Ethereum Holds Strong at $225: A Strengthening Case for Upside

Ethereum is holding strong above the $225 support level against the US Dollar. ETH is slowly rising and it is likely to continue higher towards $235 and $240.

  • Ethereum is following a bullish path and it recently spiked above the $230 resistance level.
  • The price could correct a few points, but the $228 and $225 levels are important supports.
  • This week’s followed a crucial ascending channel is active with support near $228 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher towards $235 after a short-term downside correction.

Ethereum Price is Showing Positive Signs

In the past three days, Ethereum price followed a bullish path above the $220 pivot level against the US Dollar. ETH price gained pace above the $225 resistance level and the 100 hourly simple moving average.

The recent upward move was positive, and ether traded above the $228 and $230 resistance levels. It traded to a new weekly high at $233 and it is currently correcting lower. It tested the 23.6% Fib retracement level of the recent upward move from the $225 swing low to $233 high.

The previous resistance at $230 might act as a support, but the first major support is near the $228 level. More importantly, this week’s followed a crucial ascending channel is active with support near $228 on the hourly chart of ETH/USD.

Ethereum Price

The channel support is close to the 50% Fib retracement level of the recent upward move from the $225 swing low to $233 high. It seems like ether price might a strong buying interest near the channel support, $226, and the 100 hourly SMA.

On the upside, the $232 level is an initial resistance. The next key resistance is near the $235 level, above which the price might rally towards the $240 and $245 levels.

Dips Supported in ETH

If Ethereum corrects lower, the channel support and the 100 hourly SMA could provide a strong support. Any further losses may perhaps lead the price towards the $222 support zone.

A successful close below the $222 support will most likely decrease the chances of a sustained upward move towards the $250 level in the coming sessions.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently correcting lower towards the 50 level.

Major Support Level – $228

Major Resistance Level – $232

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Risk disclaimer: 76.4% of retail CFD accounts lose money.

Public Mint Launches, Announces 200 Banks Are On Board

Public Mint wants its tokenized fiat currencies to power DeFi-like open financial applications.

Public Mint launched its ‘fiat-native’ public blockchain on July 1 following two years of development.

The platform comprises a blockchain for the tokenization of fiat currencies that are held in the accounts of insured and regulated fiat custodians — essentially comprising a stablecoin backed by a network of banks.

Public Mint claims to have already partnered with a network of more than 200 banks to hold the funds backing its fiat token network. Their site does not provide further details on banking partners, although Hyperledger and IBM Digital Asset Labs are named in the announcement as supporters.

Companies that use Public Mint can accept payment via credit card, wire transfer, or ACH payment. While the network only supports U.S dollars at launch, the platform plans to soon introduce other fiat currencies. 

Public Mint’s blockchain is a modified version of Hyperledger Besu featuring a different consensus mechanism and a fiat-based fees. 

Public Mint eyes nascent DeFi sector

Public Mint was co-founded by Halsey Minor, known for co-founding pioneering digital media firm CNET in 1993. He filed for bankruptcy in 2013 but has since founded the VideoCoin Network — a decentralized video media platform that has partnered with Public Mint.

In an announcement, Minor described Public Mint as facilitating fiat-powered decentralized finance-style financial applications:

“The genesis of Public Mint was to allow regulated banks to hold funds which could then be tokenized or ‘minted’, allowing for the creation of applications and business processes around money without actually moving money between banks.”

DLT leaders back Public Mint

The platform appears to have already garnered support from major players in the distributed ledger technology (DLT) sector, with Hyperledger’s executive director Brian Behlendorf expressing his excitement “to see Public Mint tackle the challenges of programmable currency and frictionless transfer of funds.”

Nitin Gaur, the director of IBM Digital Asset Labs, stated:

“In close cooperation with Banks and Trust companies and compliant to regional and global regulations, Public Mint is addressing that initial promise so that all enterprises, from traditional well-established companies to new and innovative DeFI startups can pave the way for the rise of digital assets.”

Analyst explains how ADA could continue its rally as Cardano’s “Shelly” arrives

Cardano’s ADA has done extremely well in 2020 in terms of price action.

As reported by CryptoSlate previously, crypto research firm Messari found that ADA is the best-performing smart contract coin, rallying 150 percent higher this year. For context, BTC is up by ~25 percent since the start of the year.

Stepping back even further, the altcoin is still up by thousands of percent from its ICO, as noted by crypto data analyst Vivek. It’s up 3,300 percent, to be exact.

Yet, an analyst says that the Cardano blockchain’s native cryptocurrency will rally even further in the weeks ahead.

ADA in an upward trend: technicals show why

According to Nik “Altcoin Trader” Patel, an author and technical analyst, technicals show that “Cardano continues to look bullish, finding support in [an important] area.”

The analyst shared the image below on Jun. 29. Patel’s chart indicates since ADA held the trendline support formed at the March lows and since it held $0.0738, it is primed to rally in the weeks ahead.

In reference to the chart, he wrote:

“Looking at the daily, trendline support has remained rock solid since March capitulation, and resistance continues to be turned to support. I am expecting continuation of the rally to follow, with $0.11 as the next area of trouble.”

Cardano (ADAUSD)
Cardano (ADAUSD) price chart from Nik Patel. Current as of Jun. 29

To reach $0.11 from current prices, ADA will need to gain nearly 20 percent from where it sits as of the time of this article’s writing.

Patel’s analysis comes as other analysts are flipping bullish on Bitcoin. This is important to Cardano as the two cryptocurrencies have a 180-day correlation of 0.85, data from Coin Metrics suggests.

For one, Rafael Schultze-Kraft, the CTO of blockchain analytics firm Glassnode, revealed 12 on-chain statistics revealing an increase in the popularity of the “HODL” mentality.

The takeaway is that this is “long-term extremely bullish” for Bitcoin and the rest of the cryptocurrency market by extension. This is due to the fact that the more HODLing there is, the less potential sell pressure there is.

Aligned with Cardano’s bullish fundamentals

Patel’s optimistic outlook about ADA aligns with the fundamental case for the cryptocurrency.

According to a Jun. 30 forum post from Tim Harrison, a communications director for Input Output (IOHK), the Shelly upgrade for Cardano is finally here:

“We will be rolling out Shelley soon. This will not just be a critical time in the history of blockchain technology, but a shift in how we leverage technology for the betterment of everyone, everywhere.”

To celebrate this launch, IOHK and other partners are hosting a summit largely focused on Shelly, this year’s Cardano Virtual Summit, that will allow the public to “learn more about the upgrade.”

Shelly is important to Cardano as pundits expect it to dramatically increase the usability of the network, leading to increased adoption and higher ADA prices.

The post Analyst explains how ADA could continue its rally as Cardano’s “Shelly” arrives appeared first on CryptoSlate.

‘Boring’ Bitcoin Hits Multiple Record Highs in a Day

Bitcoin hit new heights on a variety of metrics today, despite some characterising the cryptocurrency as ‘boring’.

After weeks of uninspired price action, Bitcoin hit new heights today on a variety of metrics: new addresses, active addresses, hourly transaction count and hourly spent outputs.

Glassnode CTO Rafael Schultze-Kraft posted on twitter listing the achievements:

New Addresses

Looking up your address

Bitcoin hasn’t seen this number of new or active addresses since the bull run in 2017. From shortly after the drop in early 2018, the number of daily new addresses has been steadily on the rise from 195K to 450K today. Daily active addresses have grown almost three-fold from 423K to 1.08 million in the same period. 

The combination of increasing new addresses, combined with the surging active addresses and hourly transaction counts is welcome news, and comes only hours after crypto analyst Mati Greenspan from Quantum Economics tweeted:

“Man… even the difficulty adjustments are getting boring. Bitcoin volumes and social engagement have been falling for weeks.”

On July 1 the Bitcoin mining difficulty level remained essentially dead flat, with an adjustment down of just 0.0033%. Bitcoin daily volumes have fallen from $52 billion in mid May to $15 billion (at time of press).

