Analysis: Bitcoin Retains US Stock Correlation Following Latest Sell-off

Bitcoin fell Wednesday, almost alongside the US stock futures, as a rising number of coronavirus cases sent investors to the safety of the US dollar and Treasuries.

The benchmark cryptocurrency dropped 3.5 percent ahead of the New York opening bell. Its move downside came as a price correction that followed a 23 percent rally, suggesting that traders with short-term market outlook were locking their profits.

The Bitcoin’s price depreciation also brought the cryptocurrency back in sync with the US stocks. Futures tied to the S&P 500 plunged 1.5 percent in the pre-trading session Wednesday. The sell-off sentiment also impacted safe-haven gold, which slipped 1.17 percent in spot markets.

Indexes and assets slipped lower on a raft of uncertainties. Worsening coronavirus pandemic hinted at introducing additional restrictive measures across the US and Europe, serving as a significant setback to the brittle economic recovery. As of Tuesday, the US cases had surged back above 70,000.

Bitcoin, BTCUSD, XBTUSD, cryptocurrency, coronavirus

Bitcoin posts its worst one-day performance in over a month. Source: BTCUSD on

Bitcoin-Stimulus Combo

Investors also remained leery about the second coronavirus stimulus package. Their hopes of seeing a deal between the Democrats and the Republicans faded – another reason why they reduced their appetite for riskier assets.

Instead, investors moved back into the safety of the US government bonds. The yield on the benchmark 10-year Treasury fell from 0.760 percent to 0.778 percent on Tuesday. Yields move inversely to bond rates.

The US dollar index, which measures the greenback against the basket of foreign currencies, appreciated by 0.68 percent as investors remained worried about new lockdown measures. The dollar typically rises when traders pull out of Bitcoin, gold, and stock markets due to its status as a global haven currency.

us dollar, us dollar index, dxy, bitcoin

US dollar index breaks above its medium-term trendline resistance. Source: DXY on

Bulls All The Way

Calls for an aggressively bullish Bitcoin, meanwhile, kept coming. Many traders saw the cryptocurrency’s latest correction as a natural response to its two-week rally, with some predicting an extended downside run before the next price rebound.

“To avoid deviation above the range high, $13,250-13,325 has to hold for support,” said Michaël van de Poppe, an independent daytrader-cum-analyst. “If that breaks, $12,700 seems next.”

Another trader – a pseudonymous Twitterati, meanwhile, reminded:

Above 13.5k is direct 16k. BTC will be quickly touching 16k if it is going up for the 13.5k breakout on weekly.”

Bitcoin was trading at $13,226 at the time of this writing. (YFI) now back at price parity with Bitcoin after spiking to $44k

Shortly after’s YFI coin launched in July, changing the Ethereum DeFi world forever, the pseudonymous Crypto Twitter personality “Blue Kirby” began to popularize the “1 YFI = 1 BTC” meme. The theory was that the price of one YFI would hit the price of Bitcoin, then around $11,000.

After weeks of upward price action, the cryptocurrency finally achieved this milestone, leading to celebrations on Twitter and a custom website that trounced on the graves of “Bitcoin Boomers.”

For a while, these investors were euphoric. YFI shot as higher as $44,000 by the end of August in a spectacular rally that generated wealth for the early adopters that mined the coin for basically no upfront cost.

That means that at its peak, one YFI was worth around 3.6-3.8 BTC, making it the first altcoin to have reached such a high ticket price. Of course, its market cap was far from Bitcoin’s, but this was seen as an accomplishment nonetheless.

Unfortunately for YFI holders, CryptoSlate market data now shows that one YFI now equals one BTC once again. In fact, as of now, YFI, trading at $13,000, is now worth around 0.93 BTC — a far cry from the all-time highs set a few weeks ago.

Why YFI is down so far from its all-time highs

Sam Bankman-Fried, CEO of crypto trading platform FTX and fund/market maker Alameda Research, has explained that there are three key reasons why YFI has seen such a strong correction from its $44,000 all-time high:

  • The rest of the DeFi market has undergone a strong correction, resulting in steep corrections in most players.
  • had a number of “bad PR events,” including some controversy over a side project called Eminence and a series of bugs in the protocol’s core products, called vaults.
  • Yield farming yields have dropped dramatically. This hurts YFI especially because much of the token’s intrinsic value is derived from acting as a claim of a portion of the yields generated by the protocol.

It’s worth noting that a good majority of altcoins, save for some names like Litecoin and Polkadot, are strongly underperforming Bitcoin amid this surge higher. YFI, of course, fits into this pack.

Su Zhu, head of Three Arrows Capital, attributed this price trend to the rapid nature of Bitcoin’s ongoing rally, which is forcing capital and attention on BTC:

$BTC going up swiftly is not only not bullish for alts but it’s bearish reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant.” 

The revival of

Not all hope is lost for YFI, though, analysts say.

Andrew Kang, founder of Mechanism Capital, recently noted that much is on deck for in the months ahead that should boost yields, driving capital to YFI holders:

“The argument that YFI / Yearn value is dependant on crazy yields is missing the forest for the trees. Yield opportunities continue to grow Future strategies: – 10x-100x leveraged short DAI – Basis/Funding trades – UNI Farming – BAL Farming – L1/L2 Liquidity Bridging – etc.”

This is already starting to take place as developers roll out new vaults such as the 3pool LP vault and the gUSD vault.

The post (YFI) now back at price parity with Bitcoin after spiking to $44k appeared first on CryptoSlate.

