Top Crypto Trader Says He’s Closely Watching These Areas of Interest for Bitcoin, Marks Key Resistance for BTC

A top crypto trader is discussing the key levels Bitcoin must conquer to signal a true recovery.

In a new series of tweets, the crypto analyst known in the industry as Altcoin Psycho says that he is wary of Bitcoin’s recovery this weekend – even as Bitcoin surpasses $34,000 on Saturday.

 

“No need to overcomplicate things here. People prefer clout over profit so they’re trying to play fortune teller and predict the bottom. Let’s reclaim $36,000 and change market structure first, then I’ll be excited. Everything else is just emotion and noise.”

Source: Altcoin Psycho

Altcoin Psycho says he is also watching the levels at which Bitcoin opened and closed on the weekly and daily charts. The trader is focusing on Monday’s low near $30,400, Monday’s high of $31,850 and the previous weekly low of $31,050.

 

“Black arrows on my chart are areas of interest:

1) Untapped H4 zone we just broke out of

2) Previously weekly high

3) Monthly open

Will be watching reactions at those areas closely. Just remember, price needs to clear [$36,000] before celebrating.”

Source: Altcoin Psycho

Although Altcoin Psycho is not fully convinced of Bitcoin’s latest rally, he believes that the crypto market is unlikely to enter a bear market given the amount of attention it’s receiving.

“There’s not [a] doubt in my mind that there’s too much money coming in for crypto to just go in a multi year bear market. But how about we reclaim a few key levels before breaking out the bull tweets yea?”

Source: Altcoin Psycho

Fellow crypto analyst Dave the Wave appears to be betting on an end-of-year recovery for Bitcoin as the flagship cryptocurrency hits the bottom level of the moving average convergence/divergence indicator (MACD).

“MACD has pretty much met the first level now. The lower level and turn around at the end of this year?”

Source: Dave the Wave

At time of writing Bitcoin is trading at $34,148, doing battle with the $34,000 level.

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The post Top Crypto Trader Says He’s Closely Watching These Areas of Interest for Bitcoin, Marks Key Resistance for BTC appeared first on The Daily Hodl.

XRP Price Analysis: XRP Eyes $0.70 As Bulls Push Off Major Support

  • XRP price has revived 20% off its short term bottom at $0.50
  • XRP price just recently broke over a 60 day downtrend
  • The 200 MA continues to act as support

XRP price has been through a wild ride throughout the last 8 months as it fights for crypto regulation. The United States Securites & Exchange Commission continues to drag its feet on providing clear regulations to industry participants. It decided to go after Ripple in December of 2020 claiming it sold XRP as an unregistered security. The ongoing lawsuit has severely hurt and influenced the price of XRP. With multiple recent wins for Ripple, investors are anticipating a win soon enough.

Once this lawsuit is over, XRP can get back to its mission of facilitating cross-border transactions & potentially breaking its previous ATH. 

Just over the past few days, bulls have pushed XRP over its long term trend line which was holding the price down for over 2 months. This is a bullish sign as it is usually the first step to a trend change. As long as bulls can keep XRP over this trend line, we should expect prices to move near the $0.70 region fairly soon.

At the time of writing, price has been halted at a major resistance box found at $0.611-$0.634. Once bulls manage to clear this mark, XRP should start picking up speed. 

XRP Price Analysis: XRP/USDT 4 Hour Chart

Along with the resistance box that price is currently halted at, lies the 200 MA. Price has been stuck under this MA for over 60 days and once it is cleared, XRP will start heading back towards $1.00. If the bears decide to take over in the short term, we can expect XRP price to find support at $0.58. Along with this mark lies another support at $0.56 that price must stay above to continue in a bullish uptrend. Anything below this box will likely result in a hard downfall.

  • The RSI has continued to be halted at a resistance line which is found at 61. Strength has failed to hold above this mark for nearly 82 days. Once bulls manage to break & hold this line, XRP will experience a large bullish surge.
  • The MACD histogram has been ticking green for nearly 3 days. There is a slight bearish bias as the MA’s are about to cross bearish. If the MA’s decide to break below the 0 value, this may result in a short term pullback to XRP’s major support box.

XRP intraday levels 

  • Spot rate: $0.608
  • Trend: Short Term Bullish
  • Volatility: Medium
  • Support: $0.589
  • Resistance: $0.612

The post XRP Price Analysis: XRP Eyes $0.70 As Bulls Push Off Major Support appeared first on Coingape.

ADA Price Analysis: Cardano (ADA) Sets Out To Crack Falling Wedge Pattern

  • ADA price is up nearly 7% on the day
  • ADA Price is attempting to break through major resistance zone
  • RSI sits coiled in a bullish manner

Throughout the past few days, ADA price has experienced a decent revival as price has risen nearly 25% of lows. This is a great sign to see for the bulls, but compared to other coins in its class, price is lagging behind a bit. Although, Cardano price has printed enormous gains the last year, leading ahead of many other coins in the top 10. Once ADA clears its major resistance zone, price will be free for a large revival not seen in months. 

Even though we have covered this recently in past analysis, the current falling wedge ADA price has followed is an important mark to clear out of. This falling wedge is shown in light blue and it has held price together for over 2 months. At the time of writing, bulls are attempting to hold price above the top trend of this bullish pattern.

If ADA can continue to hold above the major resistance of $1.22 along with the top trend of the falling wedge, we can expect price to follow the given path. 

Cardano Price Analysis: ADA/USDT 4 Hour Chart

If bulls manage to clear over the major resistance zone, ADA must then break & hold the 200 MA which has held prices down for over a month. In the case that bears take over in the short term, expect ADA price to fall back into its falling wedge. This would be a short term bearish scenario which would likely land Cardano back to $1.15. If this support fails to hold, we should expect a sweep to minor support of $1.09.

While looking at the RSI, we can see a wedge type pattern has formed. A breakout to ether side of this pattern will likely have price following it. As long as strength continues to stay above the 50 value, higher prices should be seen soon.

The MACD has been in bullish territory for the last couple days. The histogram must stay green along with the MA’s above the 0 value for ADA to stay in a bullish position in the short term. 

ADA intraday levels 

  • Spot rate: $1.21
  • Trend: Short term bullish
  • Volatility: Medium
  • Support: $1.19
  • Resistance: $1.22

The post ADA Price Analysis: Cardano (ADA) Sets Out To Crack Falling Wedge Pattern appeared first on Coingape.

Three US States Going After BlockFi In Regulatory Crackdown

New Jersey, Texas, and Alabama have individual state regulators issuing concerns that New Jersey-based DeFi firm, BlockFi, is offering unregistered securities. Regulators seem to particularly point to BlockFi’s Interest Account (BIA), which offers rates that consumers are now becoming accustomed to in DeFi – but that have blown traditional banking rates out of the water.

The ‘Unusual Three’

Crypto in it’s relatively early emergence in discussions around regulation and broader adoption, has largely been considered a somewhat bipartisan topic. Which makes the three states going after BlockFi a particularly unusual trio. New Jersey, the company’s home state and traditionally a very Democratic-run state at that, is arguably the most aggressive of the three states making claims against the firm. New Jersey has ordered BlockFi to stop offering it’s BIA product to state residents by July 29 according to a recent cease and desist from the state’s Bureau of Securities.

Texas, a traditionally Republican-led state, has also issued a cease and desist with a hearing date currently set for October. The document also cites BIAs as a concern, stating that BlockFi “is, in part, illegally funding its lending operations and proprietary trading through the sale of unregistered securities in the form of cryptocurrency interest-earning accounts.”

Finally, we have another typically Republican-led state in Alabama issuing a ‘Show Cause Order‘ to BlockFi this past week. The company now has less than 30 days to show the state securities commission why they should not be issued a cease and desist for selling unregistered securities. The show cause document suggests that BIAs should be registered with applicable securities regulators.

It’s becoming pretty clear, at least in the case of BlockFi recently, that regulatory hurdles do not live on any particular side of the political aisle.

Bitcoin's can be deposited into BlockFi's BIA product to yield substantial interest-bearing returns.  | Source: BTC-USD on TradingView.com

Related Reading | Uniswap Limits Access To Certain Tokens, What It Could Mean For The DeFi Sector

Is DeFi In Trouble?

BlockFi issued a recent responding statement in a tweet that stated that the firm wholeheartedly believed that it’s BIAs were “lawful and appropriate for crypto market participants”, adding that the company welcomes “discussions with regulators and believe(s) that appropriate regulation of this industry is key to its future success.”

