- Bitcoin price analysis is bullish for today.
- BTC/USD saw strong bullish momentum overnight.
BTC has returned to $44,000 previous support.
Bitcoin price analysis is bullish for today as bulls have pushed the market higher over the last 24 hours, with the $44,000 previous major support currently tested as a resistance. Therefore, we expect BTC/USD to continue higher later today and regain even more of the loss.
The overall market traded in the green over the last 24 hours, with the market leader, Bitcoin, up by 4.34 percent. Ethereum follows with 7.09 percent, while the rest of the top altcoins perform even better.
Bitcoin price movement in the last 24 hours: Bitcoin rallies back to $44,000 previous major support
BTC/USD traded in a range of $42,326.97 – $44,316.50, indicating mild volatility over the last 24 hours. The total trading volume has decreased by 10.37 percent and totals $38.4 billion, while the total market cap trades around $830.9 billion, resulting in market dominance of 41.9 percent.
BTC/USD 4-hour chart: BTC looks to move past $44,000 resistance?
On the 4-hour chart, we can see the Bitcoin price testing the $44,000 resistance as bulls look to push the market higher today.
Bitcoin price action has traded with a strong bearish momentum over the past weeks. After peaking at $53,000 on the 7th of September, an initial drop of more than 15 percent followed.
Support was found and retested several times at the $44,000 mark, with a slight rally higher last week setting a new major swing lower high at $48,500. What followed was an equally strong drop again on Monday.
The Bitcoin price action saw an initial reaction just below $41,000, with another retest early yesterday. From there, bulls have returned and pushed the Bitcoin price to the $44,000 previous significant support.
Bitcoin Price Analysis: Conclusion
Bitcoin price analysis is bullish for today as strong upwards momentum was seen over the last 24 hours. Therefore, we expect BTC/USD to break above the $44,000 current closest resistance and move higher next.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Despite bitcoin’s price at more than 2x its previous all time high of 2017, and at one point reaching 3x, Google searches for bitcoin have barely reached half its 2017...
- Ethereum price analysis is bullish for today.
- ETH/USD saw a rally today back above $3,100.
- Ethereum is likely to continue moving higher.
Ethereum price analysis is bullish for today as the market returned above the $3,100 previous support after a strong advance overnight. Therefore, we expect ETH/USD to continue higher and regain even more of the loss seen earlier this week.
The overall market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum are up by 4.32 and 6.63 percent, respectively. Meanwhile, the rest of the top altcoins have seen an even better performance.
Ethereum price movement in the last 24 hours: Ethereum returns above $3,100
ETH/USD traded in a range of $2,930.01 – $3,147.78, indicating mild volatility over the last 24 hours. Trading volume has decreased by 19.59 percent and totals $22.3 billion, while the total market cap trades around $368.7 billion, resulting in the market dominance of 18.62 percent.
ETH/USD 4-hour chart: ETH ready to move higher?
On the 4-hour chart, we can see the Ethereum price action pausing around the $3,100 mark as bulls likely prepare for a further push to the upside.
Ethereum price action has seen bearish momentum over the past weeks. After peaking at around $4,000 at the start of September, the first drop lower was seen on the 7th of September.
Support was found above $3,100, with several days of consolidation sideways following. After a small upsurge to $3,650, ETH dropped lower again starting from 17th of September.
Support was found at $2,640 this time on Tuesday, with a sharp reaction yesterday. Since the bullish momentum has continued today, we expect the Ethereum price to see further upside over the next 24 hours.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish as bulls have pushed back above the $3,100 mark today. As long as the momentum continuum, we expect ETH/USD to see further upside over the next 24 hours.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
[PRESS RELEASE – Please Read Disclaimer]
On Sept 9, 2021, BitFuFu attended the 2021 Digital Mining Conference held in Miami, the US, Also, BitFuFu showed the results of its global business layout to the audience and the promotion of green energy applications in the encrypted mining industry.
The conference was held by mining giant Bitmain. Numerous leading KOLs and enterprises were invited to the conference. Miami’s City Mayor Francis X. Suarez and the former Chief of Staff who worked for the Vice President of the United States also attended the conference.
