Kid Rock got "married" to country music legend Loretta Lynn in a sad publicity stunt. He's desperate for relevance at this point.
People fear that the new brain implant device from Elon Musk will take us down the same road as some "Black Mirror" episodes.
Former Trump chief of staff Mick Mulvaney foresees an “avalanche” of regulations if Biden wins the election, what’s this mean for Bitcoin price?
Former Trump chief of staff Mick Mulvaney says a Joe Biden presidency would cause an “avalanche” of regulations. Some economists have also voiced concerns that the Biden administration would lead to a stock market pullback.
This has led many crypto analysts to ponder what impact a strong stock market correction would have on the price of Bitcoin (BTC).
During an interview on CNBC’s Squawk Box, Mulvaney said Biden would push many regulations in a short period. He stated:
"If Trump wins you'll see a lot more of the same. He's laid down the markers to what his attitudes are about regs. If Joe Biden wins, you're going to see an absolute avalanche of regs in a very short period of time.”
Data from Skew shows Bitcoin has seen more correlation with gold than stocks in recent months. Hence, an argument could be made that a slowing stock market could actually buoy Bitcoin’s sentiment.
The correlation between Bitcoin and gold. Source: Skew
But as seen from March to April, a bear market in stocks could lead the momentum of Bitcoin to dwindle.
Economists are pessimistic too
According to the University of Maryland’s finance processor David Kass, increased tax rates under Biden would lead to lower profits. Over time, declining profits could cause share prices to drop, causing the stock market to slip. Kass said:
"The increased tax rates will result in lower profits and likely lower share prices. This effect may be more than offset by a larger fiscal stimulus package passed by Congress and better trade relations with countries in Europe as well as with China."
Other studies show that a Biden presidency might have minimal impact on the trend of the stock market.
The WSJ says historical data indicates the election of Biden could still allow the stock market to net an average 10% annual return. Ed Finn, an opinion contributor to the WSJ, wrote:
“It's even possible that U.S. investors will enjoy annual stock returns of 15% or better during a Biden administration.”
However, there are two possible scenarios, in which a drop in stocks is likely to impact Bitcoin as well.
First, if it causes the sentiment around safe-haven assets like gold to improve, it might raise the chances of a BTC rally.
Secondly, a slump in stocks could take gold and Bitcoin with it as it did in March. If the latter scenario plays out, most assets with the exception of U.S. Treasuries are likely to decline.
What’s the most likely outcome for Bitcoin price?
Since the sentiment around the Biden presidency remains mixed, there is a high probability that it would have no meaningful impact on BTC.
When Bitcoin enters 2021, it faces a post-halving cycle as it did in 2017. Back in 2016, it took around 17 months for BTC to achieve a new peak at $20,000. If BTC follows a similar cycle, that puts the fourth quarter of 2021 as the possible next peak for the world’s leading cryptocurrency.
The weekly price chart of Bitcoin. Source: Tradingview.com
In the short-term, strategists predict a sell-off after a Biden election. Boston College associate dean for strategy Aleksandar Tomic said:
“What I think would be really detrimental to the stock market would be any kind of uncertainty: If there’s some kind of instability following the election, if it’s contested for a long period of time.”
Playing tough is one thing, but Marcus Morris was seemingly trying to injure Luka Doncic and the NBA should draw a line.
Chainlink faced a grim rejection at just below $18.00 yesterday, which struck a blow to the technical strength that it had been expressing throughout the past few days and weeks.
Because LINK has since reeled below the support it was forming at $17.00, it now appears that the crypto may continue trading within the long-held consolidation range that it has been caught within throughout the past few weeks.
Analysts believe that the crypto may now face some further near-term weakness that sends it reeling down towards $15.00 in the near-term.
This decline would further weaken its market structure and potentially cause it to see significant near-term losses.
That being said, one analyst is noting that his macro bullish outlook on the cryptocurrency remains strong so long as it remains above its crucial high time frame support at roughly $13.00.
This support level has held strong on multiple occasions and was previously a resistance level for Chainlink.
