Dogecoin price analysis: Dogecoin retests $0.165 with another sharp move lower

TL;DR Breakdown

  • DOGE retraced to the $0.21 mark overnight.
  • Overall price action sentiment is still bearish.
  • Rejection for further downside seen again.

Dogecoin price analysis is bullish for the next 24 hours as the $0.165 mark was retested over the past hours and DOGE/USD prepares to spike higher once again. Therefore, we can expect Doge to move to the $0.25 mark later this week.

Dogecoin price analysis: Dogecoin retests $0.165 with another sharp move lower 1
Cryptocurrency heat map. Source: Coin360

The overall market trades with a substantial loss over the past 24 hours. Bitcoin has regained some of the loss seen yesterday and trades around a 1 percent gain. Ethereum also trades relatively flat with a -1 percent loss. Meanwhile, Dogecoin has lost almost 6 percent and is among the worst performers from the major altcoins.

Dogecoin price movement in the last 24 hours

DOGE/USD traded with a total volume of $7.34 billion, which is up by 64.88 percent. The total market capitalization stands around $25.1 billion, ranking the cryptocurrency in 8th place overall.

DOGE/USD 4-hour chart – DOGE retests $0.165

On the 4-hour chart, we can see that the Dogecoin price spiked lower over the past hours after finding some resistance at $0.21 overnight.

Dogecoin price analysis: Dogecoin retests $0.165 with another sharp move lower
DOGE/USD 4-hour chart. Source: TradingView

The overall market price action over the past weeks has been very bearish. After Dogecoin retraced from the $0.73 high, support was found at the $0.21 mark. From there, DOGE/USD formed a consolidation in an increasingly tighter range until a sharp spike higher was made at the end of May.

From there, DOGE started to retrace again, with a higher low set around $0.30 first, indicating a potential reversal over the next few days. However, the $0.33-$0.35 mark held the price action from further upside, resulting in a move lower again on the 20th of June.

Yesterday, DOGE/USD moved lower with an increasing momentum until the $0.165 mark. After a brief retest of $0.21, Dogecoin reversed earlier today and spiked to the $0.165 support again. Therefore, we can assume that the market will start to regain some of the loss seen over the last days and look to retest the $0.25 mark next.

Once the $0.25 level is reached, much depends on further Dogecoin price action development. If the following retracement sets a higher low, we can expect DOGE/USD to start trending higher over the following weeks. Alternatively, DOGE will move past the $0.165 mark and head towards the next support at $0.145.

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bullish as the market retested the $0.165 over the past hours and currently prepares to push higher. This should lead DOGE/USD back above the $0.21 mark and retest the next resistance at $0.25.

While waiting for the Dogecoin price to move higher, read our articles on what is DeFi, Bitcoin fees, what can you buy with Bitcoin?

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Wanchain Integrates Litecoin Into Powerful Cross-Chain Solution

The text below is an advertorial article that was not written by journalists. Wanchain has integrated top cryptocurrency Litecoin into its cross-chain infrastructure, enabling the asset to be traded across networks and used with EVM-compatible smart contracts. “Litecoin is one of the world’s most important cryptocurrencies, but it’s also amongst the largest without smart

Canada’s Largest Green Bitcoin Mining Firm Expands Public Trading With Nasqad Listing

Canada’s Largest Green Bitcoin Mining Firm Expands Public Trading With Nasqad Listing

One of the largest Canadian renewable energy-focused cryptocurrency mining firms BitFarms has been listed on the New York-based American stock exchange Market NASDAQ.

Cryptocurrency mining firms earn transaction fees in the native token of the specific network such as bitcoin, Ethereum, and Litecoin, for securing and processing transactions on the networks.

The firm started as a bitcoin mining farm in 2017 but has since diversified its portfolio through partnerships and established five industrial mining facilities in Quebec.

”We are proud to be a leader in the industry in setting the highest standards for ourselves and our mining operations and to be uplifting to one of the most prestigious stock exchanges in the world.”

Bitfarms to Become The Largest Green Crypto Mining Company

Bitfarms prides itself as the greenest mining company on the bitcoin network and uses 99% of its hydropower to power 1% of the network.  The listing is an important achievement and a significant milestone that follows years of development and ambition, Bitfarms said.

“When Bitfarms begins trading on the Nasqad, it will be the largest publicly traded Bitcoin miner in Both America using greater than 99% hydroelectric renewable electricity.”.

After the Nasqad debut, Bitfarms slumped 8% to $3.9 on Monday during its first day of trading and other mining companies like Marathon Digital Holdings and Riot Blockchain. However, Bitfarms had been publicly trading on the Toronto Stock Exchange for two years.

The slump has been linked to the ongoing crackdown of crypto mining firms in China, which has led to major sell-offs of various cryptocurrencies, including bitcoin as well as a drop in the value of mining equipment.

Despite the price slump, Bitfarms said in Mid-June that the global redistribution of the Bitcoin hash rate has so far been benefiting the firm.

“As the hashrate of Chinese miners drops, Bitfarms has earned higher transaction fees and increased its shares of the total Bitcoin network hashrate.”

As a result of the crackdown, Bitfarms has been earning more Bitcoin using the same hashrate and costs of operations.

Bitfarms Expansion Plan with Foundry Partnership

The listing comes two months after Bitfarms entered into a joint partnership with Foundry Digital, a subsidiary of Digital Currency Group. Foundry provides financing for mining bitcoin and other cryptocurrencies mining equipment, as well offering access to equipment manufacturers.

The partnership has facilitated the purchase of 2,465 Whatsminer M3OS Bitcoin mining machines, which have collectively increased Bitfarms operating hashrate by 133PH/s.  

The Nasdaq listing also adds to the growing number of companies with cryptocurrency companies with public listings, including Coinbase and Grayscale. Other top non-crypto currency firms with exposure to crypto through partnerships, investments, or side ventures, include Microsoft, Square, Paypal, Visa, Goldman Sachs, MicroStrategy, and Mastercard.

Extreme Fear In Crypto Market, Is It Time To Buy The Blood In Bitcoin?

The past week has been a brutal one for bitcoin and crypto in general. The market has taken hit after hit. So much so that it’s starting to seem like there is no end in sight. Coins have been falling at high percentages. It brings back a popular saying in the financial markets; “there’s blood in the streets.”

Investors have been reacting to this negatively. The Arcane Research Fear & Greed Index has moved back into extreme fear. Going down to the lowest it has ever been this year.

Fear & Greed Index from Arcane Research

Fear & Greed Index down to 10 into extreme fear | Source: Fear & Greed Index on Arcane Research

The Index currently sits at 10 in extreme fear. This means that investors are scared to put their money in the market. With no more money going into the market, the prices will go down. And we will see even redder charts.

Time To Buy The Blood?

“Buy the dip” is a popular saying in the crypto space. People are encouraged to buy coins when there has been a massive downturn in the price. Quoting this as being the best time to get into the market. But what happens when a dip goes past just being a dip into full-blown bleeding?

With red charts and downward-facing arrows, the market looks like it is bleeding. With massive liquidations going on and not as much faith in the digital assets anymore, the crypto market valuation is down.

Related Reading | Will A Large Spike In Bullish Sentiment Translate To A Bitcoin Rally?

It is always best to buy assets when there is “blood in the streets.” People are wary of the market. Weak hands are pulling out, dragging the price down. And that is when the long-term hodlers come out to play.

There is never any definite way to tell where exactly the market will bottom out. But a good indication is when assets are down so much that people are scared to buy back in. A time where it seems like the coins will never recover and that is the best time to buy.

Is There A Market Recovery On The Horizon?

A trend in the market has usually been massive dips are followed by good recoveries. People buy assets that are down a significant amount in hopes that they will make a profit when it recovers.