As Bitmain’s strategical partner, BitFuFu attended the conference and showed its strict mining farm selection standards and the implementation of green energy applications.
Currently, mining has developed into a highly professional business. BitFuFu uses a set of strict standards to select the mining farms and all the partner mining farms are built with high standards. With facilities like closed cooling wells, industrial exhaust fans, and water curtains, the temperature of the mining farms is strictly controlled to max out the performance of the mining rigs. With dedicated line configurations, the network delay is kept low and the upload speed is kept high. With locations close to power plants, high-performance transformers, and high-load lines, the mining farms have a sufficient and stable power supply. BitFuFu’s mining farms are managed by an experienced professional team. The team uses a three-shift system. They will monitor things like the temperature, humidity, power, network, and mining rigs or the mining farms 24/7. When there is a problem, they will solve it as fast as possible.
It is worth mentioning that most of BitFuFu’s mining farms use green energies like water energy, wind energy, and nuclear energy. Besides using green energies, the mining farms also built reservoirs to recycle water resources.
BitFuFu strives to provide users with reliable mining services with its world-leading mining rig resources. BitFuFu’s services include cloud mining, cloud hosting, and customizable products offered to professional institutes. On Feb 22, 2021, BitFuFu and Bitmain reached a strategic partnership and carried out in-depth cooperation in fields like mining rigs. Also, BitFuFu has reached cooperation with Bitmain’s AntPool to share a million users. On Apr 7, 2021, BitFuFu received Bitmain’s strategic investment. BitFuFu’s funds and resources were further increased.
Currently, in countries and regions like the US, Kazakhstan, and Russia, BitFuFu has reached a hashrate supply partnership with numerous mining farms. BitFuFu is managing hundreds of thousands of mining rigs with a total load of over 500MW. BitFuFu’s users come from over 200 countries and regions from around the world. In the future, BitFuFu will continue to expand its services globally, launch mining services that support more currencies, and expand its product matrix. BitFuFu will continue to carry out in-depth cooperation with Bitmain. BitFuFu and Bitmain will launch and supply the next-gen flagship products globally together to jointly promote the development of the mining industry.
Former Monero developer Riccardo Spagni has been released from a U.S. prison where he reportedly spent “sixty-one days in solitary confinement.” The developer’s release was prompted by the failure of South African authorities “to make a timely submission in support of an extradition request.”
South African Government Fails to Submit Extradition Documents
As previously reported by Bitcoin.com News, Spagni was arrested in the U.S. while en route to Mexico. His arrest by U.S. law enforcement had been made courtesy of a request by the South African government, which wants to extradite Spagni.
However, after South African authorities failed to submit the necessary documents for the extradition hearing, the U.S. court subsequently ordered Spagni’s release. With Spagni now out of prison, his legal representatives, according to a report, are now seeking to access the documents that were used to make the arrest.
“Spagni now seeks information already in the possession of the [US] Government, namely South Africa’s submission for provisional arrest,” the legal representatives explained.
Once obtained, the lawyers said this information will be used to “make an informed decision about waiving extradition while out of custody and determine if South Africa’s provisional arrest request cites an arrest warrant within the treaty.”
Spagni Planning to Return to South Africa
Meanwhile, Spagni also confirmed via his Twitter account that he was out of jail and is now working with his attorneys to find a solution for the fraud case. Spagni said in a tweet:
I am very pleased that the U.S. court has released me. I am actively working with my attorneys on a way to return to South Africa as soon as possible so I can address this matter and get it behind me once and for all. That’s what I’ve always wanted to do.
Spagni’s legal troubles started after his former employer, Cape Cookies, accused him of defrauding the company of an equivalent of $98,200. This offense is alleged to have occurred between October 1, 2009 and June 8, 2011, when Spagni was an employee of Cape Cookies.
After some delay, Spagni’s court appearances were finally scheduled for March 24 and April 19, 2021. However, before the commencement of the hearing, Spagni left South Africa for Bermuda, where he briefly stayed before leaving for the U.S. According to a report, Spagni and his wife are believed to have entered the U.S. on April 19, the same day he was scheduled to appear in court in South Africa.