Former Visa exec joins to drive Latin American market

Traditional finance execs are increasingly moving into crypto positions.

The cryptocurrency industry welcomes another high-profile executive from traditional finance.

Filomena Ruffa, a former vice president of innovation and strategic partnerships at Visa’s Latin America division, has joined to expand the company’s Latin American market.

According to an Oct. 28 blog post, Ruffa will now be responsible for managing all operations and driving strategic business partnerships for in Latin America. The former Visa executive brings extensive work experience in the region as well as expertise from her top positions at payment firms like CardinalCommerce and SafetyPay.’s hire comes as the company records major new milestones. As reported by Cointelegraph, surpassed five million users on Oct. 15 after hitting one million users in September 2019.

As the company’s executives plan to continue boosting its platform’s base, has already made some steps into Latin America. On Oct. 15, introduced the Portuguese version of its mobile application and exchange shortly after featuring the Spanish language on its platform.

Latin America is apparently one of the most progressive regions in terms of the crypto adoption. According to a September 2020 study by blockchain analytics firm Chainalysis, Latin American companies are responsible for some of the highest volumes in crypto transactions worldwide, looking to crypto as an escape from the banking system.

The Most Secure Cryptocurrency Wallets for Different Users

Cryptocurrencies have the potential to disrupt traditional finance, by allowing people to retain full control over their assets at all times — without relying on centralized intermediaries like banks and governments.

But despite their potential, many users struggle to choose a wallet to hold and manage their assets with, since there is no one size fits all wallet solution for cryptocurrency users. But despite this, there are several that stand apart from the rest since they cater perfectly to specific user demographics. Here, we look at three of the best and most secure.

For Beginners and Traders: Coin Wallet

Beginner cryptocurrency users often struggle to choose a cryptocurrency wallet, for no other reason than because they are simply inundated with options. With literally hundreds of wallets to choose from, it can be a daunting task to select the one that offers the best combination of features, asset support, and security.

Despite this, there is one wallet that stands heads and shoulders above the competition, due to its impressive security combined with its strong array of user-friendly features. That’s Coin Wallet — a multi-asset wallet available for both desktop and mobile operating systems, or as a simple web app.

Coin Wallet has a simple interface, with a wide array of additional features. (Image: Coin Wallet)

Coin Wallet is ideal for both beginners and traders since it supports a wide variety of cryptocurrencies: including Bitcoin (BTC), Ethereum (ETH) and ERC20 tokens, Litecoin (LTC), and XRP. It also offers some of the lowest fees around, ensuring newer users don’t get scalped by extortionate fees while giving traders the flexibility to move their assets around while keeping fees to an absolute minimum.

But arguably its most important feature is its uncompromising security. Not only are users able to protect their wallet using a PIN and their biometric information, such as their fingerprint or face (e.g. Windows Hello and Apple FaceID), but Coin Wallet is one of the only wallets to support FIDO two-factor authentication (2FA) — allows users to use one of multiple supported hardware security keys, such as the Yubikey to authorize transactions.

With all of these security features enabled, Coin Wallet is essentially impenetrable.

For DApp Users: MetaMask

While many cryptocurrency holders simply use their assets for making purchases, trading, and long-term holding, the increasing scope and utility of blockchain technology has led to the development of a wide array of decentralized applications (DApps) which can be used for a huge range of purposes — including games, exchange platforms, casinos, and NFT marketplaces.

However, just a handful of popular wallets allow users to easily interact with the rapidly growing variety of DApps, and one, in particular, has emerged as by far the most popular — MetaMask.

Image: MetaMask

MetaMask allows users to run Ethereum DApps directly in their browser without needing to run a full Ethereum node. This makes accessing DApps both easier and more convenient — making them accessible to beginners and experts alike. Although MetaMask is most commonly used with Ethereum assets, it is also compatible with Binance Smart Chain (BSC) with a few tweaks.

It isn’t just its simplicity that makes MetaMask great for DApp users. It’s also incredibly secure. With open-source publicly auditable code and password protection, MetaMask is secure from the outset. But for those that want to add an additional layer of security, MetaMask also supports Trezor and Ledger hardware wallets, allowing users to directly interact with DApps using accounts stored on their hardware device.

For Institutions: Ledger Vault

Institutional cryptocurrency users, such as cryptocurrency exchanges, hedge funds, financial institutions, and custodians, have unique needs when it comes to managing their assets.

For one, because they often hold tens to potentially hundreds of millions of dollars worth of assets, they need a solution that offers extreme security, including resilience to a huge range of known and unknown attack vectors, while still allowing these firms to securely recover their assets in an emergency — such as if their wallet provider is rendered unavailable.

Beyond this, they also need fine, granular controls over who can access these funds and under which conditions, and need to be able to manage a wide array of assets while using the same, simple access flow.

Image: Ledger

Ledger Vault is arguably the best solution for the job. As a digital asset management solution designed for growing businesses, Ledger Vault allows firms to process potentially thousands of transactions per day while benefiting from industry-leading security, thanks to a wide array of defense layers.

With Ledger Vault, institutional users store their assets as an encrypted and wrapped master key secured by a bank-grade hardware security module (HSM) in Ledger’s datacenter. Authorized users can then access their funds through the Vault web interface using their Ledger Personal Security Device (PSD), which is used to authenticate users, while finely controlled governance rules restrict how these funds can be used.

In terms of absolute security, Ledger Vault is at the top of the game.