It’s difficult to say the impacts in such an early stage of aggressive regulatory attacks on DeFi, particularly given that of the major players in the yield-generating space, only BlockFi is being highlighted here. Will other states join these three, and will major BlockFi competitors start facing challenges as well? Or are these state regulators simply cracking a proverbial whip – or are there enough substantial differences in how BlockFi competitors, such as Nexo or Celsius, are funding their interest-bearing accounts that leave them absorbing less regulatory risk? Either way, it is becoming abundantly clear that crypto’s relatively quick mainstream success, paired with slow-moving federal decision making, will leave emerging firms – but hopefully not forward-thinking consumers – with some inherent challenges.

Related Reading | Tether To Conduct An Audit To Negate Claims Concerning Transparency

Featured image from Pixabay, Charts from TradingView.com

Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support

Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support

The senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has been long on bitcoin for a while now and he said last month that bitcoin has a “bullish ace up its sleeve.” This week the strategist’s analysis notes that bitcoin prices will likely revert toward the $60K handle in contrast to the $20K support range.

ETF Analyst: ‘China Doesn’t Reject Bitcoin, Bitcoin Rejects China’

On July 23, Bloomberg’s senior exchange-traded fund (ETF) analyst Eric Balchunas shared a screenshot of Mike McGlone’s written statement concerning current bitcoin markets. After tapping a high of $35,960 on July 4, the leading crypto asset tumbled to a low of $29,300 per unit 19 days later. On July 24, bitcoin (BTC) managed to climb back toward the $34K region as there’s been a slight trend reversal during the last 48 hours.

“Our crypto analyst Mike McGlone says bitcoin [is] more likely to hit $60k than $20k based on historical price patterns,” Balchunas tweeted on Friday. “[McGlone] also says China’s rejection of open-source software crypto assets may mark [a] plateau in [the] country’s economic ascent,” Balchunas added. A few individuals responded to McGlone’s take and one person said:

That’s a hot take on China. Rejecting things like this typically shows a fear that something is better than your own currency. Every Country that rejects Bitcoin is SCREAMING the same thing.

Balchunas replied to the comment and said it reminded him of some old jokes. “Reminds me of the Chuck Norris jokes for some reason. China doesn’t reject bitcoin, bitcoin rejects China,” Balchunas said.

McGlone: ‘Bitcoin Market Akin to the 2018-2019 Consolidation Period’

As far as McGlone’s bitcoin (BTC) price forecast is concerned, the ETF analyst’s screenshot of McGlone’s outlook said:

Bitcoin is more likely to revert toward $60,000 resistance vs. $20,000 support, if its history of recovering from similar too-cold conditions are any guide. Our graphic depicts the benchmark crypto akin to the 2018-2019 consolidation period of around $4,000, just before launching to the 2019 peak at about $14,000. The more tactical-trading-oriented bears seem to proliferate when Bitcoin sustains at about 30% threshold below its 20-week moving average, allowing the buy-and-hold types time to accumulate.

Besides China, regulators have been cracking down on cryptocurrency operations worldwide. Government officials in Europe want to ban anonymous transactions and the European Commission has proposed legislation to “ensure full traceability of crypto-asset transfers.”

In addition to the regulatory climate, global markets, in general, are a touch shaken by the narrative surrounding the Covid Delta variant. While lots of people responding to Balchunas’ Twitter thread agreed with McGlone, one individual said he only agreed with one specific part of the statement where he said bitcoin is more likely to hit $60K than $20K.

This isn’t the first time McGlone has made such predictions concerning bitcoin‘s future price. Last month, the senior commodity strategist said “$40,000 appears more likely than $20,000” and the latest $60K call is a lot more optimistic.

What do you think about Mike McGlone’s bitcoin price outlook? Let us know what you think about this subject in the comments section below.

Tether To Conduct An Audit To Negate Claims Concerning Transparency

The Tether general counsel has declared an official audit in few months. USDT is a popular stablecoin occupying the third position in global digital assets. As it’s on blockchain that cybersecurity experts deem unhackable, the majority today trusts its security.

Related Reading | Cardano Aims To Facilitate Users With Smart Contracts

However, many people in the crypto community have been waiting for a financial audit of the stablecoin. Now, it seems that the ongoing regulatory issues in the crypto industry have galvanized the Tether team into action. As a result, they’re declaring that an audit will take place soon.

Tether Executives Grants Media Interview

Another rare incident is an interview in which the Tether CTO Paolo Arduino and Stu Hoegner, the general counsel, participated on CNBC.

During the interview, the hosts asked the duo some questions about USDT’s transparency and backing. In response, the general counsel stated that the team is working to be the first in their sector to get financial audits.

Tether To Conduct An Audit In Upcoming Months To Negate Claims Concerning Transparency

The crypto market has just turned bullish as the USDT trades in the green zone | Source: USDTUSD on TradingView.com

He also mentioned that the audits would come in months and not years. As for backing, he stated that the stablecoin is backed with reserves.

But Hoegner mentioned that some of the reserves are not US dollars. But the reserves are more US dollars plus other cash equivalents, secured loans, crypto assets, bonds, and others.

Related Reading | Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives

However, in the Transparency report which Tether published, the market cap for USDT stands at $62 billion. Even though the number has increased by 195% since 2021 started, it is still behind competitors such as BUSD and USDC.

When Circle released a reserve report yesterday, July 21, it showed that 61% of the USDC reserves are cash & cash equivalent. The remaining 39% are in treasuries, bonds, and commercial paper accounts.

Taxes Decides To Attack

Paxos is a rival to Tether and recently attacked the stablecoin and Circle through its blog post on July 21, 2021. In the post, Paxos claims that the duo is not operating under financial regulators. In his words, both USDC and Tether are simply Stablecoins in name only.

Paxos disclosed that its stablecoin reserves are a combination of cash or cash equivalents to support its claims.

Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator

But in May, Tether disclosed the total backing that USDT has, which were cash 3.87%, fiduciary deposits 24.20%, treasury bills 2.94%, cash equivalents, commercial papers, which make up 65.39% plus others. This action was because the US lawmakers are closely scrutinizing its operations.

Also, Tether started submitting reports about its reserves after it reached a settlement agreement with the NY Attorney General’s Office 5 months ago. The firm has continued to send these reports since then.

Featured image from Pexels, chart from TradingView.com

Users Criticize Uniswap’s Decision to Remove Over 100 Tokens From Main Interface

Users Criticize Uniswap's Decision to Remove Over 100 Tokens From Main Interface

The largest decentralized exchange (dex) platform, in terms of trade volume, Uniswap has revealed the dex has removed a number of tokens from the platform interface. The community assumes the tokens could be deemed securities by global regulators. Uniswap users can still swap these tokens via accessing specific smart contracts themselves, as the company behind the platform, Uniswap Labs, simply removed the tokens from the main interface.

Uniswap Removes Tokens From Main Interface, Users Discuss Alternative Solutions

On July 23, the startup Uniswap Labs announced that the development team was removing roughly 129 tokens from the main interface. It’s been noted by onlookers, that a number of tokens removed could be considered securities by global regulators and some of them were synthetic equities tokens.

The restriction of access to these specific tokens stems from app.uniswap.org but users can still bypass the problem and trade using the token contract. The token removal announcement from Uniswap Labs doesn’t really explain why the tokens were removed but the firm’s blog post did say:

These tokens have always represented a very small portion of overall volume on the Uniswap Protocol.

Some of these tokens derived from protocols such as Synthetix, Tether, Opyn, UMA, and more. A Twitter user named “Banteg” discussed the issue at hand and said: “Seems like all UMA, Synthetix, Mirror, Opyn tokens are affected. Even if you add them manually, you cannot trade them on the main [Uniswap] UI.” However, within Banteg’s Twitter thread the crypto community shared a myriad of ways to bypass Uniswap’s main user interface.

Defi Proponent: ‘This Is a Wake-up Call — Bookmark Decentralized Interfaces’

A number of crypto supporters criticized the move made by Uniswap and they believe other decentralized finance (defi) platforms could do the same. Joey Krug, the co-CIO of Pantera Capital and co-founder of Augur tweeted that he loves Uniswap “but this sets [a] really bad precedent IMO.” Krug also added that this “won’t be the 1st case of defi censorship.” Defi supporter Nick Chong said that people should start bookmarking decentralized interfaces and mirror applications. Chong added:

The world needs decentralized interfaces. Wouldn’t it have been bad if all non-power user defi traders woke up one day and the Uniswap Labs interface was gone w/ no alternatives? This is a wake-up call. Bookmark the decentralized interfaces. Make them lindy.

The creator of the popular defi project Yearn Finance, Andre Cronje also offered his opinion of the Uniswap situation. “My unsolicited opinion; Uniswap, a company registered in the U.S. Uniswap.org, a website owned by the U.S. entity. Uniswap smart contracts, decentralized code. The company should act in its best interest, including censoring the website where it is in their interest,” Cronje said.

What do you think about Uniswap removing 129 tokens from the main user interface? Let us know what you think about this decision in the comments section below.