It is this failure to attend a scheduled court hearing that prompted the South African government to lodge an extradition request with U.S. law enforcement.
What are your thoughts about this story? Tell us what you think in the comments section below.
Robinhood has confirmed they are rolling out a crypto wallet with the fintech broker launching a waitlist for those that want to join. It said: “Starting next month, the first...
ADA/USD – Buyers Rebound From $1.88 Support
Key Support Levels: $$2.00, $1.88, $1.80.
Key Resistance Levels: $2.20, $2.40, $2.50.
ADA bounced by a total of 6% over the past 24 hours since finding support at $2.00 yesterday. The cryptocurrency had broken beneath the 50-day MA on Monday and spiked lower on Tuesday until support was met at $1.88, provided by a 1.414 Fib Extension.
The buyers regrouped at $1.88, allowing them to push toward $2.00 when the daily candle closed. Yesterday, ADA bounced from $2.00 and continued beyond $2.20. It now needs to break the September descending trend line before attempting the 50-day MA around $2.40.
ADA-USD Short Term Price Prediction
Looking ahead, the first resistance lies around $2.20 (falling trend line). This is followed by $2.40 (bearish .382 Fib & 50-day MA), $2.50 (20-day MA), and $2.68 (bearish .618 Fib).
On the other side, the first strong support lies at $2.00. This is followed by $1.88 (downside 1.414 Fib Extension), $1.80 (100-day MA), $1.75 (.786 Fib), and $1.60 (200-day MA).
The RSI is heading back toward the midline, indicating the bearish momentum might be starting to fade.
ADA/BTC – ADA Rebounds From 4800 SAT Support.
Key Support Levels: 5000 SAT, 4800 SAT, 4715 SAT.
Key Resistance Levels: 5200 SAT, 5500 SAT, 6000 SAT.
ADA is also in the middle of a recovery against BTC as it broke above the 50-day MA to sit above 5000 SAT. The cryptocurrency fell beneath 5000 SAT last week and continued below the 50-day MA on Sunday to meet the support at 4800 SAT.
The market held 4800 SAT through the early days of this week and eventually surged above the 50-day MA and 5000 SAT yesterday to reach as high as 5200 SAT. It has since dropped back to 5000 SAT.
ADA-BTC Short Term Price Prediction
Looking ahead, the first resistance lies at 5200 SAT (20-day MA). This is followed by 5500 SAT, 6000 SAT, and 6300 SAT (1.272 Fib Extension).
On the other side, the first support lies at 5000 SAT (50-day MA). This is followed by 4800 SAT, 4714 SAT (.5 Fib0, 4500 SAT, and 4350 SAT (.618 Fib & 100-day MA).
The RSI remains beneath the midline and was recently rejected from the level, indicating the bears are still battling to push beneath 5000 SAT.
America’s biggest bank, JP Morgan, is under investigation in Brazil for bribery and money laundering regarding the purchase of 300,000 barrels of oil from Petrobras. That purchase was in 2011,...
The proportion of the BTC supply, which has been dormant for at least a year, looks set to increase after putting in local lows.
Seasoned Bitcoin (BTC) hodlers are about to spark a new price run-up by hoarding BTC, data reveals this week.
According to on-chain monitoring resource Glassnode, the Bitcoin supply is due to put in a fresh aging process.
1-year-old supply bottoms out
Highlighting its active supply metric, Glassnode researchers noted that the percentage of the Bitcoin supply, which last moved a year ago or more, is forming a local bottom.
Under such circumstances in the past, holders or “hodlers,” fresh from selling those older coins, began accumulating, making the overall dormant supply age increase. This, in turn, created a “supply squeeze” where demand increased relative to the BTC available, and the price benefited as a result. Selling recommenced into the local price top, whereupon the process began again.
Such a circular pattern was in play in late 2017 during Bitcoin’s run to $20,000, and the April 2021 all-time high appears to be no exception.
The numbers, however, are different between the two years.