Malaysian Securities Commission issues revised digital asset guidelines

Regulation for initial exchange offerings and digital asset custodians comes into force today.

The Securities Commission Malaysia has issued revised guidelines governing digital assets, effective as of Oct. 28. These are intended to regulate initial exchange offerings, or IEOs, and digital asset custodians.

According to the SCM, the rules aim to promote “responsible innovation in the digital asset space, while at the same time managing emerging risks and safeguarding the interests of issuers and investors.”

As Cointelegraph reported, the SCM first published a regulatory guide for IEOs back in January. This laid out rules which enabled companies to raise funds via token issuance only through an approved and registered digital asset exchange, but was not due to come into force until late 2020.

The issuance of these revised guidelines coincides with their enforcement and adds a requirement for IEO platforms to conduct due diligence on the issuer. This includes a responsibility to assess the issuer’s ability to comply with local guidelines on preventing money laundering and the funding of terrorism.

The guidelines also cover rules for companies wishing to provide custody services for digital assets. Applications for registration as either an IEO provider or a DAC are now being accepted.

Despite the aim to facilitate innovation in the space, the guidelines explicitly state:

“Digital currencies and digital tokens are not recognized as a legal tender nor as a form of payment instrument that is regulated by Bank Negara Malaysia.”

A full copy of the guidelines is available on the Malaysia Securities Commission’s website.

Trump’s Website Hacked, Scam Asked Crypto Owners to Decide Fate of ‘Classified Information’

Trump's Website Hacked, Scam Asked Crypto Owners to Decide Fate of 'Classified Information'

President Donald Trump’s campaign website was reportedly hacked Tuesday evening. Hackers claim to have “classified information” about Trump and the origin of the coronavirus. They asked crypto users to decide whether the information should be released or kept secret.

Tim Murtaugh, Director of Communications for Trump’s 2020 reelection campaign, confirmed in a tweet:

Earlier this evening, the Trump campaign website was defaced and we are working with law enforcement authorities to investigate the source of the attack.

Part of the website was made to look like it was seized by the Federal Bureau of Investigation (FBI), displaying a “This site was seized” message over the website’s About page. The message reads: “The world has had enough of the fake news spreaded daily by President Donald J Trump. It is time to allow the world to know truth.”

The hackers claim to have compromised multiple devices giving them full access to “internal and secret conversations strictly classified information.” Accusing the Trump government of being involved with the origin of the coronavirus, they further claim to have evidence to completely discredit Trump as president.

Trump's Website Hacked, Scam Asked Crypto Owners to Decide Fate of 'Classified Information'
The message displayed on the Trump campaign website. Source: Techcrunch.

The hackers then provided two monero addresses: one for those who want the data shared and the other for those who do not. After an unspecified deadline, the total amounts of cryptocurrency sent to the two addresses will be compared and the higher total will determine the fate of the data, the message details. Techcrunch reported that the page was signed with a PGP public key corresponding to an email address at a non-existent domain (

Within a few minutes, the web page reverted back to its original content. “There was no exposure to sensitive data because none of it is actually stored on the site,” Murtaugh insisted, noting that “The website has been restored.”

What do you think about this hack? Let us know in the comments section below.

The post Trump’s Website Hacked, Scam Asked Crypto Owners to Decide Fate of ‘Classified Information’ appeared first on Bitcoin News.

Bitcoin Hashrate Nosedives as Chinese Miners Move On

The last 24-hours has seen the price of Bitcoin up 4% to $13.6k. Despite concerns of being overbought, the number one cryptocurrency continues hurtling towards key resistance at $14k.

Bitcoin daily chart

Source: BTCUSDT on

Nonetheless, as CasaHODL Co-founder and CTO Jameson Lopp noted, despite Bitcoin’s price gains, Bitcoin’s hashrate has suffered a steep decline since the start of the week.

Lopp says this is due to seasonal trends as Chinese miners relocate for the dry season. At the same time, he mentions China’s diminishing share of the hashing power and how such fluctuations will lessen over time as a result.

Bitcoin hashrate has dropped by ~45% over past 3 days, presumably due to Chinese miners relocating equipment for the dry season. Hopefully in coming years the semi-annual hashrate fluctuations will decrease in volatility as China’s share of hashrate continues to drop.

Bitcoin Price and Hashrate Dynamics

Data from shows the Bitcoin hashrate down to 131 million TH/s in the last 24-hours, a six-week low.

Bitcoin hashrate


The main concern is whether the fall in hashrate signals an incoming fall in BTC’s price. Lopp states that he doesn’t believe this will affect price, as price is the leading factor of the two.

This view is shared by others, including Head of Research at CoinShares, Christopher Bendiksen, who states the dynamic between price and hashrate shows hashrate as the lagging variable.

“Bitcoin is structured such that the hashrate follows price, slightly modulated by increases in gear efficiency. When the price increases, the hashrate increases, and when the price decreases the hashrate decreases.”

However, if this were the case, then a rising BTC price would also see an increasing hashrate. Current data shows a divergence of this expectation, in that the Bitcoin price is rising, yet hashrate is falling.

The relationship between price and hashrate likely goes through periods of degrees of positive, neutral, and negative correlation.

Research shows that price does tend to have a strong positive correlation with hashrate. But, in 2018, the opposite was true.

China Losing Share of Hashing Power

Lopp attributes the falling hashrate to Chinese miners relocating mining equipment. However, others speculate that falling Chinese hashing power is due to renewed clampdowns by Chinese authorities.