Social Engagement

Looking at social engagement over 2020 by crypto analysis platform Lunarcrush, the overall trend is slightly positive from the start of the year. This week saw a slight gain in Bitcoin posts across all social platforms, to 927,000 posts. Despite the fairly flat social engagement throughout, Bitcoin’s price saw big gains in January and April.

Bitcoin’s social engagement relationship with price

Bitcoin’s social engagement relationship with price. Source: Lunarcrush

Brazil Eases WhatsApp Ban — But It’s Still Suspended

Despite Brazilian regulators lifting a suspension on WhatsApp’s payments, the country’s central bank is still blocking the launch.

The payments feature of the popular messaging platform WhatsApp remains suspended in Brazil, despite local regulators easing restrictions placed on its owner, Facebook.

On June 24, Brazil’s Administrative Council for Economic Defense, known locally by its Portuguese acronym ‘CADE’ suspended an agreement between Facebook and Brazilian payment firm Cielo to process payments for WhatsApp.

On June 30, it reversed the decision, however WhatsApp payments remain suspended as a result of parallel action taken by Brazil’s central bank.

New information

CADE reversed its sanctions on Facebook and Cielo after receiving information from the firms evidencing a substantial reduction in the risks initially identified by the watchdog.

The firms sought to assure CADE that their deal would not compromise the competitive landscape of Brazil’s payments sector, with the documents asserting that Facebook and WhatsApp will merely “offer an additional channel for payments transaction between consumers and merchants.”

CADE now accepts that the firms’ partnership “does not translate a closed payment system” noting that the deal allows “the possibility of aggregating other agents active in the payment instruments chain”.

“There is evidence that the grounds that supported the decision to impose a precautionary measure do not exist, therefore it is necessary to revoke [it],” CADE concluded.

Despite warming to the deal, CADE will continue to investigate the partnership, with the regulator emphasizing that any anti-competitive behavior will result in the reimposition of sanctions against the firms.

Brazil’s central bank yet to budge

In an announcement, Cielo’s president of finance Gustavo Sousa noted that the firm’s “operation[s] remains under the analysis of the Central Bank of Brazil and that transactions via the WhatsApp application remain suspended”.

Ripple (XRP) Price Won’t Go Down Quietly: Risk of Bullish Breakout Grows

Ripple is currently consolidating above the $0.1720 support against the US Dollar. XRP price seems to be preparing for a bullish break above the $0.1800 resistance region.

  • Ripple price is facing a couple of important hurdles near the $0.1780 and $0.1800 levels against the US dollar.
  • The price is trading well below the 100 simple moving average (4-hours) and $0.1900.
  • There is a crucial bearish trend line forming with resistance near $0.1780 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start a fresh increase if it clears the $0.1780 and $0.1800 resistance levels.

Ripple Price Approaching Next Break

After diving below $0.1700, ripple started a slow and steady recovery. XRP price traded above the $0.1700 and $0.1720 levels to move into a short-term positive zone.

There was a break above the 23.6% Fib retracement level of the downward move from the $0.1868 high to $0.1689 low. However, the price is facing a couple of important hurdles near the $0.1780 and $0.1800 levels.

There is also a crucial bearish trend line forming with resistance near $0.1780 on the 4-hours chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $0.1868 high to $0.1689 low.

Ripple Price

Ripple price below $0.1800. Source: TradingView.com

It seems like ripple is preparing for a crucial upside break above the $0.1800 resistance. If bitcoin climbs above the $9,300 resistance, there are high chances of a bullish break in XRP above $0.1800.

The next key resistance above $0.1800 is near the $0.1850 level and the 100 simple moving average (4-hours). Any further gains could lead the price towards the next set of hurdles near $0.1900 and $0.1920 in the coming sessions.

Fresh Decline in XRP?

If ripple price fails to surpass the $0.1780 and $0.1800 resistance levels, there are chances of a fresh decline. An initial support is near the $0.1730 level.

The first key support is near the $0.1720 level, below which the price might continue to move down. The next support is near the $0.1680 level, followed by the $0.1650 pivot level.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently approaching the 50 level.

Major Support Levels – $0.1720, $0.1680 and $0.1650.

Major Resistance Levels – $0.1780, $0.1800 and $0.1850.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

Bitcoin Rises on Positive US Jobs Report: Why Analyst Sees a Correction

Bitcoin rose in the first session of July as it maintained its short-term positive correlation with the S&P 500. The gains followed the release of the ADP National Employment Report, revealing an addition of 2.4 million jobs in the nonfarm private sector in June. Meanwhile, analysts warned about deeper corrections in both the Bitcoin and S&P 500 market. Bitcoin price inched higher on Wednesday after taking cues from similar upside moves in the S&P 500. The benchmark cryptocurrency climbed 1.14 percent to close near $9,239 after closing its second-quarter 42 percent higher. Similarly, the S&P 500 rose 0.5 percent to 3115.86 as it left behind its best quarterly performance since 1998. The rallies received support from the Federal Reserve’s aggressive fiscal support. But Wednesday’s gains borrowed sentiments from an optimistic US economic data. Worst-hit Sectors Report Job Growth According to the ADP National Employment Report, the nonfarm payroll sector added 2.4 million jobs last month. Seventy percent of new employment opportunities came from industries that were worst hit by the COVID pandemic – leisure, hospitality, trade, and construction. The positive report signaled that the US economy is on track to recover post-lockdown. It improved intraday sentiment among stock investors, causing the S&P 500, as well as its fellow indices, the Dow Jones and the Nasdaq Composite, to surge higher. Bitcoin, which recently developed a positive correlation with the US stocks, merely tailed the upside trend. US Stocks rising exceptionally higher on continued fiscal support. Source: TradingView.com But pieces of discouraging news also kept risky investors cautious from overspreading their bullish positions. That includes a resurgence in COVID cases in California, Texas, and Florida, as well as the release of earnings reports later in July that may reveal severe losses for corporates. Meanwhile, both stocks and bitcoin investors also await the decision of the Federal Reserve on whether or not it would expand its stimulus operation beyond its July expiry. Lindsey Bell, the chief investment strategist at Ally Invest, sees a choppy session ahead for risk-on markets. She told the Wall Street Journal cited volatility as one of the biggest concerns that make it difficult to make predictions. Bell also noted that the next presidential election in November could cause the ongoing rally to become uncertain. Bitcoin, S&P Awaits Downside Correction: Technical Analysts Jim Cramer, a technical analyst at CNBC, asserted on Wednesday that the S&P 500 could hit 3720 points but eyes broader decline overall. “If it can’t break through last week’s highs at 3,100,” Cramer said, “[then] you need to prepare for pain because the near future could get ugly.” A chart analyst from the Bitcoin industry made a similar prediction, only with a different resistance level. He noted that if Bitcoin does not break bullish above an oddly-placed $9,276, then it risks crashing towards $7,000. Bitcoin price chart showing its attempt to break above the red line support. Source: Teddy Cleps, TradingView.com “Another day, another daily close below previous support now resistance,” he commented. Bitcoin was trading at $9,242 at the time of this writing but lacked volume to sustain above the $9,276-level. Futures linked to the S&P 500 were up 0.17 percent.

A ‘Significant Increase’: UK Regulator Says 2.6 Million Residents Have Bought Cryptocurrencies

A 'Significant Increase': UK Regulator Says 2.6 Million Residents Have Bought Cryptocurrencies

The UK’s top financial regulator has conducted a survey and found a “significant increase” in the number of crypto owners and awareness of cryptocurrencies. The regulator estimates that 2.6 million people in the country have bought cryptocurrencies, most of which were from non-UK cryptocurrency exchanges.

UK Regulator’s Crypto Survey

The Financial Conduct Authority (FCA), which regulates the financial services industry in the U.K., published a report entitled “Cryptoasset consumer research 2020” on Tuesday. This quantitative research follows the FCA report on cryptocurrency published in March last year but involves a longer survey and a larger sample of crypto owners.