Users Criticize Uniswap’s Decision to Remove Over 100 Tokens From Main Interface

Users Criticize Uniswap's Decision to Remove Over 100 Tokens From Main Interface

The largest decentralized exchange (dex) platform, in terms of trade volume, Uniswap has revealed the dex has removed a number of tokens from the platform interface. The community assumes the tokens could be deemed securities by global regulators. Uniswap users can still swap these tokens via accessing specific smart contracts themselves, as the company behind the platform, Uniswap Labs, simply removed the tokens from the main interface.

Uniswap Removes Tokens From Main Interface, Users Discuss Alternative Solutions

On July 23, the startup Uniswap Labs announced that the development team was removing roughly 129 tokens from the main interface. It’s been noted by onlookers, that a number of tokens removed could be considered securities by global regulators and some of them were synthetic equities tokens.

The restriction of access to these specific tokens stems from app.uniswap.org but users can still bypass the problem and trade using the token contract. The token removal announcement from Uniswap Labs doesn’t really explain why the tokens were removed but the firm’s blog post did say:

These tokens have always represented a very small portion of overall volume on the Uniswap Protocol.

Some of these tokens derived from protocols such as Synthetix, Tether, Opyn, UMA, and more. A Twitter user named “Banteg” discussed the issue at hand and said: “Seems like all UMA, Synthetix, Mirror, Opyn tokens are affected. Even if you add them manually, you cannot trade them on the main [Uniswap] UI.” However, within Banteg’s Twitter thread the crypto community shared a myriad of ways to bypass Uniswap’s main user interface.

Defi Proponent: ‘This Is a Wake-up Call — Bookmark Decentralized Interfaces’

A number of crypto supporters criticized the move made by Uniswap and they believe other decentralized finance (defi) platforms could do the same. Joey Krug, the co-CIO of Pantera Capital and co-founder of Augur tweeted that he loves Uniswap “but this sets [a] really bad precedent IMO.” Krug also added that this “won’t be the 1st case of defi censorship.” Defi supporter Nick Chong said that people should start bookmarking decentralized interfaces and mirror applications. Chong added:

The world needs decentralized interfaces. Wouldn’t it have been bad if all non-power user defi traders woke up one day and the Uniswap Labs interface was gone w/ no alternatives? This is a wake-up call. Bookmark the decentralized interfaces. Make them lindy.

The creator of the popular defi project Yearn Finance, Andre Cronje also offered his opinion of the Uniswap situation. “My unsolicited opinion; Uniswap, a company registered in the U.S. Uniswap.org, a website owned by the U.S. entity. Uniswap smart contracts, decentralized code. The company should act in its best interest, including censoring the website where it is in their interest,” Cronje said.

What do you think about Uniswap removing 129 tokens from the main user interface? Let us know what you think about this decision in the comments section below.

How close really is the battle between Ethereum and Binance Smart Chain

A couple of things did not change during this bearish cycle – The development activity of emerging projects and the fierce competition between existing ones. The market performance of DeFi and market moderators such as Ethereum, Binance Smart Chain, and Polygon has only fueled this animosity. And yet, despite tremendous market downfalls, the on-chain activity […]

3 reasons why Bitcoin price has not been able to rally back above $40K

Bitcoin bulls appear to be back, but a strengthening U.S. dollar, a new wave of COVID-19 infections and low trading volumes threaten the current recovery.

The ongoing story for the past couple of months in the cryptocurrency market has been confusion on whether Bitcoin (BTC) is destined for another leg down or is finally ready to break out toward new highs.

Bitcoin's price history and data from previous corrections suggest that the current struggles for the top cryptocurrency could persist for a little bit longer due to the strengthening dollar, the possibility of decreasing economic stimulus and a slew of technical factors connected to Bitcoin's price action.

A strong dollar threatens Bitcoin's recovery

According to data from Delphi Digital, one of the biggest factors placing strain on risk assets around the globe is the strengthening U.S. dollar which appears to be attempting a trend reversal after falling below 90 in late May.

DXY 1-day chart. Source: TradingView

Rising dollar strength put a halt to the year-long uptrend in the 10-year US Treasury yield which is also a reflection that the economic expansions seen in the first half of 2021 are beginning to lose steam and there is a threat that a new wave of Covid-19 infections threatening the global economic recovery.

Fractals and the Death Cross suggest the correction is not over yet

The short-term outlook for Bitcoin remains bearish as previous instances of the “Death Cross,” which appeared on BTC's chart in late June, have been followed by a corrective period that can last for nearly a year.

Bearish crossover of the 50 day and 200-day MA. Source: Delphi Digital

According to the analysts at Delphi Digital, the 12-month moving average is being tested as support, and a dip below this level would signal further downside for BTC price.

Bitcoin price testing the12-month moving average. Source: Delphi Digital

The 12-month moving average has been a key support level for Bitcoin historically, so how the price performs near this level could dictate whether the current uptrend remains intact.

Related: El Salvadorians take to the streets to protest Bitcoin law

Overall, caution is warranted for traders because low volumes have historically led to higher volatility when fewer open bids can lead to rapid price fluctuations.

As explained by Kevin Kelly, a certified financial analyst at Delphi Digital, “the short-term outlook turns quite a bit more bearish if and when we break those key levels” near $30,000.

Kelly said:

“I don’t necessarily think that we will see as nearly as significant of a drawdown as we did in say, post-December 2017, early 2018, and into the end of that year. But I do think, just given the structure of the market, that we could potentially be in for a bit more short-term volatility and potentially some more headwinds here, in the near term.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Dogecoin Search Interest Exploded Ahead of $DOGE’s 10,000% Price Rally

Search interest for the meme-inspired cryptocurrency Dogecoin (DOGE) exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021. Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping […]

This classic trading pattern signaled that Bitcoin price had hit a top

In technical analysis, traders interpret the head and shoulders formation as a strong sign that a trend reversal is in process.

Traders tend to focus too much on timing the right entry to a trade, but very few focus on developing a strategy for exiting positions. If one sells too early, sizable gains are left on the table and if the position is held for too long, the markets quickly snatch back the profits. Therefore, it is necessary to identify and close a trade as soon as the trend starts to reverse.

One classical setup that is considered reliable in spotting a trend reversal is the head-and-shoulders (H&S) pattern. On the longer timeframes, the H&S pattern does not form often, but when it does, traders should take note and act accordingly.

Let’s look at a few ways to identify the H&S pattern and when to act on it.

Head-and-shoulders basics

The H&S pattern forms after a bull phase and indicates that a reversal may be around the corner. As the name indicates, the formation consists of a head, a left shoulder, a right shoulder, and a distinct neckline. When the pattern completes, the trend usually reverses direction.

Head-and-shoulders top pattern. Source: TradingView

The above image shows the structure of an H&S pattern. Before the formation of the setup, the asset is in an uptrend. At the peak where the left shoulder forms, traders book profits and this results in a decline. This forms the first trough but it is not yet a strong enough signal to provoke a trend change.

Lower levels again attract buying because the trend is still bullish and buyers manage to push the price above the left shoulder, but they are not able to sustain the uptrend.

Profit-booking by the bulls and shorting by counter-trend traders pull the price down, which finds support near the previous trough. Joining these two troughs forms the neckline of the setup.

As the price rebounds off the neckline, the bulls make one more attempt to resume the uptrend but as the price reaches the height close to the left shoulder, profit-booking sets in and the rally fizzles out.

This lower peak forms the right shoulder and is usually in line with the left shoulder. The up-move reverses and the selling picks up momentum. Finally, the bears succeed in pulling the price below the neckline. This completes the bearish pattern and the trend reverses from bullish to bearish.

Spotting trend reversals with the H&S pattern

BTC/USDT daily chart. Source: TradingView

Bitcoin (BTC) started a strong up-move after breaking out at $20,000 in December 2020. The BTC/USDT pair hit a local peak at $61,844 on March 13 and the price corrected, forming a trough on March 25. This local peak was the left shoulder.

The bulls considered the dip as a buying opportunity because the trend was still up. Aggressive buying then pushed the price above $61,844 and the pair hit a new all-time high at $64,854 on April 14. This level attracted selling, which pulled the price down to form the second trough on April 25. The middle peak, higher than the other peaks, formed the head.

Another attempt by the bulls to resume the uptrend failed on May 10. This formed the right shoulder and the ensuing correction broke below the neckline of the pattern. The breakdown and close below the neckline on May 15 completed this bearish setup.

Sometimes, after the breakdown, the price retests the breakdown level from the neckline but when the momentum is strong the retest may not happen, an example which is shown in the chart above.

BTC/USDT daily chart. Source: TradingView

To calculate the pattern target of this setup, determine the distance from the neckline to the top of the head. In this case, the value is $15,150. This distance is then subtracted from the breakdown point on the neckline to arrive at the minimum target objective.