Another Twitter user believes the imminent nationwide rollout of the digital yuan is the driving force behind the clampdowns.

The latest data from the University of Cambridge, for April 2020, shows 65% of the Bitcoin hashing power came from China. The U.S. ranked second with 7.2%, and Russia third at 6.9%.


However, just seven months ago, China held 75% of the global hashrate, with Russia second at 5.9% and the U.S third at 4%.

Hearsay over a clampdown on Bitcoin miners by Chinese authorities is unconfirmed. However, the fact remains that other countries are stealing share of hashing power from China. From a decentralization standpoint, this is good for Bitcoin.

ConsenSys finds massive DeFi yields are “number one threat” for Ethereum 2.0 upgrade

Decentralized finance (DeFi) protocols have attracted billions of dollars worth of crypto capital this year alone, with investors oft-punting on projects that promise sky-high yields and other avenues that promise returns.

However, the enticing profits could impede the allure of ETH 2.0, Ethereum development lab ConsenSys said in its DeFi report this week. ETH 2.0 returns are projected to be in the 5%-9% range, popular DeFi projects boast anything from 5% to over 1,000% (temporary) returns. This could act as a deterrent for newer investors, the firm indicated.

“If various DeFi protocols offer higher returns than ETH 2.0 staking, ETH holders may elect to direct their ETH elsewhere, thus leaving ETH 2.0 without the threshold of staked ETH required to render it sufficiently secure and decentralized,” the report said.

For the uninitiated, the ETH 2.0 upgrade sees Ethereum shift from its current proof of work design to a proof of stake consensus mechanism, allowing traders to lock up their ETH (for an as-yet-unspecified time) to generate variable yearly returns. 

ETH 2.0 has competition even before launch

ConsenSys said Ethereum’s upcoming Beacon chain — which is expected to be launched in December — may see limited interest. The new chain will not help scale the network but holders of 32 ETH and above to stake their tokens on the network.

The firm said existing and upcoming DeFi protocols would also serve as a competition for liquidity, as investors’ funds remain limited but higher profits are sought. 

“It is not unreasonable to worry that ETH holders would (at best) wait to see how early staking returns compare to DeFi returns, or (at worst) decide altogether not to ‘risk’ locking up ETH until Phase 1.5 (which is likely at least a year away).”

However, ConsenSys said DeFi projects could offer/issue tokens that represent the value of an investor’s staked ETH. This could, in turn, be used as collateral on other protocols to burrow actual ETH which can then be staked on the Beacon chain.

The report displays a massive shift in interest from ETH 2.0 to other DeFi protocols in the past few months, buoyed by higher returns. As CryptoSlate reported earlier this year, wallets holding the 32 ETH required for staking surged to an all-time high, with over 65% of people, as part of a survey, expressing their interest in staking on the network.

Only time will, however, tell if protocols build on Ethereum can end up stealing the spotlight or not.

The post ConsenSys finds massive DeFi yields are “number one threat” for Ethereum 2.0 upgrade appeared first on CryptoSlate.

Bitcoin price drops to $13.3K after matching peak of 2019 bull run

Briefly challenging $14,000 produced major volatility for BTC/USD, which subsequently retreated by over $500 in hours.

Bitcoin (BTC) retreated to $13,300 on Oct. 28 after a retest of its 2019 resistance levels was met with rejection. 

Cryptocurrency market overview from Coin360

Data from Cointelegraph Markets, Coin360 and TradingView show volatility rising during Wednesday after BTC/USD hit $13,850.

After failing to reach $14,000, uncertain conditions prevailed, culminating in a brief dip to $13,300 at press time.

A subsequent rebound saw $13,400 become a focal point, with sudden upward and downward movements continuing to characterize the market.

BTC/USD 1-day chart. Source: TradingView

Wednesday saw an unusually large transaction to exchange Coinbase from an unknown wallet, a possible sign of an incoming sale involving 1,072 BTC ($14.6 million). This followed multiple large transactions for identical amounts, as well as larger ones tracked by monitoring resource Whale Alert.

As Cointelegraph reported, a $1 billion transaction on Tuesday appeared to be tied to Coinbase.

For analysts, however, a clear distinction was emerging between short-term price action and its longer-term implications. For some, Bitcoin had already proven its maturity as an asset, and further gains were all but guaranteed in the coming months.

As Cointelegraph noted, Real Vision CEO Raoul Pal publicly stated that Bitcoin would challenge its $20,000 all-time highs within three months.

Cointelegraph Markets analyst Michaël van de Poppe meanwhile highlighted the significance of overcoming $14,000 and flipping it to support. By contrast, $13,000 should now form a major support zone.

Axion’s Launch is Going to Make Crypto-Believers out of Mainstream Investors

This month, a new cryptocurrency project called the Axion Network will achieve a major milestone – it will see its mainnet launch and go public. The reason that’s so significant is that Axion represents a new breed of cryptocurrency. It’s not a utility token or an attempt at replacing fiat currencies. It’s an investment vehicle that’s aimed at one of the biggest untapped markets left in the crypto-world: mainstream income investors.

Not Just a Cryptocurrency

It aims to lure both crypto-investing veterans and traditional investors with a stable and reliable return rate that’s unheard of in all but the riskiest markets. It’s because Axion isn’t just a cryptocurrency. It’s a time-locked investment system that’s purpose-built to generate a stable inflationary curve and to fight volatility to protect investors’ principal and deliver a high ROI.