“We estimate 3.86% of the general population currently own cryptocurrencies. This amounts to approximately 1.9 million adults with the UK population (over 18) taken to be approximately 50 million,” the report authors wrote, elaborating:

The research findings highlight a statistically significant increase … in those who hold or held cryptocurrencies … from approximately 1.5 million people to 2.6 million people.

The study estimates that “5.35% of the general population hold or held cryptocurrencies,” an increase of 2.35 percentage points from 3% in the previous survey which was conducted face to face with a smaller sample.

Meanwhile, the number of people who had never heard of cryptocurrencies dropped to 27% from 58%. “This represents a statistically significant increase in the percentage of those being aware of cryptocurrencies from 42% to 73% of adults,” the report reads. The regulator also found that “75% of consumers who own cryptocurrencies hold under £1,000 [$1,250].”

UK Regulator Says 2.6 Million Residents Have Bought Crypto, a 'Significant Increase'
The FCA study shows that the most recognized cryptocurrencies are bitcoin, libra, bitcoin cash, ether, bitcoin sv, and litecoin. Source: FCA

The most recognized cryptocurrency is bitcoin, according to survey participants, followed by libra, the cryptocurrency proposed by social media giant Facebook, then bitcoin cash, ethereum, bitcoin sv, and litecoin. Among crypto owners, 77% recognized three or more cryptocurrencies, and “92% could identify the correct definition.”

As for where respondents bought their cryptocurrencies, 77% said they bought through an online exchange. 5% only used UK-based exchanges, 12% used both U.K. and non-U.K. exchanges, while 83% only used non-U.K. exchanges. The top five cryptocurrency exchanges were Coinbase (63%), Binance (15%), Kraken (10%), Bittrex (8%), and Bitfinex (7%).

The FCA’s quantitative research fieldwork took place from Dec. 13-21 when 3,085 respondents were asked whether they had heard of cryptocurrencies. 73% or 2,258 people who said yes continued to complete an online questionnaire while the rest were screened out. In addition, 493 current or previous crypto owners were shown a longer survey.

In the 2020 budget, the U.K. government announced that it plans to “consult on bringing certain cryptoassets into scope of the financial promotions regulation.” It also “intends to consult on the broader regulatory approach to cryptoassets,” including stablecoins. The full FCA report can be found here.

What do you think about the FCA survey? Let us know in the comments section below.

The post A ‘Significant Increase’: UK Regulator Says 2.6 Million Residents Have Bought Cryptocurrencies appeared first on Bitcoin News.

Lebanese Pound Falls 50% in Ten Days — Now Worth One Satoshi

A deepening monetary crisis has seen Lebanon’s national currency plummet a further 50% over the last ten days to reach parity with a single satoshi.

Lebanon’s national currency continues to shed value amid the country’s deepening monetary crisis, with unofficial reports indicating that the Lebanese pound, or lira, has lost 50% of its purchasing power in less than two weeks.

On July 2, local crypto advocate Saifedean Ammous, author of The Bitcoin Standard, took to Twitter to assert that after “having lost half its value in the last 10 days, the Lebanese lira is now worth one satoshi” — comprising a historic low for the currency of roughly $0.000093.

On June 21, Ammous noted that “Ten years ago, one Lebanese lira was worth 0.67 Bitcoin.”

“Imagine spending 45 minutes explaining Bitcoin to a group of Lebanese people and then having one of them ask: ‘but without a central bank regulating, what guarantees Bitcon’s value?’” Ammous posted a day earlier.

Lebanon’s citizens turn to crypto

It’s hard to confirm the precise exchange rate as Lebanon’s lira has officially been valued at US $0.00066 since 1997, however chronic economic mismanagement has led to the emergence of a parallel market for the currency. Reports indicate it has seen its value plummet 86% in roughly one year.

The accelerating crisis has crippled daily life in Lebanon, with the country now preparing for a wave of emigration as it prepares to open its sole international airport following COVID-19 restrictions.

“We're like prisoners who do nothing but try to plot our escape,” 32-year-old graphic designer Bernard Hage told Al Jazeera.

However, the economic turmoil has revitalized interest in cryptocurrency among Lebanon’s youth, with an informal Twitter survey in May indicating that 57.5% of locals would prefer to receive their salary in Bitcoin (BTC).

In February, 29-year-old Mahmoud Dgheim told Al Jazeera: “Right now, Lebanese are interested in escaping tight restrictions on cash withdrawals and transfers. They basically want financial freedom.”

“If you want to go around the banking system, Bitcoin is a solution.”

National currencies worth one satoshi

While many veterans of the crypto space once considered one satoshi was such a small monetary subdivision as to be almost worthless, current Bitcoin prices have rendered the satoshi equivalent in value to many national currencies.

The fiat currencies of Guinea, Sierra Leone, Laos, and Uzbekistan are all currently valued at roughly $0.0001 — close to the price of a single satoshi.

One satoshi trades for a 30% premium over Indonesia’s rupiah, it’s twice the value of Vietnam’s dong, and more than eight times the value of Iran’s rial.

Court Likens Coinbase to a ‘Traditional Bank’ in Child Porn Appeal Case

A court has likened Coinbase to a “traditional bank” in rejecting an appeal from a convicted child porn purchaser who appealed using the Fourth Amendment.

A three-judge panel has ruled that FBI agents who subpoenaed Coinbase records to show a man had used Bitcoin to access child pornography did not violate his Fourth Amendment rights.

They rejected the appeal of Richard Gratkowski, who was convicted of receiving child pornography and accessing websites with the intent to view child pornography in May 2019 and was sentenced to 70 months in prison with 10 years of probation.

On June 30, the court likened Coinbase to a traditional bank, citing the Supreme Court’s unanimous 1939 decision in United States v. Miller — which found that bank records were not protected by the Fourth Amendment.

“Coinbase is a financial institution, a virtual currency exchange, that provides Bitcoin users with a method for transferring Bitcoin,” wrote Judge Catharina Haynes.

“The main difference between Coinbase and traditional banks, which were at issue in Miller, is that Coinbase deals with virtual currency while traditional banks deal with physical currency.”

Gratkowski appeals using Fourth Amendment

An FBI investigation into a child pornography website had found that Gratkowski used Bitcoin (BTC) to pay for its content between June 2016 and May 2017. 

Federal agents identified the wallets that had been used to send BTC to the website, leading to the FBI subpoenaing Coinbase for information on its customers whose accounts were associated with transactions sent to the website. The investigation informed a raid on Gratkowski’s home, where a hard drive containing child pornography was found.

Gratkowski appealed his conviction arguing that data concerning Bitcoin transactions should be subject to the same protections as was granted to cell-site location information in the Supreme Court’s 2018 Carpenter v. United States decision.

The panel of judges rejected Gratkowski’s argument, asserting that unlike cell-site location information, data concerning Bitcoin transactions do not comprise a “pervasive or insistent part of daily life” or provide “an intimate window into a person’s life.” The panel also emphasized the public nature of data transmitted via Bitcoin’s blockchain.

“The nature of the information on the Bitcoin blockchain and the voluntariness of the exposure weigh heavily against finding a privacy interest in an individual's information on the Bitcoin blockchain," Judge Haynes concluded.

Bitcoin and the Fourth Amendment

Gratkowski’s is not the first case in which a defendant has sought to appeal to the Fourth Amendment — which protects people from unreasonable searches and seizures by the government — in a bid to argue that law enforcement’s seizure of cryptocurrency data is unconstitutional.

During the trial of Ross Ulbricht, the founder of anonymous darknet marketplace Silk Road, Ulbricht unsuccessfully claimed that his prosecution violated the Fourth Amendment in its use of data in identifying him.

A recent academic paper titled ‘Transparency is the New Privacy: BLockchain’s Challenge for the Fourth Amendment, author Paul Belonick argues that the Fourth Amendment “rest[s] on physical-world analogies that do not hold in blockchain’s unique digital space.”