In the above example, the breakdown happened close to $48,000. This projected a pattern target at $32,850. This figure should be used as a guide because sometimes the decline exceeds the target, and in other scenarios the down move ends without reaching the target objective.

Head-and-shoulders sometimes fail

Sometimes traders jump the gun and take counter-trend positions before the price breaks below the neckline of the developing H&S formation. Other times, the break below the neckline does not see follow-up selling and the price climbs back above the neckline. These instances may lead to failed setup, trapping the aggressive bears who are forced to cover their positions and this results in a short squeeze.

ADA/USDT daily chart. Source: TradingView

Cardano (ADA) started an uptrend from the $0.10 level on Nov. 20, 2020. The uptrend hit resistance in the $0.35 to $0.40 zone in January and a H&S pattern started developing. The price dipped to the neckline on Jan. 27, but the bears could not sink and close the ADA/USDT pair below the support.

When the price rebounded off the neckline on Jan. 28, it was a signal that the sentiment remained bullish. There was a minor hiccup on Jan. 30 and 31 when bears attempted to stall the up-move near the right shoulder but sustained buying from the bulls pushed the price above the head on Feb. 1. This break above the head of the pattern invalidated the setup.

ADA/USDT daily chart. Source: TradingView

When a bearish setup fails, it catches several aggressive sellers on the wrong foot. This results in a short squeeze and propels the price higher. The same thing happened in the above example and the pair soared in February.

Key takeaways

The H&S pattern is considered a reliable reversal pattern but there are some important points to bear in mind.

A downward sloping or flat neckline is considered to be a more reliable pattern compared to an upsloping neckline. Traders should wait for the price to break down and close below the neckline before initiating trades. Pre-empting the setup could result in losses because a failed bearish pattern could result in a strong rally.

The pattern targets should only be used as a guide because sometimes the price may overshoot and continue the down move and at other times it may reverse direction before reaching the target objective.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

This might just be a win-win situation for Ethereum

Stablecoins have been integral to the crypto-industry for the past two bull cycles, with their role in injecting liquidity very understated. Stablecoins’ utility is evident in other aspects of the industry too, with DeFi sharing an interoperable relationship with stable assets. However, the role of these stablecoins changed over the past few months, especially when […]

Group of Salvadorans Take to the Streets to Protest El Salvador’s New Bitcoin Law

Group of Salvadorans Take to the Streets to Protest El Salvador's New Bitcoin Law

While some Salvadorans situated near Playa El Zonte beach like the new bitcoin tender law implemented by Nayib Bukele’s regime, a number of other citizens dislike the law. This week, regional reports show citizens from El Salvador have taken to the streets to protest the bitcoin tender law.

Salvadoran Protestors Say Bitcoin Is ‘Too Volatile’ and Like ‘Playing the Lottery’

One might think from some of the fluffy reports stemming from a number of cryptocurrency magazines that all is swell in El Salvador in regard to the new bitcoin law. However, during the first week of July, a survey conducted by Disruptiva polled 1,233 people residing in El Salvador and a majority of Salvadorans said they were skeptical of bitcoin as a currency. Following the implementation of the new bitcoin tender law, leaked reports claimed Nayib Bukele’s government cohorts were planning to launch a stablecoin.

Now a regional report from the news outlet El Mundo shows a number of Salvadorans have taken to the streets to protest the bitcoin law. Marchers gathered together to speak out against Bukele’s tender law and said the crypto asset was “too volatile.”

There’s also a resistance group called the “Popular Resistance and Rebellion Block” group, which has written a letter to Bukele’s regime saying the law is unconstitutional. The group says bureaucrats under the control of Bukele did not consult the citizenry first and they stressed the president’s move was akin to playing “the lottery.”

Nayib Bukele Is Considered a ‘Dictator’

Nayib Bukele is considered an authoritarian leader and recently mandated that citizens must take Covid-19 vaccines, despite the pushback against the experimental drugs. A number of mainstream American news publications have called El Salvador’s president a “dictator.” Last May, Bukele’s New Ideas Party fired several Supreme Court members and the attorney general.

Despite leaning toward bitcoin, El Salvador’s president has been called a “dictator.” In recent times he’s been criticized for mandating Covid-19 vaccines on the populace without full consent. Twenty government institutions linked to the Bukele administration were under investigation for manipulation and corruption. He then fired all those who were involved in the investigation. The news publication El Faro has also accused Bukele of secretly negotiating a deal with Mara Salvatrucha, the most powerful gang in El Salvador.

Bukele even tweeted about the removal and exclaimed the representatives had been “dismissed.” People believe the members were fired because the Supreme Court ruled a few times that Bukele made unconstitutional mistakes. The Salvadoran attorney general was investigating several of the Bukele regime’s ministers.

On May 4, U.S. vice president Kamala Harris spoke about the Salvadoran nation in a speech. “Just this weekend, we learned that the Salvadoran parliament moved to undermine its nation’s highest court. An independent judiciary is critical to a healthy democracy and a strong economy. On this front — on every front — we must respond.”

Resistance Group Says ‘Bitcoin Serves the Elite and Ill-Gotten Money’

Protestors who dislike the new bitcoin law also believe Bukele’s New Ideas Party is in the wrong. The Popular Resistance and Rebellion Block group stressed:

Bitcoin only serves some large businessmen, especially those linked to the government, to launder ill-gotten money.

While the supermajority in the Salvadoran congress passed the law, bitcoin (BTC) won’t officially be recognized until September 7, 2021. Protestors hope that in the interim, Salvadoran lawmakers will stop Bukele’s New Ideas Party from successfully implementing the legislation. Meanwhile, a few Salvadorans disliked the group’s protest and said: “How can they be called resistance and rebellion? Hahaha… Bitcoin is true financial freedom.”

“Sad to see people who seek to go backward and limit the growth of the country,” another individual added.

What do you think about the protestors who dislike the new Salvadoran bitcoin tender law? Let us know what you think about this subject in the comments section below.

Over 100 Creators Under the Name ‘NFT 256’ Present Their Artwork ‘NFT256 WORLDS’ for Auction on NFT STARS

Sydney, Australia


The new NFT marketplace NFT STARS has announced the auction of the audio-visual artwork titled “NFT 256 WORLDS“. The visual aspect was created by an artistic collective by the name NFT 256, and a famous Russian musician took part in the creation of the original soundtrack for the drop. The auction starts on July 28th at 10:00 UTC and will last for 24 hours. 

NFT 256 is an international collective consisting of over 256 modern artists working with a variety of art mediums, from digital to traditional. Their management center is in Moscow, Russia. At the moment, NFT 256 is one of the largest artist’s unions that creates and sells their projects as one. That gives every NFT released by the collective two perspectives. Users can explore their artwork as a whole and experience how everything comes together, or they can reflect on a single theme created by any one of the 256 individuals.

NFT 256 has already released two art pieces and the third one is coming out live on NFT STARS. The new artwork called “NFT 256 WORLDS” will be presented for auction on July 28th at 10:00 UTC. The bidding process will last 24 hours, and the starting price is 2.56 ETH.

“NFT 256 WORLDS” is a 60-second animated audio-visual trip through 90 pieces of art based on the theme ‘Adventure through the Universe’, in other words, amazing dream worlds. The artwork will show the viewers what it means to look into the world of another person, imagery that your imagination cannot give you. The artwork was made in collaboration with the musician and composer Kirill Gorokhov, who goes by the name ‘Unstoppable Music’.   

About NFT STARS 

NFT STARS is an Australian NFT marketplace that has accumulated a unique set of products and services relevant to artists, digital art lovers, investors and NFT gamers. The platform is pursuing the ambitious goal of shifting the market’s focus from NFT speculation to art appreciation.

The marketplace follows a strict selection approach: every creator featured on the platform is either chosen by the executive board or voted for by the community. Thus, the NFT STARS team is able to provide truly special treatment for the chosen NFT stars.

Artists enjoy gas-free minting. NFTs are minted at the time of the purchase and the buyer covers the costs. The marketplace supports the free flow of ideas and enables artists to mint artwork as a team via the collective NFT ownership feature and share the proceeds from its sale equally. NFT STARS also enables every artist to create an AR room in which they can display their works and host their first show. The AR galleries can be viewed on the screen of a smartphone.

In the future, NFT STARS will introduce a fractional NFT trading feature, an NFT pricing scanner, a 24/7 NFT radio station and an Initial NFT Offering service. The marketplace also plans to launch on Binance Smart Chain, Avalanche and other blockchains to support cross-chain NFT liquidity flow. 

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.




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The post Over 100 Creators Under the Name ‘NFT 256’ Present Their Artwork ‘NFT256 WORLDS’ for Auction on NFT STARS appeared first on The Daily Hodl.