“The Bitcoin supply that has been dormant for at least 1yr is starting to bottom out at 54.2%. Compared to the 2017 top, this indicates that a larger relative proportion of BTC remains in cold storage,” Glassnode commented.
“However it also indicates the spending of fewer coins ‘put the 2021 top in.’”
More and more “hodlers of last resort”
Cointelegraph frequently reports on hodler behavior and cohorts of BTC of different ages influencing the market.
Most recently, data showed that overall, strong hands now control more of the BTC supply than at any time since October 2020.
The slice of the pie belonging to speculative traders likewise continues to see local resets during deleveraging events such as those in May and September this year.
eToro, the mobile trading service is looking to expand its crypto offering and now it is tapping into one of the most popular crypto use cases defi. The platform announced a new Defi portfolio with 11 digital assets including Ether, Uniswap, Chainlink, Aave, Compound, Yearn.Finance, Decentraland, Polygon, algorand, basic attention token, and maker.
Dani Brinker, head of portfolio investments at eToro comments,
“DeFi is one of the most talked-about innovations in finance, with thousands of new crypto assets emerging in recent months. But for people who don’t have the time to research every asset’s whitepaper, the market may seem like a minefield. By packaging up a selection of crypto assets in a DeFi CopyPortfolio, we’re doing the heavy lifting and enabling our customers to gain exposure and spread the risk across a variety of cryptos.”
Out of the total 11 Defi assets, one-third of the assets are based on Ethereum blockchain while 11.67% are based on Algorand while the remaining 9 assets weightage is in the 4%-8% range.
Defi Market Continues to Surge Despite Looming Regulatory Crisis
Defi market is considered one of the biggest success stories to come out of the crypto market and its valuation grew from just a few million dollars to over $100 billion in 2021. With rising crypto adoption this bull season, the Defi market has also seen a peak in interest from the Wall Street giants including JP Morgan and Goldman Sachs who see the crypto ecosystem grew to become the banking system of the future.
However, as things seemed going great for the defi market, the US regulatory environment could brew trouble for the popular ecosystem. The recently passed Infrastructure bill and the comments made by the US Securities and Exchange Commission head Gary Gensler regarding Defi indicates the SEC is looking for a regulatory crackdown on the defi market. Recently, SEC also onboarded a blockchain analytic firm to help it with the regulatory oversight.
The post eToro Sets Eyes on Defi Market, Launches 11 Defi Assets Based Investment Portfolio appeared first on Coingape.
Elon Musk on Wednesday, diagnosed the problem with Dogecoin’s low commercial acceptance rate, as stemming from its unattractive fees, but it is unlikely any change can come sooner.
The Tesla technoking and one-time Dogecoin sole influencer took to Twitter stating:
It is “super important for Doge fees to drop to make things like buying movie tix available “
This was in response to a Twitter poll by the CEO of AMC Entertainment Holdings, Adam Aron, that asked users to vote for the acceptance of the meme coin as a means for payment of movie tickets.
Aaron’s poll had garnered a total of 140,388 votes with 68.1% supporting AMC’s addition of $DOGE together with $BTC, $ETH, $LTC, $BCH as payment options by the end of the year, and 16.2% voting down the idea as a wasted effort. About 12,000 persons liked the idea but said they’d not use it, and the remaining 9,967 voters considered it not that important.
Shortly after, Aron was quick to state how the polls had broken his all-time social media engagement records, to the delight of Elon and Billy Markus, Dogecoin’s founder, who said: “The crypto market is finally seeing some green.” Markus signed off as Dogecoin creator in 2015, selling off his stake to purchase a used car, due to what he describes as “threats from the internet community.”
Dogecoin had remained distressed since Elon exited its PR treadmill. Beyond the bolstering canine crypto army unified by clout, the fledgling coin continues to put up a wobbly performance due to some fundamental factors such as its processing speed, synchronization ability, security, and processing fees which stands at $0.70 on average.
Much of these issues were addressed in its 1.14.4 upgrade in August, but there’s still no change to soaring fees which Markus promised would come before Robinhood released its Dogecoin wallets.
Elon seeks to make DOGE price a hundred times lower than what is currently obtainable.