Total crypto market capitalization from

Total market capitalization less than 50% ATH | Source: Total Market Cap on

With institutional investors still holding on to their bitcoins, it looks that they still have hope in the market.

MicroStrategy recently bought an additional $500 million worth of bitcoins to add to its growing portfolio. Goldman Sachs had ramped up its bitcoin trading activities by partnering up with Galaxy Capital. All good-faith moves in the market.

But with the hash rate hitting record lows and the number of bitcoin mined in a day dropping, it could be that the market is headed for a bear market.

In that case, investors might be headed for a long waiting period. As the crypto bear markets are notorious for being painfully long. Lasting years at a time.

But there is just as much of a chance for recovery as there is for a total bear market.

Related Reading | More Than $1 Billion In Crypto Positions Liquidated In Overnight Bloodbath

It will not be the first time that the market has pulled ahead after massive downturns. A lot of investors see the falling prices as a chance to buy back in. And more money goes back into the market, so does more faith return. Increasing the valuation of the assets.

Bitcoin has fallen below $30k. Less than half its all-time high. A crucial hold point for the asset.

Ethereum has fallen below $2k.

The total market valuation now sits at $1.21 trillion. Less than 50% from its highest market valuation of $2.4 trillion.

Featured image from Cointelegraph, Fear & Greed Index from Arcane Research, crypto chart from

Crypto Bloodbath, $350 Billion In Market Cap Gone In 48 Hours

Bitcoin and altcoins alike, the entire crypto space takes a beating, losing $350 billion in market cap in just 48 hours.

As a result, the market cap is just around 1.2 trillion today, the lowest it has been since the start of the year.

Bitcoin price dropped below $30k due to the fud caused by China‘s recent crypto crackdown movements. As it usually is the case, the other coins also dipped in response to that.

Altcoins Suffer Double Digit Losses

The crash seems to have hit the alternative coins pretty hard as all the major ones seem to be in the red by double digit percentages.

Here is a chart on Quantify Crypto that shows all the major cryptocurrencies with their daily changes in value as of Tuesday:

The entire crypto market is shook | Source: Cryptocurrency Price Heatmap on Qunatify Crypto

Ethereum (ETH) is down almost 12% to $1753. Only a week ago, ETH was above $2600.

The third largest coin by market cap is Binance Coin (BNB), and it’s floating around $237 right now. Thus, it has fallen off by 23%.

Dogecoin (DOGE) has suffered a loss of 25%, one of the biggest decrease on the map. It has gone down to about $0.17.

Here is a quick rundown of the other major altcoins:

Cardano (-21%), XRP (-23%), Polkadot (-22%), Uniswap (-18%), Bitcoin Cash (-18%), Litecoin (-19%), and ChainLink (-18%).

During the $350 billion market cap drop in the past couple of days, Bitcoin actually gained more dominance with an increase of about 1.28% in the last 24 hours.

Related Reading | Coinbase Pro To List Shiba Inu, The “Dogecoin Killer” Price Soars

Over the last 7 days, however, BTC has dropped in market cap by about 18%.

Bitcoin Price

Bitcoin’s price has dropped below $30k for the first time since January. This means it has lost over 9% in value over the past 24 hours.

Also, it’s year-to-date return has fallen down to just 3%, when only yesterday it was riding over 10%.

Here is how its market cap has changed over the period of a few months:

BTC's market value fluctuations since February 2021 | Source: Market Cap BTC on TradingView

The latest Bitcoin crash came after China’s continued attempts at shutting down major mining hubs around the country.

As a lot of the Bitcoin hashrate resides on China, the movements of the BTC owned by miners caused a domino effect on the entire market.

Related Reading | Microstrategy Buys Another $489 Million Worth Of Bitcoin

Altcoins followed from there and their value fell as well. The effect on the total global cryptocurrency market cap can be seen in this chart:

The global cryptocurrency market cap is down more than $200 billion in the last 24 hours | Source: TradingView

As per this chart, the market cap fell by more than $400 billion in the past week. Of which, $224 billion was lost in just the past 24 hours.

DOGE’s weak situation: Breaking its 100-days moving average

TL;DR Breakdown

  • Dogecoin has decrease by half of its value in the month of June alone.
  • There is hardly any green candle in the charts and Bitcoin is barely holding it together.
  • The coin has broken its 100-day moving average and moving towards 200-day MA.

The Crypto market has been in a very confusing condition recently. You can easily harm yourself if you try to disturb a crypto trader or investor. There is a significant hope of a reversal from the current situation to earn some profits.

Elon Musk, whose tweets make the world a topsy-turvy land, has been the driving factor of the rise of Dogecoin. But these days, Elon and Dogecoin followers are breaking down as there is barely any green in the market. DOGE has slipped more than half of its value in just June, from $0.42 to $0.195.

What do DOGE indicators say?

Chinese crackdown and power supply cut for mining activities has acted as fuel in the negatively impacted sentiments of the people who are panic selling their assets. There is no doubt that the crypto future is bright, but the current situation is forcing many traders to leave the market.

The month started great, but currently, it seems as DOGE is in an irreparable condition. On 21st June, after a big red candle, Dogecoin broke the 100-days moving average. It is slowly moving towards a 200-days moving average, which is not a good sign.

If DOGE manages to break the 200-days moving average, we can see a price plunge to $0.05, which is the year-low. However, this case is unconvincing, but this could be an irreversible loss for the currency and its believers if it happens.

After a green candle today, RSI is showing a level of 28.97. It shows a huge weakness and fear of valuations. Investors can, however, hold the currency for the long term if they are entering at this point. The current entering positions is a sign of hope for some profits in future.

As RSI is moving from an oversold zone to neutral zones, one can see some increase in the trading volume and buying actions currently, mainly the orders of long-term holders. If buying sentiment comes back to this coin for a short time, there’s a chance of DOGE retesting $0.28 levels.

As China Cracks Down on Bitcoin Miners, Stealth Miners and Mystery Hashrate Return

As China Cracks Down on Bitcoin Miners, Stealth Miners and Mystery Hashrate Returns

While on the surface it seems officials from five provinces in China have been cracking down on bitcoin miners, no one is quite sure how much hashrate is moving, which pools are affected, or where these miners will end up. A number of mining pools have seen hashpower percentages decline and Bitcoin’s overall hashrate has regressed as well. On the other hand, as several known pools have lost hashrate, processing power from “unknown” pools has increased a great deal.

Pool Percentages Decline, Overall Hashrate Dips Lower

There have been reports stemming from officials in provinces like Inner Mongolia, Xinjiang, Qinghai, Yunnan, and Sichuan instructing bitcoin miners to close down shop. The crypto community, in general, assumes that a great deal of hashrate comes from China, but exactly how much hashpower actually resides in the country is still a mystery. Reporting is scarce when it comes to bitcoin mining operations and the most recent studies are outdated.

Hashrate distribution shows known pools that have disclosed their identity have seen recent hashpower losses. On June 2, 2021, the Bitcoin (BTC) network hashrate was around 191 exahash per second (EH/s) and today, it’s hovering just above the 100 EH/s zone. The metric has dipped on a few occasions lower than 100 EH/s, but has remained fairly consistent at that level since June 19. Pools that have seen hashrates slide significantly include operations like Okex pool, Binance pool, and Huobi pool.

As China Cracks Down on Bitcoin Miners, Stealth Miners and Mystery Hashrate Return
Mystery hash has captured between 8.63 % to 10% of Bitcoin’s overall hashrate on June 22, 2021. Today, “unknown” hashrate has been bouncing between the seventh and the fifth-largest hashers in the world.

Interestingly, pools like Antpool, F2pool, Viabtc, Poolin, and have seen wild fluctuations in terms of hashrate but remain the top five mining pools worldwide. Antpool and Viabtc, which are considered ‘Chinese pools,’ command the most SHA256 hashrate globally as well, of all the chains using the SHA256 consensus algorithm. On the BTC chain, the top five mining pools today have been the top miners for months on end in 2021, with a few pools changing positions every now and then.