Bitcoin Hesitates But Indicators Suggest BTC Could Surge Above $9,300

Bitcoin is slowly moving higher and it recently tested $9,300 against the US Dollar. BTC is now trading well above the 100 hourly SMA, and it is likely to surge above $9,300.

  • Bitcoin is showing a few positive signs above the $9,200 and $9,150 levels.
  • The price revisited the $9,300 resistance and it is now trading well above the 100 hourly simple moving average.
  • There is a significant bullish trend line forming with support at $9,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct a few points, but it is likely to break the $9,300 hurdle for more upsides.

Bitcoin Price is Eyeing Upside Break

After settling above the $9,000 level, bitcoin started a slow and steady rise against the US Dollar. BTC surpassed the $9,200 resistance level and it is now trading well above the 100 hourly simple moving average.

The recent upward move was positive and the price gained traction after it broke the $9,220 resistance and a connecting bearish trend line on the hourly chart. It opened the doors for more gains and the price climbed towards the $9,300 resistance.

A high is formed near $9,301 and the price is currently correcting lower. It tested the 23.6% Fib retracement level of the recent upward move from the $9,061 swing low to $9,301 high.

Bitcoin

Bitcoin price breaks $9,200: Source: TradingView.com

On the downside, there are many decent supports forming near $9,180 and $9,160. There is also a significant bullish trend line forming with support at $9,180 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent upward move from the $9,061 swing low to $9,301 high.

The main hurdle on the upside is still near the $9,300 level. A successful break and close above $9,300 may perhaps clear the path for more gains in the coming sessions. The next key resistance is near the $9,500 and $9,550 levels.

Another Bearish Reaction in BTC?

The trend line support is a major barrier for the bears near $9,180. If bitcoin trades below the trend line support, it could decrease the chances of an upside break above $9,300 in the short-term.

The next support is near the $9,120 and the 100 hourly SMA. The main breakdown support is now near the $9,000 level, below which the bulls are likely to lose control.

Technical indicators:

Hourly MACD – The MACD is slowly moving back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 60 level.

Major Support Levels – $9,180, followed by $9,120.

Major Resistance Levels – $9,300, $9,340 and $9,500.

“Perfect Storm” of Technicals Indicates Bitcoin May Plunge After Hitting $9,500

After holding the low-$9,000s for days on end, Bitcoin has attempted to break out over recent hours. The cryptocurrency trades at $9,250 as of the time of this article’s writing, having established a local peak at $9,300.

Technical analysis, unfortunately, confirms that BTC may soon see a rejection.

Bitcoin Could See a Strong Rejection at $9,500: Here’s Why

There’s a perfect storm of technical factors suggesting that Bitcoin will sustain a rejection at $9,500.

A cryptocurrency trader shared the chart below on July 1st in an attempt to convey this sentiment. It shows that within a few dozen basis points of $9,500, there is a large confluence of technical resistance levels. These include but are not limited to:

  • A daily pivot level
  • June’s volume-weighted average price
  • The four-hour 200 simple moving average
  • The price Bitcoin traded at on June 1st.
  • A descending trendline that marked three distinct highs over the past month.
  • The 61.8% Fibonnaci retracement of the $10,500 highs.

Image

Important Bitcoin levels analysis from trader "Coiner-Yadox" (@yodaskk on Twitter). Chart from TradingView.com

The fact that so many technical resistance levels currently exist at $9,500 suggests that a sell-off will take place once this zone is reached.

Only adding to the chance that takes place, Bitcoin is also facing down a sell wall in that region.

As reported by NewsBTC previously, the same analyst observed that there was over $10 million worth of sell orders on Binance right at $9,500. It is unclear if those orders are still there, yet there are many traders online identifying $9,500 as a point at which Bitcoin’s micro-rally will reverse.

Image

BTC chart over the past few days with order book dominance indicator from trader "Coiner-Yadox" (@yodaskk on Twitter)

One analyst implied that Bitcoin reaching $9,500 will confirm his bearish macro sentiment.

He wrote: “I don’t want any correction, I want to see price continue to extend into $9,500 on BTC. It would play into my macro thoughts if this happens.”

This comes shortly after the same analyst suggested that Bitcoin is likely trading in a high time frame pattern of “distribution” predicting a drop under $7,000.

What Happens if BTC Crosses $9,500?

With $9,500 clearly being an important level for Bitcoin, what will happen if the cryptocurrency crosses and secures that level?

According to some, it would confirm that more upside is likely.

One trader shared that Bitcoin is currently cleared to move lower, though his opinion will change if $9,500 is flipped into support.

“This is the current path that PA could be looking to take, buyers defended the initial breakdown in high 8000’s range which is a good start, next level to test is $9250… To flip to a bullish bias $9500 needs to be flipped into support on a daily timeframe.”

Image

Bitcoin price analysis by trader Cactus (@TheCryptoCactus on Twitter). Chart from TradingView.com
Photo by Michael Rogers on Unsplash
Charts from TradingView.com
Price tags: xbtusd, btcusd, btcusdt
"Perfect Storm" of Technicals Indicates Bitcoin May Plunge After Hitting $9,500

Norway turns to IBM blockchain for sustainable salmon—and activists are probably happy

For Norway’s huge following of climate change and sustainable farming activists, blockchain technology may hold an answer.

Last week, the Norwegian Seafood Association (NSA) said it is partnering with IBM for the latter’s enterprise blockchain solution “Transparent Supply” — changing how its billion-dollar fish industry will operate moving forward.

Salmon—now blockchain-tagged

Norwegian Salmon is a serious business. Reports estimate the industry generates just shy of $1 billion annually in imports for the Scandinavian country—making up an important part of its overall economy.

Concerns of sustainability and traceability have been raised in the past. The aura around Norwegian Salmon brings with it below-par products, frauds, and storage concerns, all of which individually contribute towards buyer decisions.

But Kvarøy Arctic, one of the joinees, thinks blockchain technology ends such concerns. The firm is a leading provider of naturally sea farmed salmon, and shall soon deliver blockchain-tagged fish fillets to retailers in the United States and Canada.

NSA CEO Robert Eriksson believes that using blockchain will increase the competitive edge of the Norwegian fishing industry. He touts the world-renowned quality as a USP, but without the ability to trace origins and track storage fosters fraud and food waste:

“Blockchain can help eliminate these problems with a transparent, accountable record of where each fish came from.”

Eriksson believes other industries might pile on if the pilot efforts catch on, leading to more sustainable food production and profits for Norway’s famed agricultural businesses.

Sustainability a theme of 2020

The partnership comes as sustainability in food chains has gained prominence—perhaps even a cult following—since last year.

Led by activists like Sweden’s Greta Thunberg, a majority of affluent populations in Europe are siding with calls for reducing the world’s carbon footprint, creating sustainable food sources, and moving to more eco-friendly methods of living.

Led by Greta Thunberg, youths rally in Sweden against climate change and for sustainable living. (Source: AFP)

A recent IBM study concluded that over 70 percent of surveyed consumers vouched for traceability over other factors—even stating a premium price was no limiting factor if sustainability was proven.

With the blockchain system in place, customers would get documentation about the fish they consume. This would include points like where the fish is from, when it was fished, the feed it has eaten, and even the temperature it was transported in.

Blockchain tags may soon feature on salmon shelves in the U.S. (Source: AP)

For sellers, this means charging a higher premium for location-centric salmon deemed a higher-quality, similar to what single-origin coffee sellers have enjoyed in the past few years.

Other blockchain-specific benefits include ease-of-clearance at national Customs checkpoints, ensuring easy data access for the latter to expedite clearance. 

Launched in 2016, the IBM Blockchain Transparent Supply allows participants on a shared network to manage their membership, securely share documents, and create a permanent record of the history and lifecycle of physical and digital assets.

The post Norway turns to IBM blockchain for sustainable salmon—and activists are probably happy appeared first on CryptoSlate.