Chainlink Faces Harsh Rejection at $18.00 as Bullish Momentum Falters
At the time of writing, Chainlink is trading down by just under 1% at its current price of $16.40.
This marks a notable decline from daily highs in the upper-$17.00 region that were set around this time yesterday.
Bulls had pushed LINK all the way up to $17.80 before its momentum began faltering. From here, its price plunged to lows of $16.00. It stabilized here and has been consolidating ever since.
One analyst explained that he is now looking towards the key support levels it has throughout the $15.00 region, as a defense of these levels is vital in order for it to maintain its mid-term strength.
“Short term levels that are must-hold zones and/or interesting levels to buy the dip if you want to trade LINK. Couldn’t break through $17.25-17.75 resistance zone,” he explained.
Image Courtesy of Crypto Michael. Chart via TradingView.
Here’s the Critical High Time Frame Support that LINK Must Defend
Another analyst explained that the $13.00 region is a critical support for Chainlink, as this level has held strong on multiple occasions in recent weeks.
He notes that a continued bout of trading above this level is bullish for LINK.
“As long as there are no signs of a blow-off top, I assume that LINK will keep on going up like it does since its inception. That’s the analysis, you don’t just fade the strongest coin in crypto.”
Image Courtesy of Cryptorangutang. Chart via TradingView.
Because Chainlink is not strongly correlated to Bitcoin and the rest of the market, its reaction to these levels could be the sole factor that determines its near-term outlook.
Featured image from Unsplash. Charts from TradingView.
The decentralized exchange (dex) Uniswap has seen a massive amount of trade volume during the last seven days. Following Uniswap’s rapid increase in global trade volumes, the platform’s founder Hayden Adams celebrated the dex outpacing the centralized exchange Coinbase’s volumes this past weekend.
News.Bitcoin.com recently reported on the decentralized finance (defi) economy’s total value locked (TVL) assets nearing $8 billion in value. While a mad rush toward defi coins and applications has been taking place during the last few months, dex trade volumes have been soaring.
Data from Dune Analytics shows that close to $11 billion has been swapped on dex platforms like Uniswap, Curve, Balancer, and 0x. But Uniswap is commanding most of the trade volume and on Monday the exchange captures 62.8% of all dex swaps.
This past weekend Hayden Adams, the creator of Uniswap, tweeted about the massive trade volumes that have been settled on the platform in recent days. “Wow, Uniswap Protocol 24-hour trading volume is higher than Coinbase for the first time ever,” Adams said. “Hard to express with how crazy this is,” the Uniswap founder added.
Defi proponents congratulated Adams and said: “Huge congrats to Uniswap team – When NYSE flippening?”
On Monday, August 31, Uniswap is still capturing significant trade volumes with $537 million swapped during the last 24 hours. Uniswap captured over $2 billion in global trade volume during the last seven days.
The number of Uniswap traders (unique addresses that traded, maker and taker) on Monday is roughly 78,027. The two dex applications that trail behind Uniswap include Curve and Balancer respectively.
Curve captured 16.6% of Monday’s dex trade volume with $71 million in global swaps. Balancer has 8.71% of today’s global dex trade volume and has seen $66 million in trades. Most of the other dex platforms behind Uniswap, Curve, and Balancer only represent 1-3.38% of the dex swaps on August 31.
These smaller dex platforms in terms of trade volume include 0x, Kyber, Dydx, Idex, and Synthetix.
Uniswap is essentially two smart contracts on Ethereum and an open-source market that allows for onchain market maker swaps. Uniswap allows traders to utilize lists of ERC20 token pairs that they can swap for in a noncustodial manner.
The platform supports coins like ETH, MANA, BAT, WBTC, YFI, DAI, KNC, LEND, MKR, USDT, USDC, and more. The aggregate of all the dex platforms has seen $22.7 billion swapped in the last 12 months and a 107% increase in 30 days.
Much of these trades are taking place on Uniswap and this trend doesn’t seem to be abating anytime soon.