Barely 24 hours after Elon’s tweet, Doge had jumped 8% from its $0.0208 value. It peaked up to 0.2289 within the first twenty minutes and currently hovers around the $0.2229 price range. The canine-themed coin has fallen six places from its highest crypto chart position to arrive at 10th position.
Conflux will provide the technology to launch an offshore RMB stablecoin pegged to China’s CBDC, the digital yuan.
As financial authorities around the globe become increasingly concerned about stablecoin regulation, a jurisdiction in China is preparing to pilot a new yuan-pegged stablecoin for international trade.
Chris Banbury, head of global operations at permissionless blockchain project Conflux, told Cointelegraph on Sept. 21 that the firm will provide its technology to launch an offshore renminbi (RMB) stablecoin pegged to China’s central bank digital currency (CBDC), the digital yuan.
“This is going to be pegged to the digital yuan in price only with no formal integration,” Banbury noted, adding that the project will be exploring how the token trades against other currencies.
The new stablecoin project will facilitate international trade in Shanghai’s Lin-gang Special Area after the Chinese government granted the free economic zone permission to explore free trade with an offshore RMB stablecoin in July.
“While the use case for the offshore RMB stablecoin has been approved by the government of China and Shanghai, the pilot program is not endorsed by or connected with the government,” Banbury noted.
In contrast to popular stablecoins like Tether (USDT) and USD Coin (USDC), the upcoming offshore RMB stablecoin will not be a private stablecoin because it is fully decentralized, Banbury said. The executive said that the new stablecoin is called the “offshore RMB stablecoin” because its functionality will be limited to global trading:
“The term ‘offshore’ refers to the RMB’s use for international trading purposes — not domestic trading. The digital yuan is used exclusively for domestic purposes. As such, the offshore RMB is not an ‘offshore yuan.’ The digital yuan is for domestic purposes overseen by the People’s Bank of China.”
According to Banbury, the offshore RMB stablecoin is being held through the Shanghai ShuTu Blockchain Research Institute, a branch of the Conflux Tree-Graph Institute for blockchain research and development. The stablecoin has not yet received a dedicated ticker as the development team is still determining when to launch, he added.
One of the world’s first nations to debut a CBDC, China has continued to crack down on cryptocurrency trading and mining, with local authorities shutting down multiple mining farms and suspending crypto trading transactions this year.
During the latest NFT mania, which extended from late July to early September, a number of top-notch NFT sales made headlines across all media outlets, convincing everyone that the market is finally rewarding patient investors. However, a deeper analysis reveals that the bulk majority of NFTs are useless and that the market is very illiquid.
Data acquired from OpenSea, the leading NFT marketplace, reveals that over 73% of NFTs had only one transaction in the last three months. This means that the majority of investors who risked investment in digital items were not able to sell back their NFTs. In other words, they got stuck with something no one wants.
The market for non-fungible tokens is dominated by prominent, ultra-expensive works. As per a recent report by Bloomberg, 3% of NFT collections accounted for 97% of all the money injected into the market, which was over $3 billion in the month of August.
Mentioning this, Gauthier Zuppinger, co-founder at NonFungible.com, a website that tracks digital collectibles, said that the majority of NFTs are worthless. “Maybe 90% of collections minted today are totally useless and meaningless,” Zuppinger said.
In reference to the success stories, those who managed to acquire an NFT at a low price but sold it at an eye-popping price, Zuppinger said they just got lucky. “It’s just really a tiny piece of the community and some extremely lucky or well-informed people,” he said.
The NFT Hype Has Ended?
Around mid-August, the CEO at Art Block Erick Calderon asserted that the company’s squiggle NFTs are selling out at lightning-fast speed. “Now every time we release something it feels like this drop because it just sells out instantly,” he said.
This was only one of the stories related to the exceptional demand for digital items. The circumstance around more popular projects like CryptoPunks and Bored Ape Yacht Club was even more intense, with investors accepting to pay millions for a piece.