Bitcoin: Why we are still in a bull market

Bitcoin and Bitcoin holders sure had a roller coaster ride these past couple of months. Despite a series of FUDs and death crosses, on the back of strong institutional interest, Bitcoin still emerged to be more than just a cryptocurrency and a store of value asset.  Bull market or bear market After China “banned” mining operations, […]

Bitcoin Bulls Must Hold Key Price Level This Weekend or Bullish Momentum Will Be Lost, According to Top Crypto Analyst

Top crypto analyst and trader Michaël van de Poppe is discussing key Bitcoin (BTC) price levels as the flagship cryptocurrency consolidates above $33,000.

In a new video, Van de Poppe says that although Bitcoin appears to be in a slight bullish period, especially in the wake of news that Tesla and SpaceX hold BTC on their balance sheets, the asset needs to flip some key levels into support to sustain its rally.

 

“What you want to see is that Bitcoin generates a new higher low… At this stage, yes, we do have this fake-out beneath the recent low. We got back into the range. But in order to sustain bullish, you want to see the previous support flip for support again [$31,000].”

Right now, says Van de Poppe, Bitcoin has stayed above support at $29,300 and even managed to break out of a falling wedge, which is a pattern that can indicate trend reversal.

Van de Poppe highlights that if Bitcoin fails to flip $31,000 into support, he’s looking at a leg down to $26,000 and possibly to $24,000. The analyst, however, says many traders are waiting for Bitcoin to plummet and have reached a moment of bearish euphoria, which could set up a major bear trap and ignite a sustained BTC bounce.

“If we break [$32,800], I would not be surprised if we get a very swift and heavy run towards [$36,000] high, potentially even a wick towards [$37,500].”

Bitcoin is trading at $33,615 at time of writing, according to CoinGecko.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/wacomka

The post Bitcoin Bulls Must Hold Key Price Level This Weekend or Bullish Momentum Will Be Lost, According to Top Crypto Analyst appeared first on The Daily Hodl.

Uniswap Labs Limits Access To Certain Tokens, What It Could Mean For The DeFi Sector

Software development studio Uniswap Labs (UL) announced the restriction of certain tokens via the app.uniswap.org domain. The company claims to be taking part in “creating a better” financial system and has taken the decision after reviewing the regulatory landscape and the actions of other “DeFi interfaces”.

The token removed from the domain represented a “very small portion of overall” trading volume on the platform, UL claims. Amongst the restricted tokens is Gold Tether (XAUt), Grump Cat (GRUMPY), iAAVE, iADA, iBNB, sAPPL, sCOIN, and many more related to options, tokenized stocks, and securities from traditional companies.

The software studio clarified that the Uniswap Protocol is a separate entity from the interface accessible via the app.uniswap.org domain.

(…) It provides unrestricted access to anyone with an Internet connection. Similarly, this action has no impact on the Uniswap Interface code, which remains open source, or the many other portals or locally run instances used to access the Uniswap Protocol.

The same clarification was made by Hayden Adams, inventor of the protocol, via his Twitter account. After receiving a lot of criticism for their decision, Adams reminded his followers about the difference between Uniswap Interface, the open-source GPL code, app.uniswap.org, the domain, and Uniswap the protocol.

Later, he added that true decentralization “doesn’t mean UL lets you do whatever you want on its website”, but that users can access the protocol via other interfaces. He added:

(In my opinion) the Uniswap Protocol remains the most decentralized of the top defi protocols by a wide margin. Why: Non-upgradable and permissionless smart contracts, w/ no admin keys or ability for UNI holders to steal underlying liquidity.

Is Uniswap Labs Trying To Prevent A Government Crackdown?

Of course, Adam’s statements caused different reactions across the crypto community. Stanislav Kulechov, a founder of decentralized protocol Aave, said that “DeFi front-ends should” be hosted on the InterPlanetary File System (IPFS).

In that way, the protocols can be “less dependent on the founding team” and maintain their decentralization. Kulechov also proposed a Bring-Your-Own-Front-End (BYOF) solution that would allow users to download the software into a device to access the protocol.

Gabriel Shapiro, General Counselor at Delphi Labs, pointed out the possibility that anyone who forks the Uniswap front-end could receive a lawsuit from the software development studio UL. Shapiro said that the company “like DMCA (Digital Millennium Copyright Act) takedown requests”.

In a different post, Shapiro addressed the rumors suggesting that UL and other DeFi projects received subpoenas from the Securities and Exchange Commission (SEC).

A few days ago, Senator Elizabeth Warren send a letter to the SEC Chair, Gary Gensler. Warren requested clarity on regulations regarding cryptocurrencies, stablecoins, and DeFi with a deadline set for July 28th, 2021, for Gensler to replied.

Many argued that UL decision could be related to that event and to the aforementioned subpoenas. Shapiro doesn’t completely rule out this possibility but claims that they only rumor to be taken with a grain of salt.

At the time of writing, UNI and other major DeFi tokens haven’t reacted to these events. Uniswap’s governance token trades at $18,17 with a 4.1% in the daily chart.

Uniswap UNIUSDT
UNI with small losses in the daily chart. Source: UNIUSDT Tradingview

Powered by the people: 3 altcoins whose tweet volume spiked before a strong rally

In some cases, unusually high tweet volume can signal that an asset is about to soar, but traders should mind the context.

On Crypto Twitter, a surge of attention directed at a coin often comes in response to dramatic price action. Quite naturally, rallying assets attract the attention of traders and take over Twitter conversations, which can also create positive feedback loops that further prop up the momentum.

This is exactly what happened with some of the coins that saw a greater increase in average daily tweet volume this month, compared with the last. KuCoin Shares (KCS), which went up from $7.40 on July 4 to $14.20 on July 14, generated a staggering increase in average tweet volume, totaling more than 1,100% month-to-month.

Another big winner in terms of price, Axie Infinity (AXS), added 456% in tweet volume over the same period. In both cases, tweets mirrored the rallies’ dynamics, with the tweet volume curve closely following the price chart.

In other cases, however, the relationship can be reversed. Sometimes, the Twitter crowd picks up the news or emerging narratives that the wider market has yet to absorb, producing tweet volume spikes that come before price increases. Is there a way for traders to spot these dynamics early enough to gain an edge over the rest of the pack?

Data intelligence for early birds

Tweet volume is one of several metrics used to calculate the VORTECS™ score, an algorithmic indicator that compares complex patterns of market and social activity of an individual digital asset to years’ worth of historical data.

Exclusively available to Cointelegraph Markets Pro (CTMP) subscribers, the algorithm assesses parameters such as the market outlook, price movement, social sentiment and trading activity to generate a score that shows how suitable conditions of the observed combinations are for any coin at any given time.

On top of that, there is a dedicated space on the Markets Pro dashboard featuring assets that see abnormal tweet volume in real-time. Once they are alerted that something is brewing around a coin on Twitter, traders can be incentivized to take a closer look at the asset and make a judgment as to whether its price is likely to go up soon.

Here are three examples from the last thirty days where Twitter activity foreshadowed price action.

Crypto.com Coin

CRO's Price vs VORTECS™ chart. Source: Cointelegraph Markets Pro

In the case of Crypto.com Coin (CRO), the source of Twitter users’ excitement is crystal clear: A few hours before the coin flashed on Markets Pro’s Unusual Twitter Volume box (red circle in the chart), it emerged that CRO became the first digital asset platform to partner with the Ultimate Fighting Championship, or UFC. The announcement was also delivered to Markets Pro users seconds after the original source published it, thanks to the platform’s instantaneous NewsQuakes™ functionality.

Unsurprisingly, the big news triggered a sprawling Twitter conversation. If traders had not been convinced by NewsQuake™ and coin’s rising VORTECS™ score, the skyrocketing tweet volume could be the final argument in favor of opening a CRO position. The coin had been valued at $0.113 when tweet volume peaked on July 8, and it kept climbing in the next four days, eventually hitting $0.132 before the price began to decline.

Quantstamp

QSP's Price vs VORTECS™ chart. Source: Cointelegraph Markets Pro

Establishing what had triggered the surge of tweets referencing Quantstamp (QSP) around June 1 is less straightforward. One potential reason could be the launch of oneFIL, a stablecoin for the Filecoin community, around that time.

The protocol behind oneFIL is audited by Quantstamp. While QSP generates just a handful of Twitter mentions per day, on July 1 it got over 150 tweets, immediately putting it on the Markets Pro radar (red circle in the graph). While the peak tweet volume corresponded to the QSP price of $0.030, the coin pulled off a strong performance in the following days, reaching $0.034 on July 4, continuing to push further.

Flow Dapper Labs

FLOW's Price vs VORTECS™ chart. Source: Cointelegraph Markets Pro

Flow Dapper Lab’s (FLOW’s) peak tweet volume came late on July 10 (red circle in the graph) in response to a highly successful week that the asset had, more than doubling its price from $9 to over $18.