What do you think about Uniswap’s massive volume in recent days? Let us know what you think about this subject in the comments section below.
The post Defi Platform Uniswap Outpaces Coinbase Pro in Global Trade Volume appeared first on Bitcoin News.
A new study from a Japanese crypto exchange showed the country’s crypto fanatics favored Bitcoin ahead of local favorites XRP and Monacoin, with trading volumes for the former significantly higher than the latter two and other altcoins.
Bitcoin saw big bets ahead of alts
Yuya Hasegawa, a Market Analyst at Japanese crypto exchange Bitbank, referred to an April report released by the Japan Virtual and Crypto assets Exchange Association (JVCEA), a Self-Regulatory Organization fully recognized by the country’s Financial Services Agency.
He noted that while the number of active accounts for spot crypto trading reached an all-time high in April, recovering from the dip in March, Bitcoin’s monthly traded value was “back above 87% dominance,” showing that “newer users’ main interest is only in BTC.”
Hasegawa said that for Japanese investors, the overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin. He added the growth in the number of active accounts, the vast majority of the newer market participants in Japan indicated traders are “likely to be interested only in Bitcoin.”
The analyst noted that all figures were taken from officially reported values, which represented true volumes in terms of all JPY exchanged and gave an accurate metric to measure user interest and market size.
Ripple’s XRP once accounted for about 40% of monthly traded value in the Japanese crypto market, the analyst noted, but the dominance structure rapidly changed since the summer of 2019 as Bitcoin rose above 80% (in terms of market share).
Altcoins suffered similarly. Monacoin, a popular token in Japan, saw its volume push Bitcoin’s dominance below 70% earlier in February, but the pioneer quickly recovered and accounted for 87.34% of the crypto market in Japan in April 2020.
However, while traders have shunned the two alts, investors have piled on. The JVCEA’s statistics showed XRP and Monacoin holdings kept an upward trend, even if it did not necessarily translate to the increase in their prices.
Spot markets see a boom in Japan
The report said spot accounts saw a resurgence in April even after dropping off a month earlier in March.
According to the JVCEA, the Japanese spot crypto market added 13,987 active accounts back in April: up 0.96% from 1,450,828 in March, reaching its all-time high, the report noted.
Back in April, the market started to show a major recovery as the worlds’ central banks around the globe announced huge stimulus packages and interest-free loans for citizens in a bid to revive a faltering economy. But while the move may or may not have borne well for the long-term economic health; it did wonders for markets.
Bitcoin pumped over 150% since its sub-$4,000 lows in March, while large-caps like Ethereum and Chainlink grew 300% and 700% respectively. The succeeding months even saw DeFi projects like Compound and Synthetix chalk up their own growth stories, with a newcomer, Yearn Finance, even recorded a 14,000% return for early investors.
The post Why Japan’s crypto traders chose Bitcoin over alts earlier this year appeared first on CryptoSlate.
Let's set politics aside for a moment and talk about money. The stock market is unshakably confident that Trump will beat Biden in November.
Kadyrov does not seem to understand cryptocurrencies very well.
The Chechen leader Ramzan Kadyrov shared some harsh comments about cryptocurrencies amid growing interest in the technology amongst Chechnya’s citizens.
"People take loans, save on themselves and their families, invest their last money in digital assets that promise incredible profits."
The head of the Chechen Republic, a federal subject of the Russian Federation, also warned that excess profit is tied with “big risks.” He also claimed that over the past month, “Bitcoin has depreciated in half” — a statement which can be disproven by anyone with a quick Google search.
Kadyrov said that people dream of easy money, and this creates a false promise of wealth that crypto does not offer and has never offered. He further added:
“I am more worried about the moral side of such investments. A person who invests in cryptocurrencies expects their value to grow many times. But why is that person waiting for this? Did the person work hard to get this profit?”
The Chechen leader also pointed out the “greed of people” who have boosted the price of crypto. He claims these people are “trying to attract new investors and profit from their greed,” and ultimately stressed that he won’t support any projects which utilize digital assets.