The Return of Mystery Miners

Since the initial warnings coming first from Inner Mongolia during the first week of March 2021, stealth mining has increased a great deal. Mystery miners — engaged in stealth mining — have been prevalent since the Bitcoin network first launched. Basically, if one was to look at the BTC hashrate distribution today, they would notice 18 pools that disclose their identity.

But there’s another chunk of hashrate that is dubbed “unknown” on’s hashrate distribution charts and other hashrate aggregation/distribution websites. Since China started cracking down on bitcoin miners, the mystery hashrate — which is the seventh-largest mining pool today — has increased a great deal. Statistics show that stealth mining pools are finding a lot more blocks since March 2021, and unknown hash has increased every month thereafter.

As China Cracks Down on Bitcoin Miners, Stealth Miners and Mystery Hashrate Return
Unidentified hashrate started to appear more prominently in November 2020 and into 2021. During the first quarter of 2021, the unknown hashrate has increased. After the China crackdown, stealth hash spiked a great deal percentage-wise.

Unknown hashrate commands around 10 EH/s of BTC hashpower today and over 12% of the overall SHA256 hashrate processing blocks on BTC, BCH, and BSV chains. The crypto community understands that mining operations that want to remain unidentified leverage virtual private networks (VPNs) or proxy services to hide their IP addresses. Mystery hash was very prevalent in 2018 and 2019, but subsided a great deal in 2020. In January 2019, mystery hash commanded 22% of the BTC chain and 17% of the BCH chain. At the time, Coin Metrics published a study on the mystery hash phenomenon.

As China Cracks Down on Bitcoin Miners, Stealth Miners and Mystery Hashrate Return
Unknown hashrate has nearly doubled in three days. While known mining pools that have been identified have seen hashrate percentage losses.

Coinmetrics detailed that between mid-2015 and mid-2017, most miners disclosed their identity through the coinbase parameter to identify themselves with the name of their pool. “However, through 2018, unknown miners picked up,” Coin Metrics said, and stressed stats had shown “a newly-found appreciation for privacy, or the emergence of miners who have something to hide.”

But toward the end of 2019 and throughout most of 2020, unknown hashrate was almost nonexistent. That trend has changed a great deal in 2021, and unknown hashrate has returned, coincidentally as Beijing wants to crack down on bitcoin mining and crypto trading in China. There’s likely a reason there’s a new emergence of bitcoin miners this year who have something to hide.

What do you think about the return of mystery hashrate after China started cracking down on bitcoin miners in the country? Let us know what you think about this subject in the comments section below.

Top Chinese Bank Bans Access to Crypto, Issues Stern Warning To Rule Breakers

China’s third-largest bank, the Agricultural Bank of China, has announced it is cracking down on cryptocurrency transactions.

Agricultural Bank of China (AgBank) is the country’s third-largest lender by assets, currently overseeing more than $4.20 trillion. The banking giant issued a statement prohibiting the use of its services for virtual currency transactions such as Bitcoin, following instructions from the People’s Bank of China (PBOC) to crack down on mining and trading activities.


Their new policy restricts customers from participating in cryptocurrency transactions and threatens to cut ties with any rule breaker. 

“Our bank is determined not to carry out or participate in any business activities related to virtual currency, prohibits the access of customers involving virtual currency transactions and will increase the investigation and monitoring of customers and capital transactions. Once relevant behaviors are discovered, measures such as suspension of account transactions and termination of customer relationships will be taken immediately, and the relevant departments will be reported in a timely manner.”

AgBank also warns clients about crypto fraud, asking them to assist the bank by reporting any illegal activities according to the statement.

“In order to protect your legitimate rights and interest, and the safety of funds in your account, please actively cooperate with our bank’s due diligence work, assist our bank in fulfilling its legal obligations and crack down on illegal and criminal activities involving virtual currency mining and fund transactions.”

AgBank’s policy change comes as the crypto markets struggle to revamp their bull markets, with both Bitcoin (BTC) and Ethereum (ETH) down well over 50% from their all-time highs.

The crypto ban also comes shortly after several provinces, including Sichuan, Xinjiang, and Inner Mongolia, vowed to shut down major Bitcoin mining hubs.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix


Check Latest News Headlines

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/Dario Lo Presti/mycteria

The post Top Chinese Bank Bans Access to Crypto, Issues Stern Warning To Rule Breakers appeared first on The Daily Hodl.

El Salvador’s Opposition Party Files Lawsuit Against Bitcoin Legal Tender Legislation

El Salvador’s Opposition Party Files Lawsuit Against Bitcoin Legal Tender Legislation

An opposition party in El Salvador and some public members have filed a complaint against the government’s bitcoin legal tender law, which they view as unconstitutional.

El Salvador’s Bitcoin Law Faces Pushback From Opposition

Just days after the World Bank declined El Salvador’s request to provide technical assistance in the implementation of the bitcoin law, the South American nation has hit another snag.

Jaime Guevara, the deputy of the opposition party Farabundo Marti National Liberation Front (FMLN), has joined arms with some citizens and moved to oppose the new bitcoin adoption program, according to a June 21 report by Spanish news publication El Mundo.

One of the lead plaintiffs in the lawsuit, Oscar Artero, asserted that President Nayib Bukele’s bitcoin law lacks a legal basis and was created “to loot people’s pockets.” “It is tax-exempt, they want to force us to trade,” Artero added. He also argued that the bitcoin legislation lacks legality and foundation and failed to take into account the potentially harmful effects that it could cause to the country.

The plaintiffs are hoping that the newly appointed magistrates of the Constitutional Chamber of the Supreme Court of Justice (CSJ) will side with them. This could prove difficult as Bukele’s New Ideas (Nuevas Ideas) party is currently in the lead with 56 seats in the country’s congress, while FMLN has only four.

The report also mentions a rumor swirling in El Salvador about the government wanting to outlaw the bitcoin law discreetly. Salvadoran lawyer Enrique Anaya suggested that the government is clueless about implementing the law and has sought the help of the opposition to indirectly reverse its diktat. Guevara, however, denied conspiring with the Bukele administration on this.

Adopting The Bitcoin Standard

Two weeks ago, the Salvadoran government amazed the world with the unexpected announcement that it would be implementing bitcoin into its financial system. The announcement was made by President Nayib Bukele during the final hours of the Bitcoin 2021 conference held in Miami, and the momentous bill was passed just days later. 

In less than 80 days, El Salvador will become the world’s first sovereign nation to recognize bitcoin as a legitimate legal tender. However, the bitcoin project has experienced hostility left, right, and center — even from international organizations, including the International Monetary Fund (IMF) and the World Bank. For instance, the World Bank cited “environmental and transparency shortcomings” as the reason for refusing to offer assistance.

Nonetheless, Strike, the payment firm piloting the bitcoin-based payment system in El Salvador, remains optimistic about the move. Speaking with British bitcoin podcaster Peter McCormack recently, Strike CEO Jack Mallers revealed that they have received support from the country’s top five banks and two of the largest cashpoint distributors. He also noted that the company would be eliminating the use of USDT as a substitute for the U.S. dollar in bitcoin payments.

That being said, this is an exciting chapter in bitcoin’s history. Moreover, the success or failure of the Salvadoran bitcoin experiment is very important in that it will pave the way for other countries that wish to follow in its footsteps, which will inevitably continue the global financial revolution.

Corporate Bitcoin Holdings Are Thriving At An Alarming Rate

Corporate Bitcoin Holdings Are Thriving At An Alarming Rate

MicroStrategy and Tesla may have hit headlines more than any other firm in the recent past as far as Bitcoin and crypto news is concerned. But they are only a very small percentage of the many corporations and hedge funds already invested or planning to invest in Bitcoin, going by the recent surveys.