However, compared to August peaks, the market activity has plummeted by over 80%. This has convinced Dennis Porter, a crypto veteran, and podcast host, that “the NFT market has died.” He recently tweeted:
“As I’ve been predicting (despite getting intense backlash from everyone including bitcoiners) the NFT market has died. Average price of NFTs have dropped over 99%. Liquid death has come. Sorry not sorry for calling this market a scam.”
According to Zuppinger, success in NFTs is directly associated with having accurate info at the correct time. “Ninety-nine percent is about being in the right circle, having the right information at the right time. In the NFT space, you live with this constant frustration that you have missed a chance to make $1 billion,” Zuppinger said.
AXS may form a death cross between its 20-day and 50-day exponential moving averages, despite the latest rebound.
Axie Infinity’s native cryptocurrency, Axie Infinity Shards (AXS), bounced higher on Sept. 23 as the market’s focus shifted to its listing on two major crypto trading platforms, Bitfinex and Bitstamp.
The AXS/USD exchange rate surged 15.52% to $69.86, negating all the losses that it incurred at the beginning of the week. The intraday rally came as a part of an overall bullish retracement that began on Sept. 21 when AXS was changing hands for $48.05.
Crypto assets recover
On Sept. 20, markets were on edge due to looming economic trouble in the Chinese property market surrounding Evergrande, which is massively indebted yet the largest builder of homes. Fearing a 2008-like housing bubble scenario, investors precautiously shifted their capital out of the stock market and sought haven in the U.S. dollar.
Are Evergrande’s debts denominated in Crypto? pic.twitter.com/YAoqBVx2Rk— Michael Batnick (@michaelbatnick) September 21, 2021
The crypto market ended up mirroring the moves of the global stock markets, with top digital assets Bitcoin (BTC) and Ether (ETH) ending up near multi-week lows. As a result, other top tokens also fell in tandem, with AXS diving from $63.99 on Sept. 20 to as low as $48.05 on Sept. 21 — a 24.55% price decline.
However, entering Sept. 22 and 23, almost all the top crypto assets recovered in sync. So, it appears AXS merely followed the trend. Still, its apparently stronger fundamentals, especially the addition of trading pairs on Bitfinex and Bitstamp, made it perform better than most of its top rival tokens.
HUMAN Protocol, Axie Infinity and Polygon will be listed on Bitfinex!— Bitfinex (@bitfinex) September 20, 2021
HMT (ERC-20), AXS (ERC-20) and MATIC (mainnet) deposits are now open. Trading for @human_protocol, @AxieInfinity and @0xPolygon on #Bitfinex will start from 21/09/21 at 9:00 AM UTC⬇️https://t.co/jawz5VuLq8 pic.twitter.com/Yk6LT1Ub6E
For instance, BTC/USD bounced more than 3% in the past 24 hours, whereas AXS/USD rose more than 8.5% in the same timeframe.
The latest bout of AXS buying has helped to evade potential death cross threats — for now.
Namely, AXS/USD’s 20-day exponential moving average (EMA) risks slipping below its 50-day exponential moving average. Analysts typically perceive a short-term MA closing below a long-term MA as a “sell” indicator, dubbed a “death cross.”
For instance, the chart below shows that the previous 20-day and 50-day EMA bearish crossover was followed by a 50-plus percent price decline.
Offsetting the death cross setup is AXS/USD’s daily relative strength index (RSI), a price momentum indicator that recently bounced off its nearly oversold level, signaling the pair’s likelihood to move higher in the coming days.
The upside analogy receives an additional boost from the psychological support level near $51.90. Traders have lately used said price floor as their point of entry to A, as shown in the chart below.
As a result, slipping below $51.90 could trigger the death cross setup, with the next support target for bears appearing at $36.47, as per the Fibonacci retracement setup. On the other hand, holding above said price floor could have bulls test $76.59 and $88.98 as their next upside targets.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.
Saule Omarova (pictured right), was granted The Lenin Personal Academic Scholarship in 1989 while studying philosophy at the Moscow state university, then flew out to the United States as a...
Fed Chair Jerome Powell says there is no pressure to rush any central bank digital currency development plans.
The United States Federal Reserve is still evaluating the prospects of introducing a digital currency for the country but says it has not yet decided on the matter.