Russia recently passed its first major legislation devoted to cryptocurrencies, though the country’s central bank continues to treat the industry as a criminal area.
Taking a similar stance, Sergei Shvetsov, the first deputy governor at the Bank of Russia, compared cryptocurrency to financial pyramid schemes and roulette games.
Few altcoins have performed better in 2020 than Ethereum. The second-ranked cryptocurrency is up well over 200% on the year, and from the Black Thursday bottom to the 2020 high, Ethereum rose over 400%.
Momentum looks to be behind bulls, however, an ominous signal just triggered on ETHUSD weekly price charts. The signal could be warning that a top is in, and Etheruem could soon lead the altcoin market off a cliff.
Ethereum Rallies 400% From Black Thursday Bottom, But Weekly Sell Signal Points To End Of Uptrend
The crypto market has had one of the best starts to the year since 2017 when all-time high prices were reached. Since then, cryptocurrencies fell into a bear market that has yet to officially end by setting a new high.
Ethereum, for example, remains down almost 70% from its former peak price, even despite such bullish price action in 2020. The top-ranked altcoin was among the best investments to make with stimulus checks issued back in April. Those who did would have doubled their money and then some.
But the recent rally, a full six months from the last peak, may soon be coming to an end.
The TD Sequential indicator created by Thomas Demark to time market tops and bottoms is signaling a sell set up on ETHUSD weekly charts. If the indicator is as accurate as it has been in the past on weekly timeframes, the crypto market has a major crash ahead.
ETHUSD Weekly TD Sequential 9 Sell Setup | Source: TradingView
TD 9 Triggers on ETHUSD Weekly, Corresponding Dollar Signal Flashes
The TD Sequential indicator has been extremely reliable throughout the history of Ethereum. It also nearly perfectly called several Bitcoin tops and bottoms.
The last 9 sell setup on weekly timeframes took place in July 2019. Prior to that, was January during the first full week of January 2018. Both of these tops resulted in a downtrend following each signal.
Making matters worse for Ethereum, is the fact that the asset it trades against – the dollar – is about to stage a powerful reversal, according to the same TD 9 signal.
Ethereum and all cryptocurrencies primarily trade against two assets: USD and BTC. The DXY Dollar Currency Index is a batch of other top currencies weighted against the dollar.
Just like altcoins often respond to BTC dominance due to the asset’s size, the greater financial market is often dictated by the ebb and flow of the dollar due to the global reserve currency status.
DXY Ethereum Weekly Inverse Correlation Chart Comparison | Source: TradingView
The above chart shows a strong inverse correlation between Ethereum and the DXY. As Ethereum topped, the DXY rebounded into a new uptrend. Could the dollar’s strength been responsible for the crypto winter all along?
And with the same signal triggered again, what does this mean for Ethereum and the rest of the altcoin market? Will Bitcoin, stocks, gold, and other markets also see an impact much like Black Thursday? The days ahead will be telling if the signal ends up confirming.
It is worth noting, however, that a 9 sell setup is “perfected” with a new high. This could imply that Ethereum has another pump left in its tank before the reversal happens. Or perhaps no reversal ever arrives, and the signal fails to confirm.
The stock market is poised for some poor performance ahead, based on historical calendar trends and its overall valuation.
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We may not know who Satoshi Nakamoto was, but at least this is one mystery we think we can solve.
We reported last week about the latest findings of Sergio Dermain Lerner, who is known for his discovery of the so-called "Patoshi pattern". His latest research suggested that Satoshi Nakamoto likely used a single pc to mine approximately 1.1 million Bitcoin (BTC). However, it appears that there was something of even greater importance lost in the excitement about this discovery. If Lerner's latest findings are accurate, it would put an end to seven years worth of speculation concerning the meaning behind the mysterious pattern.
Patoshi pattern. Source: Sergio Darmain Lerner's blog.