South Korean Giant to Begin Crypto Custody for Institutional Investors

One of South Korea’s biggest commercial banks, NongHyup (NH Bank) said it is working on a cryptoasset custodial services platform for institutional investors. Per ET News, the bank said that it wants to launch crypto “ecosystem” operations, and also spoke of its long-term plans which include offering custodial services to the South Korean central bank, the Bank

Binance Security Report Sheds Light On Crypto Scams

A report released by crypto exchange Binance illustrates how scams targeting cryptocurrency investors attempt to gain credibility.

A report released by major crypto exchange Binance illustrates how scams targeting cryptocurrency investors attempt to gain credibility.

In the report published on June 30, the exchange explained that its Binance Sentry risk investigation service observed reports of fraudulent investment schemes promising quick or exponential returns on cryptocurrency investments. The frauds do not just concern crypto but also forex, binary options and contracts for difference (CFDs).

Binance published the report after a Bitcoin (BTC) scam targeted the residents of Winnipeg, Canada, in late June.

Scams are often well-organized, big operations

Scam organizations are frequently the subject of regulatory warnings but often use different, seemingly unrelated brands. In fact, what seems like dozens of projects can often be just different branches of one big operation. In some cases “one brand might be crypto-specific, another may focus on forex or CFDs”.

Some fraudulent entities create false ‘consumer organizations’ that squeeze victims for even more funds after they become suspicious that the organization is a scam and try to report it. Projects often fabricate regulators and governmental agencies such as corporate registers in an attempt to earn the trust of investors.

Binance Sentry also notes that the global nature of many of the scams, make legal action against them harder. The report explains:

“[Scam] victims are often situated all over the world, living in jurisdictions that are different from the pseudo-services to which they fall victim. [...] As one may expect, this not only results in an increased level of difficulty for law enforcement investigations but also complicates the process of establishing connections between victims.”

Binance Security Report Sheds Light On Crypto Scams

A report released by crypto exchange Binance illustrates how scams targeting cryptocurrency investors attempt to gain credibility.

A report released by major crypto exchange Binance illustrates how scams targeting cryptocurrency investors attempt to gain credibility.

In the report published on June 30, the exchange explained that its Binance Sentry risk investigation service observed reports of fraudulent investment schemes promising quick or exponential returns on cryptocurrency investments. The frauds do not just concern crypto but also forex, binary options and contracts for difference (CFDs).

Binance published the report after a Bitcoin (BTC) scam targeted the residents of Winnipeg, Canada, in late June.

Scams are often well-organized, big operations

Scam organizations are frequently the subject of regulatory warnings but often use different, seemingly unrelated brands. In fact, what seems like dozens of projects can often be just different branches of one big operation. In some cases “one brand might be crypto-specific, another may focus on forex or CFDs”.

Some fraudulent entities create false ‘consumer organizations’ that squeeze victims for even more funds after they become suspicious that the organization is a scam and try to report it. Projects often fabricate regulators and governmental agencies such as corporate registers in an attempt to earn the trust of investors.

Binance Sentry also notes that the global nature of many of the scams, make legal action against them harder. The report explains:

“[Scam] victims are often situated all over the world, living in jurisdictions that are different from the pseudo-services to which they fall victim. [...] As one may expect, this not only results in an increased level of difficulty for law enforcement investigations but also complicates the process of establishing connections between victims.”

Industry Executive Doubles Down: Bitcoin Will Hit $50,000 in 2020

bitcoin
After a strong rally from the March lows, Bitcoin has stopped trending higher. For the past two months, the cryptocurrency has been caught in a 15% range that it has barely deviated from. The consolidation has been met with assertions by analysts that BTC has lost its momentum. One trader asserted on June 30th that the key Ichimoku Cloud indicator showed “weakening bullish momentum.” Yet many investors in the industry remain optimistic. One industry executive went as far as to say that he thinks Bitcoin is on track to hit $50,000 in 2020. Bitcoin Could Rally to $50,000 in 2020: Nexo CEO In May, Nexo co-founder Antoni Trenchev said that Bitcoin was on track to hit $50,000 in 2020. He made his prediction while BTC was surging, testing $10,000 as it attempted to set new year-to-date highs. Despite the recent consolidation, he remains bullish. In a recent interview with Bloomberg’s Joana Ossinger at BlockDown, a digital crypto conference, Trenchev conveyed why he remains bullish. Core to his bull case is BTC’s strict supply of 21 million coins: “You can’t have the President of the United States tweeting out that the money supply, the total number of Bitcoin should be expanded from 21 million. You just can have that. Bitcoin is this perfect structure, which has all the right principles. And those once formulated, stipulated, put into code, they remain unchanged of any human intervention.” Trenchev argued that this simple supply cap is what draws so many retail and institutional investors to the industry. He added that with “almost $8 trillion” printed by central authorities over recent months due to the pandemic, Bitcoin and gold should do really well. “So yes, I’m sticking to my prediction of 50K until the end of the year. I appreciate that it is a bold statement, but the fundamentals are there and the momentum is shifting there as well,” Trenchev concluded to the Bloomberg journalist. Others Are Bullish, But Not That Bullish There are many others expecting Bitcoin to rally even higher in 2020, but most don’t think $50,000 is possible. They don’t think that’s possible in such a short time frame, anyway. Bloomberg came out with an extensive report on the crypto market at the start of June. In it, senior commodities analyst Mike McGlone suggested that Bitcoin could hit $20,000 this year and maybe $28,000 if the right trends align. McGlone attributed this prediction to the fact that Bitcoin looks structurally similar to BTC at the last halving. The cryptocurrency trending as it did after the last halving will result in a year-end price of around $20,000. The analyst also noted that with a growing correlation with gold, growing adoption of Bitcoin by institutions, and a spike in on-chain usage, BTC is likely to appreciate. Something, in fact, would “need to go wrong” for the asset not to do so, McGlone concluded. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Industry CEO Doubles Down: Bitcoin Will Hit $50,000 in 2020

Boomer and Gen-X Interest in Bitcoin Surges During Pandemic

Boomers and Gen-X investors have increased their Bitcoin investments by a factor of nine since the start of the global lockdown.

The older generations have increased their monthly Bitcoin investments by a factor of nine on U.K crypto trading app Mode since the beginning of the pandemic and lockdowns.

Mode Banking reported that Baby Boomers (born 1946-1964) and Generation-X (born 1965-1980) investors are investing significantly larger portions of their wealth into Bitcoin since the start of the COVID-19 pandemic.

Using February as the baseline, the findings show that investments from these generations increased 2.24x in March, 4.49x in April, and 8.88x in May.

However the report does not cite any dollar values on the relative amounts invested, so it’s difficult to determine how significant the data is.

Mode Chief Product Officer Janis Legler stated:

“We believe these to be very interesting findings, and although the reasons for this could be manifold, they could potentially reveal an unprecedented change in the way investors think today, as a result of the global pandemic.”

Bitcoin investments by the older generations are growing during COVID-19

Bitcoin investments by the older generations are growing during COVID-19. Source: Mode

Millennials double investments each month

Mode’s figures show that investments on the app from the younger generations, Millenials and Gen-Z, were already doubling month on month prior to the pandemic. But, before lockdowns, the older generations were only spending 61% more month-on-month — which grew to an average of 107% month-on-month during the pandemic.

The investment gap between generations is closing

The investment gap between generations is closing. Source: Mode

Legler said this increase in interest is very important for ongoing success of crypto markets as the majority of wealth is still owned by Boomers and Gen-X:

“We expected Millennials to continue buying into cryptocurrencies, but to see more experienced investors also become increasingly interested in Bitcoin, is extremely promising for the growth of the industry.”

Morgan Creek Digital co-founder Jason Williams mirrored this sentiment, saying on Twitter that the older generation will soon own more digital assets than millennials:

“Boomers and Gen X’rs will move to own massive amounts of #Bitcoin and control exponentially more of the asset than millennials when it should be the other way around.”

Boomer and Gen-X Interest in Bitcoin Surges During Pandemic

Boomers and Gen-X investors have increased their Bitcoin investments by a factor of nine since the start of the global lockdown.