A high VORTECS™ score that FLOW received some 50 hours earlier indicated that in the past, such rallies unfolded in several rounds and that historical precedent suggested a possibility of the second leg. Sure enough, the price kept climbing even after the wave of tweets began to recede, eventually hitting $21.20

These examples demonstrate that, while an onslaught of tweets alone is not always a harbinger of an impending rally, spotting abnormal Twitter activity early on can lead to a profitable trade. It can be especially useful when combined with other metrics and a robust understanding of the coin-specific context.

Disclaimer. Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.

Aimedis Woking To Better Healthcare With Blockchain

Aimedis Woking To Better Healthcare With Blockchain

Aimedis, a blockchain-based platform, is seeking to change healthcare systems using its platform.

Aimedis is working towards making eHealth secure, affordable, and accessible worldwide. The team behind the project came together to create a platform that will harness emerging technologies, blockchain, and Artificial intelligence (AI) to solve significant weaknesses in the health system recently outlined by COVID 19.

Aimedis will reportedly help patients quickly forward their data to other networks and participants across the national borders. In addition, the platform will also prevent illegal activities such as double billing for doctors and insurance scams. 

One thing to note with Aimedis is that patients will notably have control over whom and what data they wish to make available. 

The transactions by patients will be processed as a Non-fungible token (NFT), allowing patients to earn some financial value for sharing their data. In addition, others like the medical professions can also get financial value by selling research data as NFT. Transactions on the platform will be paid in both crypto or fiat currencies. Notably, it will be more advantageous for the users to use Aimedis’s native token (AIMx).

AIMx is a BEP-20 coin with a max supply of 600 million coins. Users can earn the tokens in various ways, including staking with a return of 12.5 % per annum, sailing of data through NFTs, and content creation. In addition, content creators will be tasked with providing content for the platform to help Aimedis’s reputation among participants. From the 600 million AIMx tokens, 135 million have already been allocated for sale for private investors and institutions as part of the IDO. 

Aimedis offers digital therapy and healthcare services, B2B business – medical & scientific data NFT marketplace, Hospital & rehab information system, an advertising platform for healthcare providers & pharma, IoT & tracker integration, Data platform for pharma and healthcare research, Insurance program hubs and Online pharmacy and shop. The platform also has A steadily growing medical ecosystem, Incentivized growing educational and social medical network, and eLearning & eTeaching. 

 In addition to patient empowerment, the platform will also promote hospitals and other medical institutions by providing its own IT system and associated online seminars.

While commenting on the project, Dr. med. Florian Zwecker, chief physician and medical amb, explained:

“Aimedis allows us to exchange data fast, safe and reliable between hospitals and practices and offers services the German health card has never managed to offer.”

BTC At $33K – Did “The B Word” Conference Save Bitcoin?

BTC At $33K - Did "The B Word" Conference Save Bitcoin?

On July 21, Bitcoin was trading below the key defense line of $30,000. It was widely believed that this level should be preserved so that Bitcoin could prevent extended losses. Some analysts have warned that after the $30,000 support level, the next strong support sits at around $18,000.

However, it would be fair to argue that following the virtual “B-Word” conference, Bitcoin changed course and started to recover some of its losses. Bitcoin is trading at around $33,700, high by more than eight percent compared to its price on July 21.

BTCUSD Chart By TradingView

The B Word conference featured prominent figures including Elon Musk, Jack Dorsey, and Cathie Wood. Elon Musk, CEO of both Tesla and SpaceX, who is also deemed responsible for starting the latest market crash, asserted that he believes money is an “information system for labor allocation.” He also pointed out that he thinks Bitcoin is too slow and too costly to meet the global demand.

However, he further stated that he personally owns some Bitcoin and that Both of his companies (Tesla and SpaceX) also own Bitcoin. Probably, this had a lot of positive effects on the market, as many still look up to Elon Musk for crypto advice. “My hope for crypto, in general, is to improve the information system which we call money,” Musk then added.

Jack Dorsey, a well-known Bitcoin proponent, immensely supported Bitcoin. He went on to say that Bitcoin reminds him of the early days of the internet when there was no censoring and filtering of information. Just recently, Dorsey unveiled a new initiative to bring DeFi services to Bitcoin.

Cathie Wood, CEO, and Founder at ARK Invest, also showed his support for Bitcoin and asserted that Bitcoin is a good hedge against inflation. Interestingly, Wood said she loves the fact that Bitcoin is not backed by any centralized entity, rather it is created to be decentralized.

Did “The B Word” Conference Just Save Bitcoin?

The conference was promising for Bitcoin in numerous ways. For one, Elon Musk said that he and both of his top companies own Bitcoin. He also mentioned that if Bitcoin mining succeeds in becoming environmentally friendly, Tesla will accept it as a payment method again.

Jonathan Cheesman, head of over-the-counter at FTX, asserted that the event clearly had a positive impact on Bitcoin price. “The event was clearly priced as bullish given the price action ahead of it and seems to have met those expectations in the short term. At a high level, it’s very impressive to see the CEOs of Tesla, Ark, and Twitter meeting to discuss the positive attributes, their hopes for Bitcoin, and how it’s a progressive instrument for society,” Cheesman stated.

Upgrade Inc. to Offer BTC Rewards Card to General Public

Bitcoin rewards cards are typically only available to crypto traders and customers. Exchanges and companies like Coinbase offer them, but you need to be a client with the trading platform to get your hands on the product. Thus, it is often considered an exclusive tool. However, Upgrade Inc. is now making a crypto rewards credit card available to general members of the public, meaning you don’t have to be part of a specific organization or company to take advantage of bitcoin rewards.

Upgrade to Offer Bitcoin Rewards Card to Anyone Interested

Known as the Upgrade Bitcoin Rewards Card, individuals who utilize the product for purchasing goods and services will garner as much as 1.5 percent in bitcoin back on everything they buy. Renaud Laplanche – the co-founder and CEO of Upgrade – explained in a statement:

Upgrade Card is already delivering over $3 billion in annualized credit to consumers. Starting today, anyone can apply for an Upgrade Bitcoin Rewards Card and enjoy the same affordable and responsible credit as with any Upgrade Card, plus the potential upside and fun of owning bitcoin.

Typically, most credit cards will offer cashback rewards to loyal customers, though these rewards often come about in the form of cash that gets mailed out to the recipient in check form at the end of each year. They are then able to cash this check and use it for further purchases.

Rarely does a card dole these rewards out in the form of the world’s number one digital currency by market cap. Upgrade is looking to make bitcoin accessible to anyone who might be interested in taking advantage of the benefits of digital assets, thereby making the cryptocurrency space far more mainstream and legitimate.

Terry Angelos – SVP and global head of fintech at Visa – explained:

Crypto rewards introduce cardholders to a new asset class that is increasingly part of a consumer’s financial portfolio. Whether you’re a crypto enthusiast or just getting started, programs like the Upgrade Bitcoin Rewards Card offer an engaging and low-risk way to participate in the crypto economy.

Despite offering crypto-based rewards, the product provides much of the same support that comes with standard bank-issued cards such as purchase protection, baggage insurance, and extended warranty coverage. All custody and crypto trading options tied to the card are being provided by NYDIG. In addition, the card comes equipped with low fixed rates and no fees.

Standard Tools Are Also Included

The credit limit of the card can be anywhere between $500 and $25,000. At the time of writing, the card is not available to customers in various states including Washington, North Carolina, West Virginia, Wisconsin, Nevada, and New Hampshire.

Thus far, Upgrade has provided more than $7 billion in credit options to its customers either through loans or credit cards. The company has been around since 2017 and even provides standard banking tools such as checking accounts.

The post Upgrade Inc. to Offer BTC Rewards Card to General Public appeared first on Live Bitcoin News.

With Tesla’s Holdings Underwater, Market Pundits See Elon Musk Championing Another Bitcoin Bull Run

Billionaires Elon Musk and Mark Cuban Bullish On Dogecoin as DOGE Dominates Traditional Retail Market

The popular analysts are speculating that it is only a matter of time before Musk comes traipsing back to being bullish on Bitcoin with Tesla’s Bitcoin holdings “underwater.” 

In February this year, Tesla disclosed a $1.5 billion Bitcoin investment in an SEC filing. According to its earnings release in Q1 of 2021 ending March 31, the company made a clean $103 million profit from its sale of about $272 million worth of its profit, leaving them with about $1.33 billion worth of Bitcoin then valued at around $2.48 billion going by the price of around $58,900 at the time.

BTCUSD Chart By TradingView

Since then, the price of Bitcoin has taken hit after hit. Elon Musk was notably among the reasons for the market correction as he reversed his stance on Bitcoin. Bowing to pressure from Tesla investors and environmentalists, Musk stated that Tesla would no longer accept Bitcoin as payment for its cars, citing concerns over the high energy usage of Bitcoin mining, though the company has not sold the rest of its holdings. 