If you follow the cryptocurrency market, then you should know that its volatility is one of the major factors preventing most tokens from achieving any sort of mainstream acceptance. As it stands now, the only people who dare to delve into crypto-investing are either unafraid of losses (the very wealthy and the very brave) or the true believers who invest because they’re committed to what cryptocurrency represents. For mainstream investors though, the thought of getting wiped out in a sudden sell-off is enough to keep them away.

But now, Axion offers those investors an attractive new option. Think of it as the crypto-equivalent of a bank-issued certificate of deposit (CD). In exchange for a time-locked investment, owners of the Axion cryptocurrency receive a base return rate of 8%. With bank CDs hovering at an average 1% or lower return rate – that’s unheard of. And it’s just the beginning. Axion’s built to generate income well above that base rate.

Mechanisms Built Specifically to Curb Volatility

The high returns are a result of Axion’s innovative new approach to crypto wealth generation. It contains mechanisms built specifically to curb volatility while creating self-driven upward inflationary pressure on the price of Axion tokens. It achieves those ends by employing a high early and late unstake fee structure – much like a traditional CD’s early withdrawal penalty – to discourage unexpected token sales, and a clever daily auction system that turns the penalties collected into more value for everyone else.

It’s an approach that takes advantage of some of the cryptocurrency market’s major features. One is crypto’s unique ability to use smart contracts to automate and control market-making functions. That’s what allows Axion to auction off token penalties, and then use 80% of the daily proceeds to execute a token buyback from major exchanges on a schedule fine-tuned to produce price gains without introducing instability. And, the auction system produces all of the funding required to operate, maintain, and further develop the Axion network in the form of the remaining 20% of the auction proceeds.

Penalties to Discourage Flash Sales

The other way that Axion works to protect investors is that it doesn’t only rely on disincentives like penalties to discourage flash sales that would harm value. It also deploys a strong system of incentives that make it worthwhile for stakeholders to remain all-in for the long haul. It does this by tapping a pool of Axion that was set aside for freeclaim by owners of a different investment called HEX limited to 10 million Axion tokens, as well as for owners of Axion’s precursor HEX2T to convert their holdings to the new coin at a rate of 1:1 with no limit.

Because the freeclaim and conversion process won’t use up all of the reserved Axion, the platform will reallocate the remainder to reward investors who commit their principal for the longest periods. The first 10% of the leftover pool will be split among investors when they complete their first year of staking. Then, the distribution will increase by 5% each year up until the fifth year of Axion’s operations for those who are time-locked for the duration.

For investors, it’s free money above and beyond their 8% inflationary reward, as well as a stabilizing force that should keep Axion on course as it establishes itself as a reliable income-producing investment system for the long term. And that is, after all, the endgame Axion’s aiming for.

A Value Proposition That No Investor Can Afford to Ignore

That’s what sets Axion apart from other crypto investments – the fact that it stands a good chance of attracting new investors who may have been hesitant to try their hand in the crypto market before. It offers everything mainstream investors have come to expect from income-producing investment vehicles, and does so at a rate of return that hasn’t been available to them in decades. Together that should make Axion a value proposition that no investor can afford to ignore.

That also means it has the chance to grow even faster and stronger than most crypto projects could ever hope to match. It’s a true groundbreaker in so many ways that it’s difficult to pick a single one that makes it such a standout. And for those who get in early, it’s a chance to be a part of the future of income investing while using the staking rewards system to supercharge their returns.

It isn’t often that the crypto market witnesses the birth of a project that’s a real innovation with serious staying power, but the Axion Network’s got what it takes to revolutionize its market segment. And it’s going to make plenty of new believers once it begins to prove its worth as a source of reliable, long-term income. And you can take that to the bank.

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The post Axion’s Launch is Going to Make Crypto-Believers out of Mainstream Investors appeared first on Bitcoin News.

Curve Finance (CRV) Spikes 100% on Peaking Trade Volume; What’s Next?

The price of Curve Finance’s governance token CRV spiked by more than 100 percent as the decentralized exchange (DEX) experienced a massive surge in trade volume.


Curve Finance processed about $2.8 billion worth of trades on Monday, almost 450 percent higher than its previous record high in September 2020. The jump in its trade volume coincided with a similar spike in the UniSwap decentralized exchange – of about $2 billion.

Curve Finance,, CRV, DeFi, DEX total underlying volume. Source: Dune Analytics

Together, the DEX platforms reported a $5.8 billion in total volume on Monday. Nevertheless, the reason why their daily trade activities rose to a record high was a hack at Harvest Finance, a liquidity pool that lost about $25 million to a flash loan exploit.

Researchers found that both Curve and UniSwap enabled the hacker to purchase, sell, and swap borrowed USDC and USDT tokens automatically by offering their liquidity pools. They, in turn, earned higher trading fees, with the Curve pool adding about $1.14 billion in CRV fee reserves on Monday alone.

CRV Pumps

The earnings partially explain why the CRV/USD exchange rate rose by 61 percent on Monday as it established a multi-week high at $0.689. Meanwhile, the rally came as a part of a modest retracement that started earlier on Sunday. That, overall, brought the CRV/USD’s gains up by 108 percent.

Curve Finance,, CRV, DeFi, DEX
The Curve Finance token showed signs of downside correction after its 100% rally. Source: CRVUSD on

Nevertheless, the latest rebound also came as a part of a broader downtrend. At its all-time high, CRV/USD was changing hands for as much as $25.17. But as soon as the hype surrounding the DeFi space faded, the pair started correcting lower from its overbought region.