Lerner first wrote about the mysterious Bitcoin mining pattern back in March of 2013. Some privacy flaws in the original Bitcoin code allowed him to discover Satoshi's mining idiosyncrasies. The crux of the pattern arises from the fact that Satoshi's mining code incremented the ExtraNonce field differently than the default Bitcoin code. A couple of months ago, Lerner also suggested that Satoshi refrained from mining in the first five minutes of the block. This gave rise to growing speculation about the meaning behind this pattern.
Some have suggested that Satoshi was intentionally 'marking' their Bitcoins. Others say that this was a way for the Satoshi team to demarcate their portions of the fortune. Some speculate that Satoshi optimized their equipment or code, allowing them to mine faster than anyone else. Yet others believed that the pattern originated from the fact that Satoshi was using around 50 machines for mining. This latter theory may have given Craig Wright the idea to claim that he used a Bitcoin farm in Australia to mine his coins.
The truth, however, appears to be less exciting but more sound. Satoshi was using a multi-threaded pc for mining (Lerner also suggested to us that possibly Satoshi was using a Field-programmable gate array, which would be consistent with Satoshi apparently 'pre-inventing' GPU mining and would not affect these conclusions). In order to avoid redundancy, Satoshi would limit each thread to a distinct non-overlapping nonce space. During Bitcoin mining, a nonce gets incremented with every unsuccessful attempt to solve a hash puzzle. Thus, the mysterious pattern may not have been created by choice, but rather as a side effect of Satoshi's unique mining setup. Lerner agreed with this conclusion, potentially allowing us to put the speculation over this theory to rest once and for all.
The latest episode of Block Stars is the conclusion of current Ripple CTO David Schwartz’s two-part conversation with former Ripple CTO, Stefan Thomas. Stefan is now the founder and CEO of Coil, a Web Monetization service that streams payments to publishers and creators based on the amount of time Coil members around the world spend enjoying their content.
Processing high volumes of these micropayments is not cost-effective using existing financial infrastructure, especially when it comes to cross-border transfers. During his time at Ripple, Stefan began working on Interledger Protocol (ILP) as a way to provide faster and cheaper global remittances. He wanted to create a unified payments infrastructure, much like how the internet unified communications.
“Pre-internet you had all these different communications companies that had their own cables and their own wires and their own satellites,” explains Stefan. “The internet is a generic communications infrastructure. You can use it for any kind of communication you want. I think about ILP [as a] general infrastructure for the movement of value.”
ILP allows global businesses, remittance services and payments companies to send payments across different ledgers. The open architecture enables interoperability for any value transfer system. More efficient and affordable payments also makes them more accessible, bringing financial inclusion to more people around the world.
“For the majority of people, a centralized system is great,” says Stefan. “But if you’re part of a marginalized population…that central authority is not going to care about your needs very much. A decentralized system is better at serving more obscure use cases because people can take more of a self-help approach.”
Much of Stefan’s interest in financial inclusion was inspired by his time as freelance web designer. Getting paid by global clients and, in turn, paying the subcontractors he employed was cumbersome and expensive—especially when contrasted with the hyper-efficient way everyone communicated over the internet. After a meeting with potential partners, he realized that this large-scale issue was faced by companies across all industries.
Creating greater global access with a unified payments infrastructure is the ultimate long-term benefit of ILP. Though he concedes that some form of universal approach is inevitable, Stefan’s motivation for leading the charge is to make sure the resulting system includes as many people as possible.
“It’s great if I can acquire the skills to start a business,” he concludes. “It’s great if I can communicate with my potential customers. But if I can’t get the financing for my business and I can’t get my customers to pay me, there are still pieces missing. For me, [ILP is] completing that picture…interact[ing] with people in other countries economically. I expect that to be hugely empowering for a lot of people.”
Listen to part two of David and Stefan’s conversation on episode 10 of the Block Stars for more on how and why Stefan developed ILP and to discover the critical piece of advice that Ripple’s outgoing CTO passed on to his successor.
The post Why Unifying Payments Infrastructure Will Boost Financial Inclusion appeared first on Ripple.