Recent surveys by Nickel Digital Asset Management and Intertrust Group reveal that close to 40 publicly listed hedge funds and corporations have now invested billions of dollars worth of Bitcoin investments.

About $43.2 billion worth of Bitcoin is currently held by exchange-traded products (ETPs) and closed-end trusts according to the survey by Nickel Digital Asset Management. The survey showed that more and more of these organizations continue to allocate more portions of their cash holdings to crypto investments.

The survey shows that about 19 publicly-listed companies around the world have Bitcoin allocations totaling about $6.5 billion. 13 of these come from Canada and U.S. while the rest are located in Europe, Hong Kong, and other countries of the world. Nickel also said that an additional 17 companies have added exposure to the Bitcoin asset. It, however, did not disclose these companies.

Earlier surveys also show that hedge funds will increasingly invest in Bitcoin in the future. For instance, Intertrust conducted a survey involving 100 senior-level hedge fund managers from America, Europe, and Asia. 98% of these said their funds would invest in Bitcoin in the next five years. One in six said they thought that cryptocurrency investment would constitute 10% of their total investment holdings.

Data from Carfang Group has also indicated that U.S. corporations have about $3.82 trillion in cash holdings on their balance sheets. Hence even if they allocated 1% of the total to cryptocurrency, this would total to about $38.2 billion of crypto holdings in the U.S. This represents a 6% increase in the current value of crypto holdings.

Eswar Prasad: BTC Needs to Solve These Three Issues to Be Truly Effective

A professor at Cornell University believes that bitcoin can never accomplish all it has set out to do unless it manages to get past three big hindrances. According to Eswar Prasad, professor of economics at the educational institution, bitcoin still suffers from several flaws that are preventing it from being stronger than many of its altcoin cousins.

Eswar Prasad: BTC Still Has a Way to Go

In an interview, Prasad points to the idea that bitcoin mining is extremely expensive and hazardous to the environment. This is an argument we have heard time and time again over the past few months. Everyone from Kevin O’Leary of “Shark Tank” fame to Elon Musk – the South African entrepreneur behind billion-dollar companies such as SpaceX and Tesla – have said that bitcoin mining is simply too dangerous for Mother Earth to carry on.

As a means of making themselves more appealing than bitcoin, Prasad says that many cryptocurrencies which came after BTC have looked at the currency’s infrastructure and worked to ensure their mining operations are nowhere near as energy driven.

For example, Ethereum has already implemented a new method of mining it is calling “proof of stake,” which is allegedly built to limit the amount of computing power necessary to extract new units from the network. In fact, according to the Ethereum Foundation, the process requires approximately 99 percent less energy than before.

Prasad says:

That is going to be much less energy intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker.

Another issue he says bitcoin needs to solve is its anonymity. Many believe that bitcoin is an anonymous currency, though according to Prasad, this is not entirely true. To prove this, he points to a recent incident in which the Federal Bureau of Investigation (FBI) was able to intercede and prevent a bitcoin-based ransomware attack on the Colonial Pipeline. He says they would not have been able to do this if bitcoin was as anonymous as people claim.

He mentions:

The main idea of bitcoin… was to provide pseudonymity, but it turns out that if you use bitcoin a lot, and especially if you use bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.

In the long run, he says that Monero and Zcash are far better alternatives as privacy coins.

Volatility Prevents Its Use as a Currency

Lastly, he claims that bitcoin does not work well as a currency given that it is so volatile. He comments:

So, you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. That does not work well for the medium of exchange.

The post Eswar Prasad: BTC Needs to Solve These Three Issues to Be Truly Effective appeared first on Live Bitcoin News.

Blockchain Capital secures $300M funding from PayPal, Visa

Blockchain Capital has attracted investment from PayPal, Visa, and other investors to the tune of $300 million for its Fund V LP.

PayPal and Visa are among several major investors to have participated in a $300 million funding for Blockchain Capital.

In a release issued on Tuesday, Blockchain Capital announced that the close of its Blockchain Capital V LP.

According to the release, Fund V, capped at $300 million was oversubscribed with numerous investors including college endowments, family offices, and pension funds participating in the capital raise.

As part of the announcement, Blockchain Capital stated that PayPal, Visa, and some other Fund V investors will take part in the firm’s strategic partnership program.

Blockchain Capital is one of the oldest blockchain-focused funds in the industry and currently backs major projects including crypto exchanges like Kraken and Coinbase as well decentralized finance protocols like UMA, Nexus, and Aave.

The firm also has footprints in the nonfungible token space with NFT marketplace OpenSea a part of its portfolio.

As previously reported by Cointelegraph, Blockchain Capital together with Morgan Stanley Tactical Value led a $48 million Series B funding round for asset tokenization platform Securitize. Back in May, the firm also led a $24.25 million capital raise for DeFi protocol Balancer.

Blockchain Capital is a major presence in the blockchain venture capital scene that has seen $16 billion in equity investments between 2012 and 2020.

Related: Venture capitalists invest over $16B in blockchain equity since 2012

Commenting on the success of Fund V and the pedigree of investors involved in the capital raise, the press release quoted Blockchain Capital co-founder and managing partner Bart Stephens as saying:

“We are incredibly honored to welcome a world class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry. As founders ourselves, we know how hard it is to build companies, protocols and, indeed, a whole new industry.”

For Jose Fernandez da Ponte, PayPal’s vice president, the company’s support of Blockchain Capital is part of its efforts to engage with entrepreneurs at the cutting edge of the emerging decentralized economy.

Ethernity Chain (ERN) Goes Live on Binance’s Innovation Zone

June 22, 2021 – George Town, Cayman Islands

Ethernity Chain (ERN) is coming to Binance’s Innovation Zone and will receive three trading pairs later today. The popular community-oriented platform, with a strong focus on authenticated and limited edition NFTs, has received a lot of attention lately. This token listing further enhances the appeal of what Ethernity Chain brings to the table.

As a platform renowned for its limited edition, authenticated non-fungible tokens, Ethernity Chain has built up a strong reputation in the past few months. Numerous famous individuals, celebrities and sports athletes have partnered with the team to create new collectibles on the platform. Recently, Ethernity Chain teamed up with Manny Pacquiao, footballer Pelé, Phil Ivey, Anderson Silva, Marilyn Monroe and the Winklevoss brothers, further illustrating the appeal NFTs have at this time.

The native ERN token has multiple purposes within the Ethernity Chain ecosystem. For example, it can be used to buy NFTs or stake the token for rewards and governance rights through voting on proposals, and it is subject to periodic buybacks by the team through platform profits. Getting this token listed on a major trading platform like Binance can introduce thousands of people to ERN and the broader Ethernity Chain ecosystem.

Nick Rose, CEO of Ethernity Chain, said,

“When the biggest exchange in the world decides to incorporate your company into theirs, it’s definitely not something to take lightly. This is a massive statement that reverberates to all our artists, charities, icons and of course, the community.”

Binance has confirmed ERN will become part of its Innovation Zone. The Innovation Zone serves as a dedicated trading zone where innovative assets with potentially higher volatility are introduced to Binance’s traders. With this higher trading risk comes a potentially higher reward.

Interested users must go through the Innovation Zone’s web page and complete a questionnaire to access ERN and other listed tokens. There are no trading restrictions on these trading pairs. For Ethernity Chain, the trading pairs will be ERN/BNB, ERN/BUSD and ERN/USDT. Trading will commence today, June 22, 2021, at 06:00 AM UTC.