The older generations have increased their monthly Bitcoin investments by a factor of nine on U.K crypto trading app Mode since the beginning of the pandemic and lockdowns.

Mode Banking reported that Baby Boomers (born 1946-1964) and Generation-X (born 1965-1980) investors are investing significantly larger portions of their wealth into Bitcoin since the start of the COVID-19 pandemic.

Using February as the baseline, the findings show that investments from these generations increased 2.24x in March, 4.49x in April, and 8.88x in May.

However the report does not cite any dollar values on the relative amounts invested, so it’s difficult to determine how significant the data is.

Mode Chief Product Officer Janis Legler stated:

“We believe these to be very interesting findings, and although the reasons for this could be manifold, they could potentially reveal an unprecedented change in the way investors think today, as a result of the global pandemic.”

Bitcoin investments by the older generations are growing during COVID-19

Bitcoin investments by the older generations are growing during COVID-19. Source: Mode

Millennials double investments each month

Mode’s figures show that investments on the app from the younger generations, Millenials and Gen-Z, were already doubling month on month prior to the pandemic. But, before lockdowns, the older generations were only spending 61% more month-on-month — which grew to an average of 107% month-on-month during the pandemic.

The investment gap between generations is closing

The investment gap between generations is closing. Source: Mode

Legler said this increase in interest is very important for ongoing success of crypto markets as the majority of wealth is still owned by Boomers and Gen-X:

“We expected Millennials to continue buying into cryptocurrencies, but to see more experienced investors also become increasingly interested in Bitcoin, is extremely promising for the growth of the industry.”

Morgan Creek Digital co-founder Jason Williams mirrored this sentiment, saying on Twitter that the older generation will soon own more digital assets than millennials:

“Boomers and Gen X’rs will move to own massive amounts of #Bitcoin and control exponentially more of the asset than millennials when it should be the other way around.”

Here’s what on-chain data is saying about Cardano’s 12% rally

Cardano (ADA) has been on a hot streak as of late, incurring intense upwards momentum that has allowed it to garner a trend independent of the aggregated crypto market.

The token incurred some parabolic momentum today that allowed it to post a whopping 12 percent surge.

This move comes as Bitcoin continues consolidating within the lower-$9,000 region and as the highly anticipated Shelly network upgrade begins rolling out.

On-chain data seems to indicate that this latest upswing may simply mark the early stages of the cryptocurrency’s next intense uptrend, as one indicator shows that there is little resistance lying between its current price of $0.09 and $0.11.

Cardano rallies 12% as Shelly network upgrade rolls out

Today’s uptrend wasn’t entirely unexpected, as it has closely coincided with the Shelly network upgrade – which is anticipated to increase ADA’s scalability and further decentralize the network.

The process will take some time to complete but will be fully implicated within the next three weeks, at which point the network will undergo a hard fork.

Investors are taking notice of this news, with the price of Cardano surging over 12 percent today to its current price of $0.093.

This movement has come about independent of the aggregated crypto market and appears to be directly linked to the release of Shelly.

ADA has now raced up to fresh yearly highs and is currently navigating through a resistance level that has held strong since June of 2019.

Despite this, Cardano remains well below its early-2018 highs of over $1.00, as it has not been able to catch the same momentum that tokens like Chainlink and Tezos have seen in recent years.

On-chain data suggest further upside could be imminent 

It appears that the cryptocurrency’s strong uptrend may just be getting started.

According to data from blockchain visualization tool IntoTheBlock’s In/Out of the Money Around Price (IOMAP) indicator, Cardano doesn’t face any significant resistance until $0.11.

Cardano ADA
Data via IntoTheBlock

This means that the token could continue climbing higher before sellers step up and halt its uptrend.

Because this price action is news-driven, the success of the Shelly rollout will also be incredibly influential on the crypto’s near-term price trend.

If there are any bumps in the road, ADA investors may respond adversely and spark a sharp selloff.

It is also a strong possibility that Cardano’s past correlation with the aggregated market will return if Bitcoin makes any notable movement.

The post Here’s what on-chain data is saying about Cardano’s 12% rally appeared first on CryptoSlate.

Strategist: Next Wave of Bitcoin Investors Likely to Come from Robinhood

As Bitcoin continues trading sideways within a trading range between $9,000 and $10,000, investors are busy at work speculating as to what could help fuel a further price rise for the benchmark digital asset.

Now, one strategist is noting that the crypto could soon see a massive influx of new capital from retail traders – and particularly those trading on Robinhood.

There have been countless examples of an army of return-hungry retail investors on the popular investment platform who have pumped the stock prices of many small companies – even some that have gone bankrupt.

One strategist is now noting that this retail hoard may soon grow bored with equities and direct their attention to Bitcoin – which is offered on the platform.

He contends that they could soon pile into Bitcoin positions.

Robinhood Traders Gain Increasing Control Over the Markets

Armed with smartphones and relatively small amounts of capital, a collective group of retail investors has been wielding massive influence over the equities market.

Market spectators have been closely watching the dynamics amongst these investors, who have notoriously been behind some bizarre market movements, including the massive parabolic rally seen by Hertz’s stock shortly after it went bankrupt.

To many crypto veterans, this market dynamic is strikingly similar to that seen by altcoins in late-2017, when profits from Bitcoin’s meteoric rise cycled into smaller digital assets, allowing some investors to clock massive profits.

While speaking to Bloomberg about this trend seen amongst Robinhood investors, Benn Eifert – a managing partner at QVR Advisors – explained that this new dynamic stems from social media.

“It’s a social media-like dynamic… Someone points out a stock that’s moving and posts some charts, an influencer says, ‘Ok we’re buying it, buy the calls’ and then many people pile in.”

Strategist: Bitcoin Likely to See Influx of Fresh Capital

Matt Maley, the chief market strategist at Miller Tabak + Co., believes that these retail traders will soon target the crypto markets through the popular app, which offers access to Bitcoin and a few other tokens.

“They’re playing in another sandbox right now, but they’re keeping their eyes on all the other sandboxes because they know that something like Bitcoin can make them a big profit very quickly,” he explained.

Maley further added that this trend could kick off if the benchmark cryptocurrency sets a fresh yearly high.

“Interest in [Bitcoin] is going to pick right back up and all those momentum players are going to say, ‘I’m in.’”

Featured image from Shutterstock.

Comedian Bill Burr: ‘I’m Getting Bitcoin! F—- This!’

Comedian Bill Burr has seen the light after hearing Anthony Pompliano explain the disadvantages of legacy systems.

Bitcoin bull Anthony Pompliano has just persuaded Bill Burr, one of the biggest comedians in the world, to invest in cryptocurrency.

In a July 1 episode of the Bill Bert Podcast — so named for the comedian and his co-host Bert Kreischer — Burr said he was buying Bitcoin (BTC), after one of his famous profanity-laden tirades culminated in the phrase: “I’m getting Bitcoin! f--- this s---!”.

Pomp commented on Twitter after the interview: “I’m calling it now. On July 1, 2020, Bill Burr and Bert Kreischer kicked off a historic 18-month Bitcoin bull market.”

Comedy of education

Pompliano, AKA Pomp, had just finished educating the duo on how banks are unable to provide more than $250,000 in protection from the Federal Deposit Insurance Corporation (FDIC) for some accounts. 

Burr, who has a net worth of roughly $12 million, risks losing a lot of money should a bank fold, unless his fiat assets were highly spread out. The comedian took aim at “unqualified” bankers using his money to turn a profit, claiming they inflated the housing market. 

“You create this whole f----ing bubble and when the whole thing goes to s--- you still get a f---ing bonus and you're only gonna give me 250 off my million bucks? How is that f---ing legal? I’m getting Bitcoin! f--- this s---!”

Blockchain Monopoly

The duo quizzed Pomp on almost everything financial, from legacy systems and inflation to the history of cryptocurrency back to Satoshi. Though not shying away from using financial lingo, Pomp kept his analogies simple, explaining distributed ledgers as a game of Monopoly in which everyone tracks the money.