Speaking at a news conference on Wednesday, Powell stated that the Federal Reserve was studying the merits of creating a digital dollar and has plans to issue a paper on the matter.
“We are working proactively to issue a CBDC and if so, in what form,” Powell stated while fielding questions at the news conference, adding:
“We think it is our obligation to do the work both on public policy and technology to form a basis for making an informed decision. The ultimate test we will apply when assessing a central bank digital currency and other digital innovations is are there clear and tangible benefits that outweigh any cost and risks.”
Despite several central banks launching their own CBDCs, Powell declared that the Fed was not in a hurry to join the trend.
According to the Fed Chair, the emphasis is not on speed but on getting things right while stating that the U.S. was not behind the curve on CBDC innovation.
CBDCs have come to the fore in the anti-crypto narrative espoused by global banking regulators and government policymakers.
As previously reported by Cointelegraph, HSBC has recently come out in support of CBDCs against cryptocurrencies and stablecoins.
Indeed, crypto critics in Washington like Senator Elizabeth Warren have clamored for CBDCs as “legitimate digital public money” compared to crypto, which the Senator has been known to condemn.
Earlier in September, Wall Street Journal columnist James Mackintosh argued that CBDCs could trigger “deeply negative interest rates.”
Fed governor Chris Waller has previously argued against the value proposition of CBDCs calling them “a solution in search of a problem.”
Cardano ($ADA) regained its third spot back as the crypto market rebounded in green after three days of price decline. $ADA price jumped 13% from a daily low of $2.09 and currently trading at $2.20. The altcoin has seen a price slump in the latter half of September after posting a new ATH of $3.10 on September 2nd just 10 days prior to its Alonzo upgrade.
Many expected the smart contract integration upgrade to fuel the price further and hoped $ADA would enter price discovery mode quite similar to Solana ($SOL). However, September proved to be as bearish as many had predicted and $ADA along with the rest of the crypto market lost over 25% in the past three weeks. The crypto market hopes for a revival and reentry of bulls in the final quarter of the year and market pundits expect Cardano to surge to new highs during this time.
The next key resistance for the altcoin is around the $2.44 price mark, however, analysts believe only a surge above $2.50 can help $ADA to break out of the current bearish downtrend.
Cardano Bull Predicts $4 Price Target by EOY
Nigel Green, the CEO of deVere Group, a wealth management firm believes despite the bearish September and possible further downsides in the final week, Cardno would eventually rise up to new highs. He explained that Cardano’s utility has increased significantly post the Alonzo upgrade which could put it among the frontrunners in the crypto market.
“Things you should be looking at are the purpose of the cryptocurrency, how long it has been in the market, market capitalization, and its underlying solutions. Cryptocurrencies that solve problems are likely to succeed more than those that do not. The longer a cryptocurrency has been in the market, the more trust it has attained, and cryptocurrencies that are developed on strong networks will stand longer,”
Green also gave a price target of $4 by the end of 2021 and expect another 91% surge in the last quarter.
The post Cardano ($ADA) Reclaims Third Spot With 13% Price Jump, Here’s Why it Can Surge Further appeared first on Coingape.
A lot can change in the cryptocurrency markets in two months. Avalanche and its native cryptocurrency – AVAX – are prime examples.
The token traded around $9 during the market-wide crash on July 20th but surged by triple-digits in this timeframe to reach a new all-time high at nearly $80 earlier today. This came after numerous consecutive records last week, before the market-wide crash.
Registering such massive price increases in a relatively short time has caught the attention of the crowd, with many keeping an eye on AVAX’s performance. As such, it’s worth reviewing what has happened with the project lately that could have propelled these movements.
Avalanche, which saw the light of day last year, has been highly active in terms of inking partnerships with other cryptocurrency projects in the past few months. Among the most significant ones could be the popular DeFi protocol Aave.
The vote, which is already underway, aims to determine whether investors would like to see Aave’s network deployed on the Avalanche blockchain. Should it be approved, this might lead to a further increase of the TVL on Avalanche as Aave assets on Ethereum could be transferred.