About Ethernity Chain

Ethernity is the groundbreaking authenticated NFT project that auctions verified artwork featuring the top artists and stars from sports, music, film, gaming, tech, history and entertainment. Each of these digital artworks is represented as a non-fungible token (NFT). The pieces feature well-known public figures, and a portion of all funds raised from the endeavor will be donated to charitable causes. Ethernity Chain combines the utility of DeFi and merges it with NFTs to create an exclusive pipeline to rare, collectible content from notable figures and well-established digital artists.


Steve D’Agostino

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.

Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements

The post Ethernity Chain (ERN) Goes Live on Binance’s Innovation Zone appeared first on The Daily Hodl.

Bitcoin Price Analysis: Following Massive $4000 Rebound, Is BTC Still In Danger?

The Bitcoin rollercoaster continues after the price dropped by a precipitous 14% from today’s high of $33,250 to reach as low as $28,600. After hitting this level, the cryptocurrency quickly rebounded back above $32,000 liquidating a huge amount of long then short positions.

Yesterday, it seemed like the critical support of $31.7K was holding, however, earlier today Bitcoin broke the ascending trend line (started forming on May 19), losing the $30k support, but, as of now, the price bounced back above.

So far, the past 7 days have been a nightmare for Bitcoin, as the primary cryptocurrency touched $41.3K just last Tuesday. Keeping in mind today’s current low of $28.6K, the price dropped over 30%, before slightly recovering. $28,600 is a 5-month low for Bitcoin. The last time it was trading below $30K was during January 2021.

Moving forward, Bitcoin is still in danger, however, two things might light a bit of positiveness on the market:

– The fact that Bitcoin price quickly rebounded over $4k after plunging below $30k shows that there is very strong demand, especially below $30k.

– The consolidation zone between $30k and $42k, which lasted since May 19, is still intact.

Despite the above, the situation is very fragile, as volatility is expected to continue for the next few days at least.

In addition, the bounce allowed Bitcoin to remain inside the descending price channel as shown on the short-term chart below and buyers defended $31,185 support, and the candle did not close beneath it.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $31,700, $31K, $30,000, $28,600, $27,740.

Key Resistance Levels: $32,465, $33,520, $34,760, $36,440, $37,500.

Looking ahead, the first support now lies at $31,700 (yesterday’s low and the ascending trend-line). This is followed by ~$31k – $31,185 (downside 1.618 Fib Extension), $30,000, and $28,600 (today’s low). Additional support lies at $27,740 (Jan 2021 lows), $26,840 (downside 1.414 Fib Extension), and $25,000.

On the other side, the first resistance lies at $32,465. This is followed by $33,520, $34,760, $36,440 (20-day MA), $37,500, and $39,490 (early-June highs).

The daily RSI is well within the bearish territory and is still not yet oversold. It is starting to push higher, which indicates that the bearish momentum might be easing up a little. Aside from that, a bullish divergence signal has also appeared on the LTF charts, such as the 4-hour’s.

Bitstamp BTC/USD Daily Chart

BTC/USD 4-Hour Chart. Source: TradingView.

Bitstamp BTC/USD 4-Hour Chart

BTC/USD Daily Chart. Source: TradingView.

Flashcoin’s Solution to Tesla’s Bitcoin Environmental Issues

Flash: The Fastest and Easiest Cryptocurrency Wallet

Earlier this year, Tesla announced its plans to accept Bitcoin as a payment method for its products. However, Tesla CEO Elon Musk has reversed this decision, and Tesla has discontinued accepting Bitcoin, citing environmental reasons. On May 13th, Musk stated that the increasing fossil fuel usage for Bitcoin mining and transactions was detrimental to the environment. Musk then went on to express this opinion could alter should the situation change.

Bitcoin mining, a process that creates Bitcoins, is a deeply energy-intensive process. A recent study by Cambridge suggests that Bitcoin mining energy consumption is climbing to the equivalent to the annual carbon footprint of Argentina. The growing environmental impact of Bitcoin has led to companies like Tesla reversing their decision on accepting Bitcoin as a payment method. 

However, while Bitcoin causes climate concerns, Elon Musk recognizes the potential of cryptocurrencies. In the same tweet, he stated that Tesla is looking at alternative cryptocurrency solutions that use less than 1% of Bitcoin’s energy/transaction. Flashcoin presents an innovative and sustainable solution that caters to the needs of Tesla and several organizations that intend to use a sustainable form of digital assets along with facilitating the benefits of cryptocurrency transactions. 

Flashcoin – An Environmental Friendly Sustainable Solution

With most of the cryptocurrencies, new coins are generated through a process known as mining. Cryptocurrency mining is performed on supercomputers and therefore uses a substantial amount of power consumption. However, the Flashcoin ecosystem is designed such that its entire supply is completely released into circulation. In other words, the Flashcoin blockchain does not require a mining process to create new coins. 

This further leads to an environmentally sustainable process of transacting cryptocurrency. Moreover, the Flashcoin network offers all the advantages of the Bitcoin network with more scalability, lower fees, and faster processing. With a robust P2P marketplace inside the Flashcoin app on Android and Coinapps Flash wallet on iOS.

The Flashcoin blockchain network caters to high transaction speed to facilitate near-instant transactions across any corner of the globe. Moreover, it facilitates an infrastructure that charges nominal fees for processing cryptocurrency transactions on its network. The Flash blockchain network is designed to facilitate sending or receiving digital assets without any geographical restrictions and even for organizations like Tesla wanting to leverage the advantages of cryptocurrency payments but in an eco-friendly manner. #gofaster 

In addition to P2P transfers, Flash also creates a sense of scarcity, leading to the increased demand for its native coin – Flashcoin. Since the entire supply of Flashcoin is fixed and no new coins will be created, it creates a sense of scarcity amongst users. The economics of supply and demand of Flashcoin further drives the rise in Flashcoin price. 

Moreover, the Flashcoin ecosystem also provides a digital wallet for users to store or hold their digital assets. It offers a complete solution that caters to retail investors, users sending cross-border remittances to their families, and even merchants starting to accept cryptocurrency payments. The ecosystem is designed to cater to the needs of various classes. 

With companies like Tesla choosing alternatives to Bitcoin, Flashcoin enables a cryptocurrency solution that caters to all the requirements.  Download the Flashcoin app wallet on Android or CoinApps Flash wallet on iOS. The web version is found at

Bitcoin price clings to $32K as on-chain metrics hint at further downside

China’s continued crackdown on Bitcoin mining and OTC transactions, along with prolonged technical weakness, triggered BTC’s drop to a 6-month low.

Cryptocurrency investors awoke to another round of price declines on June 22 after the price of Bitcoin (BTC) dropped to a 6-month low at $28,805. The dip below the crucial $30,000 level might appear to be a prime buying opportunity but data shows that institutional investors are continuing their longest selling streak since February 2018.

Data from Cointelegraph Markets Pro and TradingView shows the June 21 dip below $32,000 and recovery above $33,000 was just a precursor to Tuesday’s move which saw BTC hammered at the start of the trading day, reaching a low of $28,805 before bouncing back to $32,000 at the time of writing.

BTC/USDT 1-day chart. Source: TradingView

Ether (ETH)  also took a hit, dropping by 15% to a low of $1,700 after bulls failed to hold the $1,900 level. Unless a significant source of momentum emerges to help the market stage a turnaround, the current trend continues to be negative as evidenced by bears dominating Bitcoin’s $2.5 billion options expiry on June 25.

Warning signs provided by the data

While the price action on June 21 may have come as a surprise to many, numerous indicators hinted at the decreasing momentum and possibility of the price dropping further.

According to data from Glassnode, the number of active addresses on both Bitcoin and Ethereum have declined significantly from their highs in May, with active BTC addresses falling by 24% while active Ethereum addresses fell by 30%.

Number of active addresses on Bitcoin vs. Ethereum. Source: Glassnode

The drop in activity on the networks has led to an even more dramatic decline in the USD value settled on-chain, with the amount settled falling by 63% to $18.3 billion per day on Bitcoin and by 68% to $5 billion per day on Ethereum.