It eventually crashed to 0.327 on October 25, 2020, down 98.7 percent from its record peak. The Curve Finance’s latest bounce also came as a signal of bottoming out, so says a list of prominent traders.

“CRV up 45%. Perfect kind of setup and play with risk to reward,” said a pseudonymous analyst. “The only bad part is that I didn’t take this trade.”

He forecasted that the CRV/USD and CRV/BTC would rise by as much as 10 times their current rates.

Nevertheless, CRV was already showing signs of correcting lower as its price fell 17.88 percent during the Wednesday trading session. So it appeared, the jury is still out on whether or not the token could reclaim its record high.

“Genuinely VERY weird to see it not dump for a day,” said market analyst Teddy Cleps. “I’m in full disbelief.”

Trump Hackers Spur US Interest in Monero…But Not Prices

Source: a screenshot, Instagram/realdonaldtrump Crypto scammers who successfully hacked into United States President Donald Trump’s election campaign looking for payment in monero (XMR) appear to have sparked a new interest in the most popular privacy coin – albeit one that has failed to save it from a price slide. .@realDonaldTrump's campaign website has been hacked. Doing research for a

Unconfirmed transactions on Bitcoin network at highest level since 2017

Hash rate has also tumbled on the Bitcoin network.

The Bitcoin network has slowed down amid Bitcoin’s (BTC) new price highs, causing a large number of unconfirmed transactions.

According to mempool transaction count on, the number of unconfirmed Bitcoin transactions surpassed 100,000 on Oct. 27. This is the highest number of unconfirmed Bitcoin transactions recorded since late 2017 when Bitcoin hit $20,000.

The all-time high of unconfirmed transactions in the Bitcoin mempool was recorded in early December 2017, accounting for about 180,000 transactions, according to data from

Total of unconfirmed transactions at publishing time. Source:

The high number of unconfirmed transactions comes amid Bitcoin hitting new multi-month highs. On Oct. 27, Bitcoin surpassed a $13,745 threshold, almost touching its previous peak of $13,970 recorded on June 26, 2019.

Amid the bullish trend, the Bitcoin network faced some issues in its key indicators recently. On Oct. 25, Bitcoin’s hash rate — a key indicator of the health of the Bitcoin network — tumbled from 151.1 EH/s on Oct. 24 to 116.3 EH/s

As reported, some mining data aggregators link the drop in Bitcoin’s hash rate with the end of the wet season in Sichuan. Heavy rains in the region result in low hydroelectric prices for miners. However, as rivers and tributaries dry up, miners are moving to Inner Mongolia and Xinjian. 

MicroStrategy Says it Is Eager to Add to its 38,000+ Bitcoin Stash

MicroStrategy, the American software firm that famously used its balance sheet to buy bitcoin (BTC), has stated that more token purchases are in the pipelines, and reiterated that BTC is its “primary treasury reserve asset.” In a Q3 2020 earnings call, the firm stated that its “go-forward capital plan” for the quarter ahead involved “using bitcoin as a primary

Telos launches new gig economy platform on the blockchain

Amid a global employment crisis, it’s perhaps inevitable that the gig economy is making inroads into the blockchain space too.

Blockchain developers can’t be accused of failing to keep up with the times. The unprecedented shake-up in the world’s labor markets during the COVID-19 pandemic is accelerating the underemployment trends of recent decades. Signs of a jobless recovery ahead is spurring citizens to turn to all kinds of digital piecework in the absence of social security and conventional employment benefits. 

To weather the sharp economic contraction and unpredictable pandemic lockdowns, 41% of businesses in a recent survey said they plan to expand their use of contractors for task-specialized work. Even ahead of the current crisis, the global gig economy was predicted to reach $455 billion by 2023, according to a 2019 Mastercard study, which urged entrepreneurs to capitalize on the “opportunity.” The outcome of recent legal challenges to this employment model still seems uncertain.

Against this backdrop, Telos is launching a new gig economy platform called TelosTask, applying blockchain technology to familiar models such as PeoplePerHour and Upwork. Built on the Telos blockchain, and created by the MydAppr team, the new peer-to-peer platform will directly connect “task givers” to “task takers,” or gig workers, and enable them to coordinate the completion of “micro-” and “macro-gigs.”

Telos envisions the new platform will be used by gig workers across a wide range of sectors, from social media and writing assignments to graphic design and video production. The platform uses an escrow system to automate secure payments. In a statement, the chief architect of the Telos blockchain, Douglas Horn, explained the impetus for the platform’s creation:

“This is the real power of high-capacity blockchain. Now anyone can instantly create a free Telos account with an easy to remember name and log into it with no more hassle than logging into Twitter. It’s a mass adoption-ready platform that’s desperately needed right now as people try to figure out reliable new ways to earn income and perform business tasks in the post-COVID world.”

TelosTask team lead Destiny Marshall has said that the use of smart contracts offers “a built-in-system of trust” that will ensure “labor is fairly compensated,” pointing to “the developing world” as an area of particular demand for task-based employment. 

Telos is not the only blockchain developer to seize on the unprecedented opportunity of the employment crisis of 2020. In a recent interview with Cointelegraph, a product director at IOHK said she believed Cardano (ADA) was, in a unique way, contributing to the gig economy through staking pools, which are developing into a form of business for their operators.

Top Analyst Explains Why Ethereum Could Outperform Bitcoin This Cycle

Ethereum has strongly underperformed Bitcoin over the past two weeks. As BTC has shot around 20% higher in the past 10 days alone, ETH has gained approximately 8%.

