording losses in the past week, some of the top cryptocurrencies started making gains this week.

Bitcoin’s run-up even managed to push Litecoin into the green, resulting in the digital asset breaking out of its multi-month accumulation range. The 8th largest cryptocurrency would soon revisit its long-standing downtrend trendline resistance dating back to mid-Dec. 2017 on breaking of which, “LTC could enjoy a new bull trend.” Analyst Rekt Capital said,

“LTC will soon approach its own trendline resistance, dating back to mid-December 2017. It’s difficult to think that LTC won’t follow BTC & fail to break it.”

Other bad performers recording gains this week include Bitcoin Cash, which is up 27% this past week, BSV 23%, and EOS 20%.

The third-largest cryptocurrency XRP also finally made some moves. This digital asset is still down 94% from its all-time high but jumped nearly 22% this past week, and is currently trading at $0.24.

These gains came amidst the news that Ripple partner Japan’s SBI Holdings is using R2’s enterprise blockchain Corda to issue its new S coin. In other news, Ripple announced the launch of Payburner, a P2P payment platform based on XRP.

Ripple CTO David Schwartz also shared in a recent interview why they decided not to build smart contracts into the XRP Ledger. He said,

“We were right that adding smart contracts makes a platform worse for payments. And we were right that it would introduce fee instability, performance issues, and have lots of attack surface.”

“Ethereum was wildly successful and for good reasons.”

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Author: AnTy

Jihan Wu Looks to Split Bitmain’s AntMiner Supply Chain & Manufacturing Process

The power tussle in the largest Bitcoin miner maker, Bitmain, is now threatening to essentially hard fork its operations for the production of AntMiner equipment.

On July 16, one of Bitmain’s co-founder, Wu Jihan registered a new firm in Shenzhen, China. The new firm is known as Guiji Yanghang which is an offshoot of a recently registered firm called Beijing Guiyuan Dalu which Wu controls.

Wu engineered the ouster of Micree Zhan Ketuan, Bitmain’s co-founder, late last year after a protracted power tussle between the two. However Zhan managed to retake the control of the firm in June this year after the Chinese authorities sided with him.

According to a source privy to Wu’s plans, the new firm is meant to separate the supply chain from the production process in regards to AntiMiner equipment. This is seen as a counter move to Zhan’s taking over of the Beijing Bitmain Shenzhen factory following his return at the apex of the company last month.

Wu’s move is the most recent in a power tussle saga which could further confuse the firm’s international clients willing to buy the AntiMiner equipment. At the moment, for instance, it still remains unclear what faction will own the AntiMiner brand as well as its shipment logistics. It is also unclear which faction will provide post-sale services.

Last Friday, Wu in an internal letter explained that he had to come back to the firm and take over the leadership in order to save Bitmain from collapse following cash flow issues running into hundred million dollars, reportedly caused by Zhan.

The letter also explained that Wu has started a process of another supply chain to counter the Shenzhen factory’s role which affects the shipment of the AntiMiners.

In a notice published in the company’s WeChat account that is controlled by Wu, the firm apologized to its global clients saying that June shipments are likely to be delayed following external interference of the firm’s management process.

Having been ousted in October last year, Zhan, who is the largest shareholder in Bitmain, was granted control of the firm by the Chinese authorities on June 3.

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Author: Joseph Kibe

Brave Browser Partners With Japan’s Largest Exchange bitFlyer to Build A Crypto Wallet for Users

The largest crypto exchange in Japan, Bitflyer, has partnered with the privacy and crypto-focused Brave browser. The partnership would see the development of a crypto wallet for Brave browser users. This alliance would also help Brave to tap into one of the fastest-growing crypto markets in Japan.

BitFlyer, in its official statement, said:

“Brave is the BAT connected browser, and browsing is an everyday activity. It will be a new opportunity for users to use and earn cryptocurrency. We see it as a new model case to show the potential of cryptocurrency […] We want to make people feel more familiar with cryptocurrency through the partnership with Brave.”

Brave browser users are incentivized with Basic Attention Token (BAT); however, due to regulatory guidelines, Japanese Brave browser users are rewarded with Basic Attention Points instead of BAT. This difference is because Japanese regulations prevent citizens from earning currencies that can be exchanged for money directly.

The development of a crypto wallet by the exchange and browser could change that and allow Japanese citizens to earn in BAT.