Bitcoin vs. Ethereum total transfer volume (USD). Source: Glassnode

Declines in activity and value transacted on the networks can be interpreted as a drop in enthusiasm in general as investors who bought at the highs in April and May must now decide if they want to sell at a loss to avoid further the potential for further downside or hold with the hope that the market will eventually turn around.

China crackdown leads to panic

Another major source of the market downturn which has been building for weeks is China’s crackdown on cryptocurrency mining operations in the country. This has led to a substantial drop in the record hashrate to levels last seen in September 2020.

Bitcoin mean hash rate. Source: Glassnode

While the closing of a large number of Chinese mining farms and the resulting decline in hashrate is a negative development in the short term, Delphi Digital has taken the stance that “in the mid to long term, this should be viewed as healthy for the Bitcoin network as hash rate concentration risk is significantly reduced.”

According to Delphi Digital, the hash rate concentration in Chinese-based mining pools has been declining since China began its crackdown on mining, allowing smaller pools to grow “their share from 30.81% to 37.96% over the last 30 days.”

Bitcoin hashrate mix. Source: Delphi Digital

In addition to the clampdown on mining, China has also reiterated that banks should not be supporting crypto-focused over-the-counter businesses, which led to “panic among Chinese miners and investors," leading to a significant decline in the supply of BTC held in miner addresses.

Bitcoin miner’s net position change over time. Source: Delphi Digital

With China unlikely to change its current course of action regarding cryptocurrencies anytime soon, investor uncertainty and choppy price action are likely to continue in the short term.

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

Public Mint Integrates With USDC To Offer Bridge to Ethereum

June 22, 2021 – San Francisco, California

Public Mint, the fiat-native public blockchain ecosystem, is excited to announce that Circle’s USD Coin (USDC) will now be natively integrated with the Public Mint blockchain, providing a simple gateway to connect Public Mint’s fiat-centric network to the vibrant DeFi ecosystem on Ethereum – and potentially other major networks where USDC is supported in the future.

USDC is the leading US-based regulated stablecoin, with over $23 billion in circulation across blockchains like Ethereum, Solana, Algorand and Stellar.

The integration will initially allow Public Mint partners to deposit from USDC and withdraw to USDC at their addresses via APIs, enabling seamless transfers of liquidity between Public Mint and Ethereum. This functionality is being added to the core Public Mint web wallet and will be rolled out to all Public Mint customers soon.

The two-way USDC bridge enables key Public Mint functionality for both end users and institutional/DeFi-native players wishing to access the EARN program. For non-crypto-savvy retail users, Public Mint also potentially becomes the perfect onboarding platform to access the cryptocurrency space, making use of various DeFi yield and income opportunities.

The USDC deposit functionality is equally attractive for crypto-native users and investment funds as it enables access to Public Mint’s EARN program, a multi-source earnings application that focuses on providing the highest possible earnings while spreading risk across multiple sources.

By using both DeFi and CeFi opportunities, the platform effectively balances counterparty and smart contract risks. A single smart contract hack, or failure of one of the CeFi partners, would have minimal consequences to funds on EARN, thanks in part to additional insurance coverage across CeFi and innovative DeFi protocols.

Paulo Rodrigues, CEO of Public Mint, said,

“Integrating USDC is a major step forward in the Public Mint roadmap, and we are extremely satisfied to have now closed the deal. USDC is one of the most trusted and regulated stablecoins, and it has a truly global footprint across multiple networks. This makes it the perfect tool to connect Public Mint to the major blockchain ecosystems, starting with Ethereum.”

About Public Mint

Public Mint is an open and complete blockchain platform for fiat money, where funds are fully collateralized and held on deposit with regulated, FDIC-insured institutions. Public Mint offers an open fiat-native blockchain and APIs, ready for anyone to build fiat-native applications and accept credit cards, ACH, wire transfers, stablecoins and more. Public Mint’s EARN platform offers users automated and diversified earnings on USD assets, leveraging the power of DeFi.

About Circle

Circle is a global financial technology firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments, commerce and financial applications worldwide. Circle’s platform has supported more than 100 million transactions by more than ten million retail customers and more than 1,000 businesses. Circle is also a principal developer of USD Coin (USDC), which together with Coinbase and the Centre Consortium oversees the standards and protocol for what has become the fastest growing, regulated, fully reserved dollar digital currency. USDC now stands at more than 22 billion and has supported over $615 billion in transactions over the past year. Today, Circle’s transactional services, business accounts and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through programmable internet commerce.



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.

Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements

The post Public Mint Integrates With USDC To Offer Bridge to Ethereum appeared first on The Daily Hodl.

Flare Finance Partners With XinFin Network

Flare Finance Partners With XinFin Network

While the cryptocurrency space is still evolving, several platforms are working endlessly to make the experience welcoming for new users. Making it simple for new users is bound to help them get acquainted with cryptocurrencies. One of the best ways to achieve that is with partnerships between different protocols and bringing together their individual offerings for the greater good. 

One of the most significant partnerships of 2021 could be the one between Flare Finance and XinFin Network. Flare Finance can achieve true interoperability with this partnership and become the epicentre for numerous blockchain communities. 

Flare Finance and XinFin Network

The partnership between Flare Finance and XinFin Network will lead to the creation of a bi-directional bridge that will stimulate the free flow of digital assets from either chain onto the other chain. 

Essentially, XinFin Network will be able to wrap and bridge XDC (the native token of XinFin Network) to Flare Finance. F-Assets could also be minted to the XinFin Network using the bidirectional bridge. Flare Finance also announced its plan to support XDC across all its products.

For example, XDC holders can mine YFIN by participating in the FlareFarm (mining platform of Flare Finance). XDC holders will be able to use the tokens as collateral by staking them on FlareLoans to borrow stablecoins and earn a variable APY. Apart from these, XDC holders can utilize all the six products offered by Flare Finance. 

Flare Finance will support various assets, including FLR, XRP, LTC, XLM, DOGE, ALGO, ADA, SHIB, SANSHU, TEL, CEL, BNB, CAKE, with the newest addition of XDC. This impressive set of assets and the strategic partnership with XinFin Network will help Flare Finance to add value to an already impressive ecosystem. 

Flare Finance

Flare Finance is built on Flare Network but operates as a separate entity. It uses Flare Network’s Avalanche consensus protocol to improve its token capabilities and leverages its efficient contracts for better spot trading and P2P margin functionalities. 

Flare Network aims to unlock the value of locked assets of chains that do not have native smart contracts. Flare Finance will provide a DeFi platform for this unlocked assets ensuing utility and value 

Flare Finance offers a range of products which includes:

  • FlareX
  • Flare Wrap
  • Flare Farm
  • Flare Loans
  • Flare Mutual
  • Flare USD

XinFin Network

XinFin Network is a hybrid interoperable blockchain that works with different international governments to reduce the gap in global infrastructure. It is a strong competitor for Ethereum Network because of its low fees and 2000 TPS capacity. 

XinFin is a fast network that takes an average of 2 seconds to process a transaction on the XinFin Network’s protocol. Also, the company manages its carbon footprint by being an extremely energy-efficient network that uses only around 0.0000074 TWh of energy. 

The organization aims to resolve the pain points of global infrastructure using blockchain technology. The core idea behind the network is to create a secure and transparent platform for cross-border transactions. With this partnership with Flare Finance, both protocols have only grown stronger and seem poised to change the crypto and DeFi space.

Cardano price analysis: Cardano spikes to $1, steady reversal higher to follow?

TL;DR Breakdown

  • ADA moved lower overnight.
  • Support found around the $1 mark.
  • Market ready to retest the $1.30 mark

Cardano price analysis is bullish for today as the market reached the $1 mark and started to reject further downside over the past hours. Therefore, we expect ADA/USD to move higher and reach toward the previous major resistance around $1.30.