This trend is not isolated: almost all leading altcoins are underperforming Bitcoin. The severity of BTC’s spike to the upside has compressed gains in altcoins as all focus and capital is focused on Bitcoin.

While some think this will be a fixture of this cycle, a prominent crypto-asset analyst recently made the case for why Ethereum may outperform Bitcoin all this cycle.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

How Ethereum Could Underperform BTC This Cycle

Qiao Wang, a prominent crypto-asset analyst, recently explained why there may be some credence to the sentiment that Ethereum will outperform Bitcoin this cycle:

“The pro-BTC argument goes: it took years for institutions to finally get onboard with the “digital gold” narrative. There’s no way they’ll get comfortable with ETH in this cycle. What this argument misses is that there’s also a significant % of the population who don’t get the “digital gold” narrative, but are more comfortable with the “tech platform” narrative that ETH represents.”

He elaborated that from the standpoint of technology investors, Ethereum remains the best “index” bet in the cryptocurrency space. On the other hand, Bitcoin may be seen as a myopic bet on a digital store of value.

Wang did note, though, that he remains more bullish on Bitcoin. He is seemingly assigning a slightly higher probability to the scenario where BTC outperforms ETH this cycle than the other way around.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Don’t Fully Count Ethereum Out

While ETH has the potential to underperform BTC, that’s not to say that it will drop against the dollar. There is a lot going for Ethereum in the months and years ahead.

For one, it’s slowly become an institutional asset with institutional investors starting to dip their toes in the space.

Head of DTC Capital Spencer Noon noted earlier this year that institutions he talks to about DeFi are starting to allocate to Ethereum where they can. This comes as institutional service providers, such as Fidelity Investments, are expected to bolster their involvement in Ethereum.

Also, U.S. CFTC Chairman Heath Tarbert said he is genuinely impressed with the innovation taking place in the Ethereum ecosystem. He added that if Bitcoin could be likened to the technology of email, Ethereum is more like the Internet.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Top Analyst Explains Why Ethereum Could Outperform Bitcoin This Cycle

Bitcoin bull cycle gaining steam: Whale cluster at $13K is now a support zone

Data from Whalemap shows $13,000 is turning into a BTC whale support as the price of Bitcoin hovers above $13,600.

According to on-chain data from the analysts at Whalemap, $13,000 has become a support level for the price of Bitcoin (BTC). Whale clusters indicate that whales — or large BTC holders — are continuously accumulating.

Whale clusters form when a large number of BTC are transferred to a new address and the BTC is unspent. This indicates that whales either bought or transferred their BTC to other whales, signifying buyer demand.

A large whale cluster has emerged at the $13,000 level, which could turn into a key support level.

A chart of Bitcoin whale clusters. Source: Whalemap

Why a $13,000 support would be ideal for a Bitcoin rally

The ongoing rally of Bitcoin has been different from previous uptrends in that it is considered to be more sustainable.

Bitcoin started to rally and gain momentum from Sep. 23. Since then, it has repeated the pattern of rallying and then consolidating, establishing clear support levels.

On Sep. 23, BTC initially rallied from $10,200 to $10,600, then consolidated. The rally began once again on Oct. 8 up to $11,700, then stabilized at $11,400 for a few days. Then on Oct. 19, it started to rally again.

Due to the healthy rally of Bitcoin, whales have been accumulating BTC in key areas. The whale cluster at $13,000 might suggest that high-net-worth investors do not expect a massive pullback occurring in the near term.

Speaking to Cointelegraph, Whalemap market analyst Andy Bohutsky explained:

“We have a whale cluster at $13,000 now, with a lot of unspent bitcoins belonging to whale wallets at that level. Since, Bitcoin’s price is above the $13,000 level — it should be acting as support. The origin of the whale cluster could be due to OTC deals: looking at the HODLer volume during the short time we spent at $13,000 shows that a lot of BTC was moved during that time (HODLer transaction volume at 01:00 UTC time on 23 October totaled to more than $1billion dollars).”

The $1.1 billion Bitcoin transaction on Oct. 23 was later found to be a transaction made by Xapo. Since Xapo is a cryptocurrency custodial service provider, there's a good chance that this was an over-the-counter transfer.

Risk of a massive profit-taking correction is low

Meanwhile, another relevant metric, the Spent Output Profit Ratio (SOPR) gauges whether investors in the cryptocurrency market are taking profit on their positions.

Bitcoin whale SOPR. Source: Whalemap

Bohutsky explained that while SOPR has been consistently volatile, it did not substantially increase when BTC surpassed $13,800.

This data suggests two main things. First, investors have been taking profit regularly throughout the past month — reducing the probability of a large profit-taking pullback. Second, even at a multi-year resistance like $13,875, whales are not taking large profits. He said:

“The origins of BTC that was spent during that time is shown in the ‘Map of spent bitcoins’ chart (red bubbles). SOPR for the 01:00 UTC time on 23 October does not go too high though which is quite surprising. In terms of macro levels, volume profile shows them pretty well where the levels shown also coincide with what a technical trader would consider valid S/R as well.”

1xBit Launches New Live Halloween Casino Tournament ‘Witching Hour’

28th October 2020, Limassol, Cyprus – Can you hear it? Is that a wolf howling? A witch’s laughter? Oh, it’s an omen that brings fright, fun, and a new terrific tournament, Witching Hour! As the Halloween season approaches, the well-known crypto casino 1xBit brings users a top gambling game to fit the spirit of the season and make Halloween fantasies become a reality.