Without many revealing details being released, the official announcement did mention that further information would be revealed during an event in Tokyo on July 30. A spokesman from Brave hinted that speculation over the upcoming wallet might be correct, he said:

“At this point, we are using ‘points’ to reward users, but there are some limits. [Through the partnership], we think it may be possible to go beyond that.”

Brave is slowly making its way into the Japanse market while leaving no stone unturned in obtaining popular appeal. Last month it partnered with BTS – the famous S.Korean pop band – and the esports team, Rush Gaming, to develop a browser exclusively for Japanese users. Rush Gaming users can earn BAP, which they can use to support the team.

Over the past couple of months, several Japanse crypto exchanges have listed Brave’s BAT token for trading, and Brave wants to bank on this push. News coming from the company also suggests both BitFlyer and Brave would launch a joint marketing campaign to make people aware of cryptocurrencies and blockchain.

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Author: Hank Klinger

India’s Tech Giant, TSC, to Launch ‘Quartz’ Crypto Trading Solution For Institutions

Tata Consultancy Services (TCS), a subsidiary of India’s largest tech firm, Tata, announced the launch of a crypto solution enabling traditional financial institutions to offer digital asset services to customers.

According to a spokesperson at the firm, the new solution, dubbed “Quartz Smart Solution for Crypto Services,” will offer the best security services and compliance structure to allow seamless cryptocurrency trading. According to a press release on TCS official blog, the Quartz solution is explained as

“a next-generation, digitally-powered offering for banks and investment firms to provide secure and seamless cryptocurrency trading to their clientele.”

The solution offers an array of features to financial institutions and banks, including support for multiple cryptos, a link to fiat currency exchange, and a digital asset transfer platform.

The project is the brainchild of Quartz, a startup incubated by TSC, which builds decentralized ledger solutions to traditional finance problems. The smart solution aims at providing the “best-in-class hardware security module” to beef up security and verification of transactions.

The platform integrates multi-signature feature wallets and provides the infrastructure to build secure OTC exchange desks. Finally, a close audit and blockchain forensic checks ensure that transactions made on the Smart Solution for the Crypto platform are appropriately verified and authenticated.

Crypto is spreading into the traditional finance world with hedge funds and investment institutions taking the risk and placing big bets in the industry. R Vivekanand, Global Head, Quartz, TCS concurs on this analogy stating his company is ready to take on the challenge of providing these services.

“We are excited to offer them our robust, secure, and scalable solution for trading, storing, and transfer of these assets,” Vivekanand said.

“We believe Quartz is well ahead of the curve in providing such a solution that allows customers to transact in multiple cryptocurrencies and digital assets, backed by best-in-class security features.”

India is taking a step forward in blockchain, and the Supreme Court lifted digital asset development after the recent blanket ban on crypto by the Royal Bank of India (RBI).

Throughout 2019, TCS announced a number of development strategies and projects in the blockchain arena, including Quartz integration of RippleNET allowing banks and financial institutions to transfer funds freely; and the security settlement platform to enable cross border transfers.

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Author: Lujan Odera

Binance’s BNB Gets A Branded Twitter Emoji As the Exchange Celebrates Turning 3

The largest crypto exchange in the world in terms of trading volume, Binance, becomes the third crypto-based firm to get a branded emoji on Twitter. Binance joins Bitcoin (BTC) and Crypto.com (CRO), which also have branded emojis.

Anybody that tweets using the hashtag: #BNB or #Binance will get to see the signature Binance logo. Binance CEO revealed the new branded emoji by tweeting #BNB to his over 500k followers on Twitter. CZ, as he is usually referred to, was thrilled by the new emoji saying that he could just sit there and randomly start retweeting other people using the new emoji.

Branded Twitter hashtags are a lesser-known form of advertisement service offered by Twitter to renowned brands. However, Binance did not reveal the amount it paid for the emoji. Although billion-dollar brands such as Pepsi, Anheuser-Busch, and IBM have, in the past, paid about $1 million to get branded emojis, the amount for crypto-based firms is believed to be much lesser. Larry Cermak, a researcher, working for TheBlock, recently revealed that a company that uses about $50,000 in Twitter ads qualifies to get a branded emoji.

The Twitter emoji comes just days before Binance prepares to celebrate its third anniversary, on July 14. The emoji speculated to be part of the anniversary celebrations. The firm has since started a new hashtag dubbed #BinanceTurns3 that also comes with an emoji.