Cardano price analysis: Cardano spikes to $1, steady reversal higher to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red over the last hours. Bitcoin has lost 3.3 percent, while Ethereum 5.95 percent. The rest of the market follows this pattern with Ripple (XRP) being among the worst performers. Cardano is in the middle of the pack with an 8.8 percent loss.

Cardano price movement in the last 24 hours

ADA/USD traded in a range of $1.00 – $1.30, indicating a good amount of volatility. Trading volume has increased by 61.8 percent and totals $5.6 billion. Meanwhile, the total market cap trades around $37 billion, ranking the cryptocurrency in 5th place.

ADA/USD 4-hour chart – ADA continued to move lower today

On the 4-hour chart, we can see the Cardano price continuing to retrace over the last 24 hours, with the $1 previous swing low support tested over the past hours.

Cardano price analysis: Cardano spikes to $1, steady reversal higher to follow?
ADA/USD 4-hour chart. Source: TradingView

The overall market trades in a bearish price action structure over the past weeks. After initially spiking to the $1 mark during the second half of May, ADA/USD retraced higher to the $1.80 mark, where resistance was established.

From there, ADA/USD mostly moved sideways as bulls looked to regain control. However, on the 3rd of June, Cardano started to retrace once again after setting a slightly higher high at $1.90.

What follows was a slow move to the $1.35 support and a further move lower over the following days after another lower high was set. This price action development resulted in another test of the $1 mark, which so far seems to prevent the Cardano price from further downside.

Therefore, we expect ADA/USD to push higher over the next hours and potentially reach to retest the $1.30 resistance over the next 24 hours. From there, ADA/USD likely will attempt to move below the $1 mark. 

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish as a further downside is rejected for now and we can see a bullish 4-hour rejection candle forming over the past hours. Therefore, we expect ADA/USD to regain some of the loss over the next hours and test the $1.30 resistance.

While waiting for further Cardano price action development, read our guides on DeFi advantages, Bitcoin fees, as well as what can you buy with Bitcoin.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Biden nominee for Treasury Dept will prioritize crypto regulation

"If I am confirmed, I will prioritize implementing that piece of legislation, including new regulations around cryptocurrency," said Brian Nelson.

Brian Nelson, U.S. President Joe Biden’s nominee for under secretary for the Department of the Treasury’s division on terrorism and financial crimes, said he would prioritize implementing new regulations around cryptocurrency.

In a Tuesday hearing of the Senate Committee on Banking, Housing, and Urban Affairs, Nelson said he would be focusing on anti-money laundering regulations if he were to be confirmed for the position in the Treasury Department’s terrorism and financial intelligence arm, adding cryptocurrency would be particular priority. The nominee said the Anti-Money Laundering Act of 2020, passed by the U.S. congress this year, would grant authorities the ability to regulate “whatever form” of currency was required.

“If I am confirmed, I will prioritize implementing that piece of legislation, including new regulations around cryptocurrency,” said Nelson.

The Financial Crimes Enforcement Network, a division of the Treasury Department, proposed regulations earlier this year which would consider convertible digital currency or digital asset transactions subject to similar anti-money laundering and countering the financing of terrorism requirements. Last month, the government body also called for exchanges and custodians to report crypto transactions greater than $10,000 to the Internal Revenue Service.

This story is developing and will be updated.

With crypto mining banned in Iran, local authorities seize 7K rigs

The police chief of Tehran said authorities had raided 50 locations across the Iranian capital in the last 48 hours, discovering 3,000 illegally operating crypto miners.

Iranian provincial police are continuing their crackdown on crypto miners big and small, with news surfacing that they have confiscated more than 7,000 rigs at a farm operating in the capital of Tehran.

According to a Tuesday report from the country’s state-run media, the Islamic Republic News Agency (IRNA), police seized crypto miners that were operating out of an abandoned factory. Experts on the country’s electrical grid estimated that the miners operating at full capacity would amount to roughly 4% of the average daily energy consumption in Iran.

Tehran police chief Hossein Rahimi said authorities had found another 3,000 crypto miners across the Iranian capital in the last 48 hours, with police raiding 50 locations. He added that the discovery of the 7,000-rig farm was the largest, most significant drain on the country’s energy usage so far.

The operation came following Iranian President Hassan Rouhani announcing in May that Bitcoin (BTC) and cryptocurrency mining in the country would be prohibited until September. The measures are aimed at ensuring that Iranians have access to electricity during the summer.

Though the seizure of more than 7,000 miners may get more attention from authorities, police are also cracking down on the little guys — miners operating illegally using their household’s electricity can potentially face large fines. An IRNA report on Tuesday said that the police had found four miners at a Pakdasht home southeast of the capital. Authorities measured the power consumption of the household from the outside before inspecting it for mining rigs.

Related: Iranian Police Seize Batch of 117 Smuggled Crypto Mining Machines

Before the energy crisis in Iran led to the government cracking down on power-sucking miners, many in the country seemed to be more open to the crypto industry. In 2019, lawmakers gave the green light to crypto mining as an industrial activity, requiring miners to be licensed and regulated. However, any use of the country’s electrical grid has come under scrutiny as Iran faces blackouts and brownouts, and miners are often the target.

FT says cybercriminals prefer Monero (XMR) to Bitcoin, but here’s what it didn’t get right

The FT has put out an article titled, “Inside monero, emerging crypto of choice for cybercriminals.” In it, the privacy coin Monero (XMR) is painted as the rising option for cybercriminals, taking the place of Bitcoin.

Why? Because its suite of privacy features, such as stealth addresses and Ring signatures, hides information on the sender, receiver, and amount.

“For cybercriminals looking to launder illicit gains, bitcoin has long been the payment method of choice. But another cryptocurrency is coming to the fore, promising to help make dirty money disappear without a trace,” it says.

The recent ransomware attacks on the Colonial Pipeline and JBS saw hackers demand Bitcoin. This raised many questions about the circumstances of the partial recovery of funds in the case of the Colonial Pipeline company and why hackers would even ask for Bitcoin, given its poor privacy features.

Nonetheless, mainstream media sensationalist headlines often do more harm than good. Especially in cryptocurrency, where misconceptions can set off false narratives in the general populace.

Although cybercrime is a real thing we should all be wary of, it’s about time we separate criminality from our right to privacy.

Monero is not a hotbed for criminality

The FT claims that Monero’s privacy features make it increasingly sought after by criminals. This, in turn, is making the job of law enforcement much more difficult. They also mention that the criminality element is driving the rise of Monero.

Unfortunately, there are several problems with this. Firstly, any hacker worth their salt would naturally gravitate to privacy coins anyway. To connect privacy features and criminality is as irrational as saying cash holders are drug dealers.

Also, Monero has been around since 2014, and if anything, it is falling in popularity relative to other cryptocurrencies. For example, in January 2020, Monero was a top-ten coin. But today, it ranks 26th, which is contrary to the idea that the activity of cybercriminals is putting buy pressure on XMR.

What’s more, a study on the illicit use of cryptocurrency found that the vast majority of criminal activity is conducted using fiat and through traditional financial institutions.

Meanwhile, estimates of illicit activity in the economy as a whole, overwhelmingly conducted through traditional financial intermediaries and with traditional fiat currencies, are on the order of 2 to 4 percent of global GDP.”

Privacy is not a crime

Michael Saylor said he set up the Bitcoin Mining Council to ensure those against cryptocurrency cannot control the narrative around Bitcoin and mining.

“…hostile to Bitcoin and the crypto industry aren’t defining those narratives, models and metrics. In the absence of any good information or any response on our part, they will define those models.”