Eventually the conversation turned practical, with the pair asking about the current price — $9,232 at the time of writing — and how crypto is held. Pomp even proposed Burr consider adding Bitcoin as an option for payments for his comedy shows, while Kreischer also expressed an interest in mining the cryptocurrency.

Responses from viewers were generally positive at the trio’s exchange.

“Pomp explains BTC to two wisecracking comedians so well that they're genuinely fascinated,” said Twitter user jeffcrow.

Redditor Peter4real also credited the Bitcoin educator for explaining the concept to Burr: “He is being critical but trying to understand that there’s something rotten in the economy that affects everybody except the rich.”

Room for humor

However, being comedians, Burr and Bert took the time to make Pomp chuckle on a number of occasions with statements including “Bitcoin is like Cardi B: you’ve heard of her, but never heard of her songs.” Burr threw out the name of a person he invented at the Fed when challenged on his knowledge, which nearly caused Pomp to fall out of his chair laughing.

Upon seeing clips of the interview, members of Crypto Twitter were also quick to try their hand at a few jokes. User LowkeyKyrie said: “Bill, blink twice in the next clip if you are being held hostage until you push enough Bitcoin.”

LocalBitcoins Revenue Up 10% Despite KYC Impacting Market Share

LocalBitcoins reported a 10% increase in annual revenue for 2019 despite the platform's KYC overhaul impacting trade volume on the platform.

Veteran peer-to-peer (P2P) crypto marketplace LocalBitcoins has reported annual revenue of nearly $29.5 million for 2019.

The revenue comprises a roughly 10% increase over 2018’s $26.9 million, however, the firm also noted a 6% drop in annual operating income to $19.8 million.

LocalBitcoins’ staff also expanded significantly last year as the platform strengthened its know-your-customer (KYC) requirements in the third and fourth quarters of last year, with the firm’s headcount increasing from 26 to 43.

LocalBitcoins stifles illicit activity

“2019 was an invaluable learning experience for us, as we implemented anti-money laundering and know-your-customer (KYC) regulations," said LocalBitcoins chief executive Sebastian Sonntag. 

"As expected, undesired activity was driven away from the platform and the implementation of KYC itself was a challenging process. Despite these, we were able to deliver growth and excellent earnings.”

LocalBitcoins reported 1.46 million new users last year, with 913,000 active users generating $2.8 billion in volume over 15.6 million trades — indicating an average trade size of $179.49.

Sonntag notes that the platform has continued to show signs of strength this year, with new customers sign-ups increasing 50% from roughly 4,000 in January to 6,000 today.

Paxful making moves

Despite Sonntag’s optimistic outlook for LocalBitcoins' near-term outlook, 2020 has seen rival platform Paxful take over as the top P2P exchange by trade volume since early June according to data published by UsefulTulips.

The milestone was first reported by UsefulTulips’ Matt Ahlborg on June 9 as Paxful’s volume in the two top regions by P2P trade volume — North America and Sub-Saharan Africa — surged into new all-time highs.

Speaking to Cointelegraph, a Paxful spokesperson stated: “We attribute much of our growth to our community, who we continuously listen to and learn from.”

“At Paxful, one of our values is to stay connected to the streets — meaning our users community,” the representative continued, emphasizing grassroots initiatives to foster local communities in new markets including India, Argentina, and throughout Sub-Saharan Africa.”

“When you look at our data, in Africa, Nigeria, Ghana, and Kenya we lead in terms of volume this year,” the Paxful spokesperson noted.

Bitcoin is Showing “Signs of Exhaustion” as Analysts Eye a Movement to $8,000

Bitcoin is flashing some tempered signs of strength right now as it attempts to push up towards $9,300.

This comes after an extended period of trading at $9,100 and seems to mark an extension of the momentum that the crypto first incurred when it bounced from its recent lows of $8,900 last week.

This momentum – although positive on a short time frame – is not emblematic of any sort of significant shift in the benchmark cryptocurrency’s underlying trend.

One prominent analyst is now noting that he believes there are several factors that show Bitcoin is “exhausted” from a mid-term standpoint, signaling that further downside could be imminent in the days and weeks ahead.

He explains that this could lead the crypto as low as $8,090 in the near-term, with this being a major support region that could allow it to climb significantly higher.

Bitcoin Pushes Towards $9,300 as Buyers Generate Some Momentum 

At the time of writing, Bitcoin is trading up just under 2% at its current price of $9,290. The crypto has been slowly climbing higher throughout the day, but now appears to be finding some resistance.

This short-term uptrend comes just after it posted its monthly candle for June, with this monthly close pointing to significant indecisiveness amongst both its buyers and sellers.

If bulls continue pushing the crypto higher, the next crucial resistance area to closely observe sits around $9,700 and extends through $10,000. BTC has been rejected within the region on countless occasions over the past couple of months.

Unless there is some fundamental shift that causes a massive influx of buying pressure, it remains unclear as to what could catalyze a movement past this level.

Nik Patel – a popular crypto trader – explained in a blog post that one a short time frame the crypto is showing signs of weakness, particularly due to its recent rejection at $9,800.

“Turning to the daily, the lack of follow-through after the push up into short-term trendline resistance from earlier in the month was quite telling, with price falling off in subsequent days, albeit on declining volume,” he noted, referencing last week’s pump to highs of $9,800.

Bitcoin

Image Courtesy of Nik Patel. Chart via TradingView.

BTC Likely to See $8,000 in Near-Term

As for where this weakness could lead the cryptocurrency in the coming few weeks and months, it may slide towards $8,000 before finding any robust support.

Patel also mused this possibility, explaining that a defense of this level would lead him to flip long on Bitcoin.

“I would absolutely not be surprised to see a breakdown here, despite the modest exhaustion signs, and I have marked out a possible trajectory into the $8k area that would sweep the May low and range support, as well as the 200dMA,” he said.

Featured image from Shutterstock.

Charts from TradingView.

Alt-Right Activist Stefan Molyneux Banned from Youtube, Raises $100K in Crypto Donations

Alt-Right Activist Stefan Molyneux Banned from Youtube, Raises $100K in Crypto Donations

The founder of Freedomain, philosopher and alt-right activist, Stefan Molyneux, received more than $100,000 in cryptocurrency donations after he was banned from Youtube on June 29, 2020.

Stefan Molyneux is well known for his Youtube videos, podcasts, and books. His early Youtube videos describing the benefits of bitcoin have been lauded. While getting over $100k in bitcoin, dash, bitcoin cash, and ethereum donations this week, the alt-right activist has also joined the Lbry platform.

On June 29, Molyneux was banned from Youtube. Molyneux joins a number of popular alt-right activists, libertarians, and cryptocurrency advocates who have been banned from the platform. Just recently, Bitcoin.com’s official Youtube channel was banned but luckily it was reinstated.

Many cryptocurrency advocates abhor censorship and when Molyneux was banned the cryptocurrency community added $100k to his donation chest of coins.

At the website Freedomain.com, crypto supporters can find the coin addresses of all the crypto assets Molyneux website accepts. This includes bitcoin (BTC), bitcoin cash (BCH), dash (DASH), ethereum (ETH), and a few others.

A great majority of the funds donated to Molyneux stemmed from bitcoin cash (BCH) donations. There is approximately 444 BCH ($99,500) in Molyneux’s bitcoin cash address, and 3.82 BTC ($35,000) in the Freedomain bitcoin (BTC) wallet.

Looking at the block explorers of all six coins Molyneux accepts minus monero (XMR), people can see a flurry of small donations were sent after Molyneux was banned. After the Youtube ban, Molyneux did join Lbry.tv and he has 6,819 followers to-date.

The Freedomain podcaster also asked for crypto donations last January and a number of crypto enthusiasts asked him to support more coins.

“I have been demonetized on YouTube, but you can support me here, much appreciated my friend,” Molyneux wrote at the time. Molyneux was also a big influence on the voluntaryist and libertarian communities early in his career.