With the price of Bitcoin currently trading at about $33,700, Tesla’s Bitcoin bag should be worth an estimated $1.25 billion making the total loss recorded by the company total at an estimated 7% loss for the investment. Notably, Musk is still skeptical about Bitcoin. 

Where he has anchored his support is on Dogecoin. He has expressed confidence in the meme coin and is continuously making plans centered around it. His recent Twitter update of his Twitter profile picture saw the price of the coin pump about 20%. 

Sentiments are still mixed on the speculation of his return to supporting Bitcoin. Most Bitcoiners are still sour over his earlier change of stance and are not eager to see him return. The Bitcoin market also seems to be taking lesser hits from his sentiment these days and the disgruntled Bitcoiners would rather have it that way.

However, CEO of Twitter Jack Dorsey seems not to share the general sentiment as he invited Musk to discuss Bitcoin at the B-Word event. The event, which was organized by Jack Dorsey, and Cathie Wood of Ark Invest to discuss institutional Bitcoin adoption featured talks by key figures in the Bitcoin industry. 

Jack – who is one of the most enlightened voices for Bitcoin and seems to respect Musk – extended an invitation to Musk on Twitter for the event, to which Musk obliged.

SpaceX owns BTC, daily Dogecoin volume soared to nearly $1B in Q2, Grayscale eyeing DeFi and ETF: Hodler’s Digest, July 18–24

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.

Top Stories This Week

 

SpaceX owns Bitcoin, Elon Musk and Nic Carter believe BTC is becoming greener

Elon Musk, Dogecoin (DOGE) proponent and fair-weather friend to Bitcoin (BTC), revealed for the first time on July 21 that his aerospace firm SpaceX owns an undisclosed amount of Bitcoin.

I do own Bitcoin; Tesla owns Bitcoin; SpaceX owns Bitcoin, he said.

Musk was speaking at The Word a virtual event dedicated to Bitcoin alongside Twitter CEO Jack Dorsey and Ark Invest CEO Cathie Wood, and the erratic tech billionaire suggested Tesla was on the verge of accepting the cryptocurrency again following promising signs that the percentage of renewable energy used for mining was increasing.

Teslas $1.5 billion foray into Bitcoin earlier this year sparked a major BTC price rally. However, Teslas suspension of Bitcoin as a payment method over environmental concerns in May appeared to tank the price of Bitcoin, with BTC crashing around 40% over the past two months.

Now that there is a diminishing Chinese coal-powered hash rate after the mining ban, it appears that Musk is warming up to digital gold again. Musk has stated that, after he does a bit more due diligence on mining sustainability and can confirm it’s backed by 50% renewables or more, Tesla may re-enter the market.

One wonders what said due diligence this entails, and why he didnt do it before the $1.5 billion Tesla BTC buy.

Musk also revealed, for the first time, that he holds Ethereum (ETH), and unsurprisingly reaffirmed his support for the meme-inspired Dogecoin.

I do personally own a bit of Ethereum, and Dogecoin of course, he said.

 

Daily Dogecoin volume soared to nearly $1B during Q2

Speaking of Musks favorite cryptocurrency, trading volume for Dogecoin increased by more than 13 times during the second quarter of 2021, nearly tagging $1 billion daily.

According to data compiled by Coinbase and reported by Business Insider, Dogecoin trading volumes soared 1,250% between April and June, with $995 million worth of DOGE changing hands daily on average during the quarter.

By comparison, Dogecoins average daily volume for the first quarter of 2021 was $74 million.

While those figures are sure to spark hype among the fiery-eyed Dogecoin community, the subject of the top canine coin may be a touchy one for Coinbase.

A Coinbase user has filed a class-action lawsuit seeking $5 million in damages because of an allegedly misleading Dogecoin campaign.

According to court documents, plaintiff David Suski said he was deceived into trading $100 of Dogecoin for entry into a $1.2 million sweepstakes offer on Coinbase. The lawsuit asserts that Coinbase failed to communicate that a person could enter the sweepstakes without purchasing $100 of Dogecoin.

 

Ethereum must innovate beyond just DApps for DeFi degens: Vitalik Buterin

Ethereum co-founder and lead developer Vitalik Buterin has urged the Ethereum community to innovate beyond the confines of decentralized finance, or DeFi.

Buterin was speaking during his keynote at the Ethereum Community Conference in Paris on July 21, and described non-financial utilities as the most interesting part of the vision of general-purpose blockchains.

The 27-year-old outlined several non-financial applications for Ethereum, including decentralized social media, identity verification and attestation, and retroactive public goods funding.

The Ethereum co-founder has had a busy week, and after speaking at the Ethereum conference, he also surfaced in Ashton Kutchers and Mila Kunis living room. He wasnt trespassing of course, and was there as part of the promotion for Kunis NFT project dubbed Stoner Cats.

Buterin launched into a lengthy explanation of Ethereums fundamental components and articulated how the smart contract protocol differs from single-purpose chains such as Bitcoin.

 

Grayscale sets sights on institutional DeFi fund

While Buterin is looking beyond the decentralized bounds of finance, digital asset management giant Grayscale is looking to gain exposure in the sector.

On July 19, Michael Sonnenshein, CEO of Grayscale, announced a new investment vehicle aimed at DeFi assets.

In an interview with CNBCs Squawk Box, the CEO chimed in to announce Grayscales plans for a DeFi Fund and index. Detailing the purpose of the new product, the Grayscale CEO said the fund would offer exposure to DeFi assets, such as Uniswap and Aave, for its institutional clients.

During the same week, Sonnenshein stated he thinks that only a couple of maturation points separate the United States from its first Bitcoin exchange-traded fund, or ETF.

After many rejections of BTC ETFs in the past, along with 13 ETF applications under consideration, Sonnenshein is undeterred and said the firm is 100% committed to transforming its Bitcoin product, the Grayscale Bitcoin Trust, into an ETF once conditions are right.

 

US lawmakers don’t want Olympic athletes to use digital yuan at 2022 games

Despite the majority of Japanese citizens reportedly wanting the Olympics canceled over pandemic-related concerns, the event is going ahead.

The U.S. government has already got its eyes on the 2022 Winter Olympics in Beijing, however, and three U.S senators signed a letter urging Olympic officials to forbid American athletes from using the digital yuan during the upcoming event earlier this week.

In a July 19 letter to the U.S. Olympic and Paralympic Committee board chair Susanne Lyons, Republican Senators Marsha Blackburn, Roger Wicker and Cynthia Lummis, also a BTC proponent, requested that officials prevent U.S. athletes from using or accepting the digital yuan.

The senators asserted that the athletes use of the central bank digital currency can be “tracked and traced” by the Peoples Bank of China.

The senators stated that the Chinese government recently rolled out new features for the digital yuan, giving officials the ability to know the exact details of what someone purchased and where.

If Olympic officials approve of the request, China will, unfortunately, have to deploy other methods to track and trace the U.S. athletes that do enter the country.

Winners and Losers

 

 

At the end of the week, Bitcoin is at $32,580, Ether at $2,070 and XRP at $0.60. The total market cap is at $1.35 trillion, based on CoinMarketCap data.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Telcoin(TEL) at 26.82%, SushiSwap(SUSHI) at 26.17%, and Axie Infinity (AXS) at 23.12%.

The top three altcoin losers of the week are Mdex (MDX) at -25.55%, THORChain (RUNE) at -18.98%, and Theta (XDC) at -11.26%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

 

 

Most Memorable Quotations

 

I might pump, but I dont dump. I definitely do not believe in getting the price high and selling it or anything like that.

Elon Musk, Tesla CEO

 

Moving beyond DeFi is not about being against DeFi. I actually think […] the most interesting Ethereum applications are going to combine elements of finance and non-finance.

Vitalik Buterin, Ethereum co-founder

 

Neither USDC nor Tether is a regulated digital asset, for the simple reason that neither token has a regulator. In fact, neither USDC nor Tether tokens are stablecoins in anything other than name.

Paxos, stablecoin provider

 

I think that digital art is probably going to last a lot longer than galleries. I mean, you probably wont be going into galleries. Well be sitting in bars showing each other what weve recently bought on our phones, and thats kind of what we do now.

Damien Hirst, world-renowned contemporary artist

 

Make no mistake: It doesnt matter whether its a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms whether in the decentralized or centralized finance space are implicated by the securities laws and must work within our securities regime.

Gary Gensler, SEC Chair

 

More than ever, we need to take advantage and harness the potential of these new technologies to ensure that we are better equipped and more united in the future, in order to make our planet a more livable, equitable place for all.”

Irakli Beridze, head of the Centre for Artificial Intelligence and Robotics at the United Nations Interregional Crime and Justice Research Institute

 

If a Bitcoin ETF is coming through the Gensler administration, my view is it’s not going to happen this year. […] There’s also been quite a bit of sort of a body of language and rhetoric and points that have been made by the staff with previous applications that need to be addressed. And so this isn’t a slam dunk.