As part of the celebrations, the firm is giving out Binance non-fungible tokens (NFT). To receive the tokens, one must follow the exchange on all of the social media platforms as well as share various content using the anniversary hashtag. The campaign is set to run until July 7. The Binance team believes that the emoji will help in creating a bigger and more visual buzz that will also lead to more mass adoption of the Binance Coin (BNB).

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Author: Joseph Kibe

OKEx Crypto Exchange Launches ETH Options Contract; EOS Options Trading to Follow

One of the largest cryptocurrency trading and derivative platform OKEx, announced the launch of its Ether options contract on June 4th.

On June 18th, the trading platform will also launch the EOS/USD options as well. The trading platform also confirmed that they had put 1000 ETH in the ETH Options insurance fund to avoid a clawback.

OKEx has managed to make a name for itself in the derivatives market, offering a range of derivative products, including crypto futures and perpetual swaps for BTC and ETH.

Before launching the Ether/USD options, the firm has already launched BTC/USD options, which has proven to be a hit among traders. As per a recent data set released by Skew, OKEx’s BTC/USD options brought in an average daily transaction volume of over $10 million. Jay Hao, CEO of OKEx.commented on the launch of Ether options contract and said:

“The launch of the ETH/USD options provides our users with more trading tools to fulfill their needs of executing different trading strategies. Based on the success of the OKEx BTC/USD options, we are confident to bring users better options trading experience. “OKEx will never stop innovating our products and provide users with one-stop trading services. For example, EOS/USD options will open soon on OKEx. Stay tuned!”

OKEx’s success in the derivatives market meant that it successfully overtook Bitmex to become the largest bitcoin futures market share.

Derivative products help in hedging risks in hard times and maximize profits. Among these numerous derivative products, options and futures are the most popular ones.

Options contracts allow the traders to buy/sell depending on the type of contract, and the underlying asset, be it Bitcoin or Ether, helps traders to hedge risk.

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Author: Rebecca Asseh

Vitalik Buterin Celebrates Ethereum Layer 2 Scaling; Only ‘Refinement & Deployment’ Left

LRC token jumped 14% today to trade at $0.054.

In 2020 so far the 97th largest cryptocurrency recorded 144% gains but despite that, it is still down 98% from its all-time high.

The ongoing gains have been the result of the monthly update released by the team that the Loopring Exchange has settled over one million trades. Since its launch two months ago, it has traded $14 million in volume through only 1,600+ users.

The most interesting piece of information is that the exchange only paid about 50 ETH for this which means each trade cost only $0.1, thanks to zkRollup.

Zero-knowledge proof (zkRollup) is deployed for layer 2 that increases scalability by processing mass transfer into a single transaction.

“We believe Loopring Exchange and Loopring Pay will become the killer features in our mobile app.

Our users will not be restricted by Ethereum’s ever-rising gas price and congestion, but still enjoy Ethereum’s security guarantees and everything else it offers.”

Loopring Pay, a zkSNARK-based layer-2 fast transfer service is to be released this week for an invite-only beta testing for Loopring Wallet.

It will enable its users to transfer Ether and ERC20 tokens without on-chain Ethereum transactions or gas fees. The transfer fees are reportedly “negligible” thanks to zkRollup. It will also be integrated into Loopring Wallet.

“This is sorely needed on Ethereum right now, as transfers of stablecoins, especially USDT, are among the biggest gas guzzlers,” reads the update.

Interestingly, today, Bitfinex also announced the largest stablecoin by market cap Tether will be integrated into the OMG Network (formerly known as OmiseGo) which will reduce transaction confirmation time and fees because Ethereum is “vulnerable to severe network congestion” under heavy demand.

Ethereum network is already over 90% at capacity and throughout May, it has also been experiencing a very high gas price. Not to mention, ETH 2.0 is still nowhere near its release.

But Ethereum co-founder Viatlik Buterin took to Twitter to shout out to the likes of Loopring, Matic Network, Omise Network, and others that are working on Ethereum’s L2 scaling.

Matic Network’s mainnet is now live with an initial set of validators. The mainnet has also already produced over 43,000 blocks.

“While everyone wasn’t looking, the initial deployment of ethereum’s layer 2 scaling strategy has *basically* succeeded. What’s left is refinement and deployment,” Buterin said.

Although these systems are by and large limited to payments and DEX, these sections are a large part of Ethereum activity.

As for moving these into rollups and plasmas, there is an adoption challenge as it would require the users to have wallets where their coins are stored in either of them. He said,

“Look forward to the future of ethereum scaling! (Including sharding supercharging all of these techniques 100x further down the line).”

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Author: AnTy