During the latter half of his career, many libertarians lost interest in Molyneux for his pro-Trump and alt-right activism. Molyneux has written 10 books that have gathered 600 million downloads, and he has also hosted 4,500 podcasts as well.

What do you think about Stefan Molyneux being banned on Youtube and raising $100,000 in crypto donations? Let us know in the comments section below.

The post Alt-Right Activist Stefan Molyneux Banned from Youtube, Raises $100K in Crypto Donations appeared first on Bitcoin News.

The Last Time This Metric Was This Low, Bitcoin Bottomed at $3,200

The past two months have been a confusing time for Bitcoin investors. The cryptocurrency has traded between a rock and a hard place, barely deviating from the range lows of $8,500 and the highs of $10,000.

BTC is so indecisive that analysts have noted that a textbook volatility indicator has reached multi-month lows. Citing other indicators, others have argued that volatility is even at multi-year lows.

The Bitcoin bull case recently gained strength with an unexpected observation from a cryptocurrency technician.

Related Reading: A Hacker Just Drained $500k in Ethereum & Altcoins From a DeFi App

Bitcoin Bottomed in 2018 Last Time This Happened

Over the past few years, the Grayscale Bitcoin Trust (GBTC) has become increasingly important to the crypto market. Latest data suggests that Grayscale now holds around two percent of all Bitcoin in circulation. This is a figure that increases every few weeks as the firm continues to raise capital.

According to one trader, the investment vehicle has become so important that it may be signaling points at which BTC bottoms.

Because GBTC cannot be directly redeemed for BTC, there is a premium between the trust’s shares and the value of coins that backs the trust. The premium may indicate when Bitcoin bottoms, the trader suggested.

He shared the image below, which shows Bitcoin’s macro price action in relation to the premium of the trust over the spot price of Bitcoin. Whenever the premium is low, BTC seemingly bottoms out:

“This guy wrote an interesting thread about GBTC and pointed out that the GBTC premium seems to always be low when $BTC bottoms out. It looks like it’s true. Premium is always higher when market goes parabolic, premium is low when market bottoms out.”

Last time the premium was this low was in December 2018, when Bitcoin bottomed at $3,200. The cryptocurrency rallied 300% in the six months that followed.

The premium also saw a strong dip during the crash to $3,700, though it didn’t drop as far as it has now.

Image

Macro BTC price action with GBTC premium over spot market indicator. Chart from TradingView.com; chart made by Byzantine General (@Byzgeneral on Twitter).

Grayscale’s Massive Inflows

Tangentially related to the analyst’s observation, Grayscale has reported extremely strong inflows over recent months. This may signal to the market that long-term investors are accumulating.

As reported by technology analyst Kevin Rooke, Grayscale added 19,879 BTC to its Bitcoin Trust in a single week while miners produced 7,081 coins.

Image

BTC added to GBTC since halving vs. BTC mined since halving graph from Kevin Rooke (@Kerooke on Twitter).
Related Reading: Crypto Tidbits: BTC At $9k, Grayscale Ethereum Trust, Cryptocurrency & PayPal
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Chart from TradingView.com
The Last Time This Metric Was This Low, Bitcoin Bottomed at $3,200

For the first time since 2019, Tezos is at risk of breaking below its 200-day EMA

Tezos, like most other cryptocurrencies, has been caught within the throes of an extended bout of sideways trading as it hovers within the mid-$2.00 region.

The token’s intense upwards momentum seen throughout the past few months has stalled in recent times, and it is now hovering just above what appears to be a crucial horizontal support level at $2.30.

This coincides closely with its 200-day moving average, which is now at risk of being broken below for the first time since late-2019.

It is important to note that Tezos remains fundamentally strong despite it flashing some signs of subtle weakness. This strength can be seen while looking towards the total number of Tezos delegators helping to run the network.

Tezos at risk of breaking 200-day EMA as momentum stalls

At the time of writing, Tezos is trading up just under 2% at its current price of $2.43. This is around the level at which the cryptocurrency has been trading for the past several days.

The token has seen some immensely bullish price action throughout late-2019 and 2020, with its lucrative staking rewards being partially behind the influx of new investors.

This momentum, however, has stalled in recent weeks as Bitcoin and the aggregated cryptocurrency market remain caught within a multi-week bout of sideways trading.

XTZ is currently trading just a hair above its crucial support at $2.30 that has been ardently defended by bulls over the past week.

This level also coincides with its 200-day EMA – which is a crucial support level that it has been trading above throughout all of 2020.

Tezos now appears to be at risk of declining beneath this level. Josh Olszewicz – a respected analyst – noted that this would mark the first break below this level seen since November of 2019.

“1D XTZ – looks [ready] to break below the 200-day EMA for the first time since Nov 2019.”

Tezos
Image Courtesy of Josh Olszewicz

XTZ remains fundamentally strong despite technical weakness 

Although it could be on the cusp of seeing a massive decline, it is important to note that Tezos remains fundamentally robust.

As reported in a recent issue of Our Network from Spencer Noon, the number of XTZ delegators has continued climbing higher in recent times – a positive sign from a fundamental perspective.

“The total number of new Tezos delegators continued to grow and reached its highest growth ever (+7.5k) in May and is set to keep this pace in June. Over its short 2 years of existence, Tezos went through two growth epochs already and is in the middle of its third.”

Image Courtesy of Our Network (Data via BlockWatch)

A rising delegator count will likely help incubate growth in both Tezos’ development activity and its investor base, which could help sustain its uptrend in the months ahead.

The post For the first time since 2019, Tezos is at risk of breaking below its 200-day EMA appeared first on CryptoSlate.

The Grayscale Bitcoin Trust May Be Signaling BTC has Formed a Long-Term Bottom

Bitcoin has been consolidating between $9,000 and $10,000 for the past several days and weeks, struggling to garner any clear trend The crypto has expressed some overt weakness in recent times due to its propensity to trade near the lower boundary of this range Buyers have been ardently defending against a drop below $9,000 One trend seen while looking towards the publicly traded Grayscale Bitcoin Trust seems to indicate that the cryptocurrency could be forming a long-term bottom that will be followed by an uptrend Analysts are conflicted as to whether or not Bitcoin’s extended bout of sideways trading means that it is forming a long-term top, as the cryptocurrency has been hovering within the $9,000 region for well over a month. It is important to note that the benchmark crypto tends to form tops in sharp movements, rather than through long, drawn-out bouts of range-bound trading. One analyst does believe that this suggests that Bitcoin is not currently forming a top. A trend seen while looking towards the Grayscale Bitcoin Trust’s premium seems to corroborate this notion, with its plummeting premium historically being a sign of the market bottoming. Analyst: History Shows Bitcoin is Not Currently Forming a Top Pattern At the time of writing, Bitcoin is trading up just over 1% at its current price of $9,240. This is around where it has been trading over the past day. In the time since the massive volatility was seen last week – incurred when BTC pushed to $9,800 before facing a swift rejection – it has been hovering in the lower-$9,000 region. Despite its prolonged bout of sideways trading and frequent rejections around $10,000 both indicating that BTC has formed a top, one analyst doesn’t believe that this is the case. He notes that in the past, all of the benchmark cryptocurrency’s macro tops “usually happen fast” and are not formed over multi-week periods. “Something’s off, this is taking too long. If this is the top, then it might be the most drawn out top in BTC history. BTC tops usually happen fast, blow-off top style or a roll-over that accelerates quickly,” he explained. Image courtesy of Byzantine General. Chart via TradingView. What the Grayscale BTC Trust’s Premium Might Say About the Crypto There’s another factor that signals Bitcoin is not forming a top. The same analyst also pointed to the GBTC premium, explaining that low premiums tend to correlate with market bottoms, and vice versa. Because the premium has been diving as of late, it is a possibility that the cryptocurrency could be positioned to see further upside in the coming days and weeks. “Premium is always higher when market goes parabolic, premium is low when market bottoms out,” he said. Image courtesy of Byzantine General. Chart via TradingView. Featured image from Shutterstock. Charts from TradingView.