Working together with BENQI, an algorithmic liquidity market protocol built on Avalanche, the two parties released a $3 million liquidity mining initiative aiming to accelerate growth in the decentralized finance space.
Alpha Finance Lab also tapped the Avalanche blockchain to launch the second version of its Homora network. This is a part of the team’s goal to release the project on other chains and layer-2 solutions.
Separately, the DeFi and CeFi aggregator OpenOcean integrated Avalanche to increase the liquidity on its network.
The Total Value Locked (TVL) on Avalanche has also enjoyed a massive uptick in the past few months, especially since the launch of the protocol’s new DeFi incentive program backed by Aave and Curve Finance – Avalanche Rush.
The initiative was announced in mid-August when the TVL was around $250 million. In the following month, though, it skyrocketed to approximately $3 billion, before the market-wide crash wiped out millions.
Jay Kurahashi-Sofue, VP of Marketing of AvaLabs – the organization behind Avalanche – commented that this substantial increase has come despite the fact that “only about $5 million in incentives has been deployed.”
The $230M Private Sale
CryptoPotato also reported another crucial development around Avalanche lately as the team disclosed a $230 million investment round. Some of the notable names that participated in the event included the cryptocurrency funds Polychain and Three Arrows Capital.
The blog post explained that the goal of the raised funds is to support and accelerate the growth of decentralized finance protocols, enterprise applications, and other networks utilizing the Avalanche blockchain.
The project will provide grants, token purchases, and other types of investments and technology support. Although the fundraising event took place in the summer, Avalanche announced it just recently, and it actually preceded the native token’s surge to the all-time high territory at $80.
On Thursday, the pseudonymous operator of Bitcoin.org told the public on Twitter that the web portal has been “compromised.” The operator, Cobra, explained that the hackers were able to implement a bitcoin doubler scam model and stressed that the site would be down for a “few days.”
Website Operator Cobra Warns Bitcoin.org Has Been Compromised
The mysterious operator of the web portal Bitcoin.org, Cobra, is once again surrounded by controversy. According to the pseudonymous operator of the website, Bitcoin.org has been attacked. “Bitcoin.org has been compromised,” Cobra tweeted early Thursday morning (EST). “[I am] currently looking into how the hackers put up the scam model on the site. May be down for a few days.”
The scam model Cobra speaks of is a doubler scam that attempts to entice people to deposit a fraction of bitcoin with the promise of doubling the deposit. Of course, victims who deposit funds into the doubler scam never get the double reward, as the hackers simply take all the funds after they have accumulated to something worthwhile.
According to one account, the scammers were able to get $17,000 in bitcoin (BTC) while the phony page was online. Some have said that the scam wallet did not make as much money as the website displayed.
“For context, 3 people have sent $100, 1 person has sent around $200, the rest(0.4 BTC) seems to have been sent as a way to make the ‘giveaway’ seem legitimate, so likely [a] scammer’s own coins,” one individual mentioned.
Attack Seems to Be DNS Hijack, Cobra Complains to Cloudflare
The operator behind the website nuke.asia said that the takeover was most likely “social engineering.”
“It appears the domain was taken over,” Charles from nuke.asia said. “The WHOIS info was updated at the time of the hack, the nameservers + DNS changed, and if you try to visit any of the actual pages other than the index you’ll get a 404. It’s a completely different website save for the domain name.”
Meanwhile, Cobra has also been tweeting to the company Cloudflare for assistance. “Bitcoin.org hasn’t been hacked, ever. And then we move to Cloudflare, and two months later we get hacked. Can you explain where you were routing my traffic too? Because my actual server didn’t get any traffic during [the] hack. @Cloudflare @eastdakota,” Cobra said. Then someone asked Cobra if his accounts were compromised. Cobra stressed:
Nope, nothing. None of my accounts seem compromised. Server is fine too (it wasn’t even getting traffic during the hack). The attackers just seem to have exploited some flaw in the DNS.
What do you think about Bitcoin.org getting compromised by hackers who replaced the site’s main page with a doubler scam? Let us know what you think about this subject in the comments section below.