Greg King, CEO of Osprey Funds

 

Recent calls to establish a more appropriate standard for technologically complex digital assets have turned into a firestorm since the Ripple case was filed. Some tech policy experts closely following the case have called for a Ripple Test to replace Howey.

George Nethercutt Jr., former member of U.S. Congress

Prediction of the Week

 

$13K Bitcoin price predictions emerge with BTC falling below historic trendline

Ever since the crypto downturn began around May 12, the bears have been on parade as they forecast doom and gloom for the future price of BTC.

This week, Cointelegraph reported that a pseudonymous chartist who goes by the name “Bitcoin Master” shared concerns about Bitcoin’s potential to undergo an 80% average price decline upon breaking bearish on its 50-day simple moving average (SMA). The analyst noted that if the said fractal plays out, BTC/USD exchange rates could crash to as low as $13,000.

The 50-week SMA represents the average price traders have paid for Bitcoin over the past 50 weeks. Over the years, and in 2020, its invalidation as price floor has contributed to pushing the Bitcoin market into severe bearish cycles.

However, previous market cycles havent been impacted by Elon Musks inclination to cause mayhem in crypto through his tweets, so we may see a 50-week Musk tweeting average become the accepted method for BTC price predictions in the future.

FUD of the Week

 

SEC Chairman says cryptocurrency falls under security-based swaps rules

The United States Securities and Exchange Commission, or SEC, may soon issue new rules for the regulation and registration of security-based swaps, including cryptocurrency.

In a speech to the American Bar Association Derivatives and Futures Law Committee, SEC Chairman Gary Gensler outlined that, from November, new requirements will go into effect, which include internal risk management, supervision and chief compliance officers, trade acknowledgment and confirmation, and recordkeeping and reporting procedures, to name a few.

Make no mistake: It doesnt matter whether its a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms whether in the decentralized or centralized finance space are implicated by the securities laws and must work within our securities regime, Gensler said.

 

Auditors reveal USDC backing as Jim Cramer sounds alarm over Tethers mad money

Speaking during a July 20 interview with TheStreet, Jim Cramer, the host of CNBCs Mad Money, questioned Tethers lack of transparency and asked why the firm hasnt disclosed the composition of its commercial paper, which accounts for a large percentage of its holdings.

Tethers brief reserve breakdown in May showed that, as of March 31, three-quarters of its reserves were held in cash, cash equivalents, other short-term deposits and commercial paper. Within that category, commercial paper accounted for 65.39%, with cash alone accounting for just 3.87%.

I am concerned about Tether, and Im not gonna stop sounding the alarm until I know what Tether has. Theyve got about $60 billion in commercial paper. Tether, open up the kimono, what commercial paper do you own? Cramer said.

 

Crypto is an untested asset category, says UBS CEO Ralph Hamers

Ralph Hamers, CEO of Swiss bank UBS, said on July 20 that he does not fear missing out on crypto, citing that it’s an untested and volatile asset.

Speaking to Bloomberg, Hamers asserted, Clients are looking at different alternatives, and they hear about crypto, and there is a bit of a fear of missing out as well. They read it in the papers, but they also see the volatility.

Commenting on the banks approach to providing exposure to crypto for its wealth management clients, the UBS CEO emphasized that he holds no FOMO towards crypto, noting, We dont offer it actively. [] We feel that crypto itself is still an untested asset category.

Hamers, of course, works within the confines of the traditional finance and banking system, which is a well-tested industry that has caused multiple global financial crises.

 

Best Cointelegraph Features

Stock-to-flow model possibly invalidated as Bitcoin price loses $30K

Plan Bs stock-to-flow model is the closest its ever been to being invalidated as Bitcoin stagnates in the $30,000 range.

China is pumping money out of the US with Bitcoin

Chinese authorities seem to be putting things in order rather than declaring war on crypto, aiming to further weaken the U.S. economy.

It is time for the US to create a Ripple test for crypto

The SECs approach to crypto must be modified to more clearly articulate how securities laws should apply to digital assets.

NatWest Executive Warns: The UK Is a Paradise For Crypto Scammers

David Lindberg – Chief Executive of retail banking at NatWest – warned investors to beware of dealing with digital assets in Britain. In his opinion, the market there is full of fraudsters who create fake cryptocurrency exchanges to lure users into thinking they are investing.

‘Fraud And Scams Are an Industry’

One of the top executives at the leading British bank NatWest – David Lindberg – alerted that the UK is not the best place for crypto investing. To him, the Kingdom is a “paradise for scammers,” and investors should be extra cautious. He went further, stating that he had “never seen a market worse” than the UK for scams.

Lindberg stressed that the issue might lead to devastating consequences for some individuals. He opined that the British government, the police, banks, and social media operators should join forces and combat the fraudsters:

“Fraud and scams are an industry. They’re intelligent, and they move fast, and it’s heartbreaking to see how they try to destroy lives.”

The top banker also warned that some of the bad actors create websites where people can invest in Bitcoin, Ethereum, and other cryptocurrencies, but instead, they are fake, and the money goes to the fraudsters’ pockets:

“They’re setting things up, with the look and feel of crypto exchanges, that aren’t. They’re just facades and our customers sometimes think they’re invested in crypto. And all they’re really doing is sending money to a fraudster.”

David Lindberg
David Lindberg, Source: smw.com.au

The FCA Also Warned Against Crypto Investing Risks

It is worth noting that the UK Financial Conduct Authority (FCA) recently announced its plans to launch a $15 million digital marketing campaign to warn investors of the risks associated with digital assets. The British regulator will raise the attention of mainly young UK residents within the ages of 18 to 30.

FCA’s Chief Executive – Nikhil Rathi – noted that youngsters consider investments as entertainment where they behave “less rationally and more emotionally, egged on by anonymous and unaccountable social media influencers.” He gave the GameStop craze as an example and stressed that people should be more informed when allocating their money to the market.

Moreover, the FCA intends to implement more strict rules for new crypto-related businesses. The watchdog explained that it would set up a regulatory nursery system to monitor those companies in their early stages to ensure they comply with laid down regulations. Rathi added that the UK would not tolerate any firms that are unwilling to comply with the upcoming rules.

Featured Image Courtesy of TheIndependent

Here Are the Five Ethereum Tokens With Strongest Address Activity Right Now, According to Blockchain Analytics Firm Santiment

Blockchain analytics firm Santiment is identifying what it sees as the five Ethereum-based (ERC-20) assets that have recently shown continued strength in terms of address activity.

Santiment filters out any low-volume coins and includes only the top 200 cryptocurrencies on CoinMarketCap.

 

The first coin on Santiment’s list is Small Love Potion (SLP). SLP tokens are earned by users who play the blockchain-based game Axie Infinity and can be used to generate or breed new digital pets called “Axies.” According to Santiment, SLP’s address activity could be a strong bullish signal given its divergence with price action.

“A spike in SLP address activity is very impressive. Its absolute value is overwhelming! [32,000] Ethereum addresses interacting with this coin daily. Creating [the] strongest bullish divergence with price dropping 10% last day.”

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Source: Santiment

At time of writing, SLP is trading at $0.31, according to CoinMarketCap.

Next on Santiment’s list is Status (SNT), which is a mobile and desktop operating system with a decentralized browser featuring a messaging system. SNT allows users access to Ethereum-based decentralized applications (DApps). According to Santiment, SNT is another crypto asset with surging active addresses.

“Active addresses growing along with price. It’s a good sign. Nothing worrying here.”

Source: Santiment

Third on Santiment’s list is the crypto lending platform Nexo. Santiment says that although Nexo’s address activity remains strong, the recent drop could possibly indicate that address activity has topped out for now.

“On one hand, we can see a nice bullish divergence between increasing address activity and relatively stagnant price. On another hand, active addresses could break their uptrend and drop from here.”

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Source: Santiment

The next asset Santiment analyzes is The Sandbox (SAND), a virtual world where users can mint, buy and sell virtual experiences, such as games, art or events. According to Santiment, upticks in SAND’s address activity have previously signaled a drop in price.

“What do we see here. Some sort of a pattern. 1) Address activity spikes once in few days. 2) Price tops before. If history repeats itself, current uptick is a sign of ongoing price correction.”

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Source: Santiment

Last on Santiment’s list of Ethereum tokens with the strongest address activity is Decentraland (MANA). Decentraland is an Ethereum-based blockchain whose users can create, buy or monetize virtual reality applications. The crypto insights firm says that MANA’s address activity appears to have hit a top for now, which might be a prelude to a correction.

“Addresses spike looking like [it’s] finished already. Perhaps looking like a top sign, according to its historical patterns. Price might be in danger.”

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Source: Santiment

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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