There are similarities between this and our right to privacy. But the issue is that most people have become so reliant on the media and authorities they willingly give up their rights, even shunning those who call out the issue.

It’s about time we realize that narratives around privacy being bad are just the tiptoe towards a digital dictatorship.

The post FT says cybercriminals prefer Monero (XMR) to Bitcoin, but here’s what it didn’t get right appeared first on CryptoSlate.

Iran Seizes 7,000 Bitcoin Mining Machines

Iranian police have reportedly seized 7,000 bitcoin mining machines operating illegally in the country. The machines were found in an abandoned factory west of the capital.

  • 7,000 cryptocurrency mining machines have been seized by Iranian authorities, state news agency IRNA reported Tuesday, noting that this is Iran’s largest seizure of cryptocurrency mining machines to date.
  • Tehran police chief General Hossein Rahimi said that the mining machines were seized at an illegal mining farm — an abandoned factory west of the capital.
  • Cryptocurrency mining is an authorized activity in Iran and miners are required to obtain a license from the country’s Ministry of Industry, Mine, and Trade. However, many miners are operating in Iran without obtaining a license, the authorities claim.
  • An analysis by blockchain analytics firm Elliptic shows that about 4.5% of all bitcoin mining takes place in Iran and the country is using cryptocurrency to circumvent sanctions. Furthermore, Elliptic stated that crypto mining requires the equivalent of around 10 million barrels of crude oil a year, or 4% of total Iranian oil exports in 2020.
  • Iran has mandated that bitcoin miners must sell their BTC directly to the central bank, which will then be used to fund imports. Commercial banks and currency exchangers have also been authorized to use bitcoin legally mined in the country to pay for imports.
  • The mining of cryptocurrencies, including bitcoin, was banned in Iran for almost four months in May as the country suffered from frequent power blackouts amid hot and dry weather. Some officials blamed bitcoin mining activities for the surge in electricity demand.
  • Earlier this month, News reported that Iran seized 3,000 bitcoin mining devices in a week. In addition, over 500 devices were confiscated in Tehran Province, where law enforcement officers have already shut down 183 illegal crypto mining farms with 11,000 mining units in the past fiscal year.

What do you think about Iran seizing unauthorized mining machines? Let us know in the comments section below.

UTU and Ocean Protocol Partner to Enhance Trust in the Data Economy

[PRESS RELEASE – Please Read Disclaimer]

Nairobi, Kenya, June 21, 2021 – UTU, a decentralized trust infrastructure provider building new models of digital trust via artificial intelligence and blockchain, has partnered with Ocean Protocol to launch its trust infrastructure on the Ocean Market.

Ocean Protocol is an ecosystem that unlocks the value of data. Data owners and consumers use the Ocean Market app to publish, discover, and consume data assets in a secure, privacy-preserving fashion.

UTU’s trust infrastructure will create trust signals for each data provider, consumer, and dataset based on platform activity and user ratings and reviews. This will lead to increased trust and transparency for Ocean Market and help users easily discover quality datasets from trusted data providers.

UTU and Ocean will also explore ways to share data between their protocols, including putting publicly-available, on-chain UTU data on the Ocean Market and purchasing datasets on the Ocean Market.

“Ocean Protocol’s mission is all about creating a trustless system for sharing data, so we’re very excited about our joint venture with UTU,” Manan Patel, Ocean’s Growth Accelerator noted. “It’ll allow good actors on Ocean Market to display the trust they’ve earnt in the marketplace, which in turn will incentivize others to trust those actors again and again – a virtuous cycle of transparency and trust without centralized intermediaries.”

Jason Eisen, UTU’s Co-founder and CEO, agreed: “UTU and Ocean Protocol share the beliefs that 1) data is a new asset class and 2) data privacy is of utmost importance. We’ve studied their data models in the past and are impressed by the ecosystem that they’ve built. This is why we’re so excited to partner with them to increase trust in their data marketplace and facilitate data sharing between our platforms in a privacy-preserving way.”

About UTU

UTU is building the trust infrastructure of the internet to help businesses and consumers engage and transact in an easier, safer, and more trustworthy way.

Our AI-based API products collect and analyze data to create trust signals and personalized recommendations that help consumers and businesses make the best decisions for their situation. The UTU blockchain protocol rewards users for trustworthy actions and compensates them for sharing their data in a privacy-preserving way.

Norwegian FSA sees urgent need for crypto investor protection

Norway’s Financial Supervisory Authority says it only supervises crypto companies for money laundering.

Amid Bitcoin's (BTC) drop to six-month lows below $30,000 on Tuesday, a Norwegian financial regulator warned investors that the cryptocurrency industry is largely unregulated in the country.

The Financial Supervisory Authority of Norway, or Finanstilsynet, published June 22 a statement on consumer protection of crypto investors, emphasizing that the authority currently does not supervise local crypto companies in terms of anything but money laundering:

“These platforms must notify Finanstilsynet in accordance with the money laundering regulations, but apart from money laundering supervision, Finanstilsynet does not supervise these actors.”

Finanstilsynet further pointed out major crypto trading-associated risks like extreme price volatility and scam vulnerabilities. The authority noted that the formation of crypto prices is “not transparent in many cases.”

The agency went on to say that there is a strong need for a legal framework and investor protection “if cryptocurrency is to become a suitable form of investment for consumers.” Finanstilsynet mentioned that the European Commission introduced a proposal for crypto market regulations last September, expecting to adopt rules on investor protection, market abuse and issuer authorization within five years.

Related: Norwegian authorities urge crypto users to declare earnings on upcoming return

“Until such regulations are in place, anyone considering trading in cryptocurrency should think carefully and understand the significant risk that such investments entail. Consumers who want to try this should not invest more than they can afford to lose,” Finanstilsynet concluded.

Norway is known as the world’s most cashless country with only 4% of the country’s payments conducted with banknotes and coins. In response to a massive decline in cash usage, the Norwegian central bank initiated research of a central bank digital currency in April 2021.

Bitcoin dumps China: Firm shifts 300 miners to Kazakhstan

TL; DR Breakdown

  • Chinese firm to move thousands of Bitcoin miners to Central Asia
  • BTC mining installations are shifting flawlessly
  • Chinese ban could be good for crypto

Bitcoin has been in the news as a major target of China’s current crackdown, but it seems like the crypto is somehow winning the battle. Since May, China has been on offensive against BTC miners in the country, forcing a great number of them to relocate their mining operations to other countries that aren’t hostile to cryptos.

The shutdown of numerous mining rigs in China has brought down Bitcoin’s hash rate because  China-based miners account for around 60% of the network’s hash rate. That’s about to change now that miners are moving elsewhere, with the most recent news being of a firm that has moved 300 miners to Kazakhstan. In fact, the 300 are just the start. The firm expects to move over 2,000 miners from China to the Central Asian country.

Bitcoin’s infrastructural shift is historical

News of China’s spirited crackdown on Bitcoin sent the market in a bit of a FUD moment, but that sentiment is dying down now and being replaced by what appears to be intense admiration of the decentralized network that has prevailed numerous attempts of sabotage over the years. One of the positives was pointed out by one cypherpunk Jameson Lopp. In a tweet, Jamesson expressed his profound admiration for the Bitcoin network and how it has handled the change of mining infrastructure without a single flaw.

Indeed, it is astounding to witness an extensive change of installations within a system that is unsupervised. Under normal circumstances in a corporate setting, this tectonic change would require lots of planning and test-runs before being implemented, and even then, most of them don’t really get accomplished flawlessly.

Chinese ban is good for BTC

Despite Bitcoin taking a hit following Chinese crackdown, it’s widely thought that this may also have been a result of a short market correction that will end soon. Reports from Bloomberg Crypto indicate that the ban could actually work in BTC’s favor, calling it a “rite of passage” that will usher in the age of technological freedom.