Be Careful, Dark Forces Are Round the Corner

The witching hour is the time of night when unnatural forces become most powerful, and our world is filled with spirits… Spirits of Gambling! This year’s Halloween will not just be as usual with the new live casino tournament, which is designed for this time when the fans of gambling can do so during the coming Halloween.

This is a game particularly suited for those who are fascinated by Halloween and the creepy and scary feeling that comes with it. Do you want to spend Halloween alone at home without going out and still have the full Halloween experience? This tournament brings all of the above into reality with the creepy feelings of the Witching Hour.

Young, adorable witches wait for the players at the tables from Ezugi, and playing any table game from this provider can bring generous prizes – the winner of the tournament will get 500 mBTC. 

The event starts on October 30, 2020, at 00:00 GMT and will await players with the best rewards and thrilling emotions, so they can enjoy the fun of the season. 

This includes variable amounts of BTC for different places, as follows:

  • 1 place – 500 mBTC;
  • 2 place – 250 mBTC;
  • 3 place – 100 mBTC;
  • 4 place – 50 mBTC;
  • 5-6 places – 20 mBTC;
  • 7-10 places – 15 mBTC.

There are several benefits of taking part in tournaments on 1xBit, the leading crypto casino. First, you get a welcome bonus of up to 7 BTC if you are signing up on the website for the first time. The crypto wallet on your account will support over 25 cryptocurrencies, so you have many options to work with. What’s more? The casino is completely anonymous, which means your identity is not revealed to anyone.

There are over 100 game providers with more than 5,000 slots on 1xBit so that you can play many more games if you wish to get as many rewards as possible with live dealers also available. These are in addition to several other benefits and incentives, which the platform provides for players, such as easy and free withdrawal of rewards.

The Witching Hour is Upon Us 

The Witching Hour live casino tournament is perfect for online gamblers looking to get into the spirit of Halloween, take advantage of a generous 100% welcome bonus, and be in the running for some huge crypto prizes

For more information about 1xBit, please visit

Check out the official 1xBit blog for the latest articles

Media Contact Details

Contact name: Anastasia Semenova


1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

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The post 1xBit Launches New Live Halloween Casino Tournament ‘Witching Hour’ appeared first on NullTX.

Crypto scammers deface Trump campaign website one week from elections

Just one week before the election, President Donald Trump's website was briefly defaced by crypto scammers.

One of United States President Donald Trump’s re-election campaign websites was briefly defaced yesterday, according to an Oct. 28 article on TechCrunch.

Hackers managed to replace’s usual campaign rhetoric and request for donations with a spoof of the FBI’s “this site has been seized” message.

The unknown attackers claimed to have obtained “strictly classified information”, and encouraged people to essentially vote on whether they wanted the data released, using payments to two Monero wallets.

“It is time to allow the world to know truth.”

Among the insider information reportedly on offer was evidence discrediting Trump as president and connecting his government to “the origin of the coronavirus.” There is no evidence to suggest that the individuals involved possess any such information. 

However, there is no indication that the attackers actually managed to do anything more than deface the website. This contained no sensitive data, according to Trump’s campaign communications director, Tim Murtaugh, who confirmed the attack in a tweet.

Trump recently claimed that “nobody gets hacked”, just days before having his Twitter account hacked by a Dutch researcher who claimed he guessed the password as “maga2020” on his fifth attempt.

The cryptocurrency world is eagerly watching the U.S. presidential election race and wondering how the results could potentially affect the price of Bitcoin and other tokens.

ConSensys collaborates with Banque de France digital euro partner

Blockchain firm ConsenSys is becoming increasingly active in the central bank digital currency space.

Ethereum software firm ConsenSys has just sealed its sixth central bank digital currency project. On Oct. 28, the blockchain organization announced that it will be collaborating with Société Générale Forge on experiments for a digital euro.

Société Générale Forge is the digital capital markets platform of major financial services group, Société Générale Group. SG Forge was involved in the issuance of a 100 million euro bond as a security token on the Ethereum blockchain back in spring 2019. It specializes in building institutional-grade models for regulated security token operations registered on the blockchain. 

Alongside Accenture, Euroclear, HSBC and others, SG Forge is one of the key partners selected by the Banque de France for its experimental development work with central bank digital money. Banque de France, Societe Generale SFH, and SG Forge issued a tokenized 40 million euro bond, settled using a CBDC, as a pilot project this May.

As part of its work with SG Forge, ConsenSys will provide its technology and expertise for joint experiments with CBDC issuance and management, delivery versus payment and cross-ledger interoperability.

Ahead of the SG Forge project, ConsenSys announced it had been awarded the contract to lead the second implementation phase of Project Ithanon-Lionrock — a CBDC, cross-border payment network between Thailand and Hong Kong. 

ConsenSys has also been involved in CBDC development as part of the Singapore central bank’s Project Ubin, and the South African central bank’s Project Khokha.

Bitcoin ‘price will follow,’ says analyst after historically accurate metric hits new high

A record "organic" price valuation based on long-term investors paves the way for uncharted price territory for Bitcoin, the statistician says.

Bitcoin (BTC) has already hit an all-time high this week, according to one price measurement from popular statistician Willy Woo.

In a series of tweets on Oct. 27, Woo added to his recent bullish prognoses on Bitcoin, noting that one valuation of BTC/USD was now higher than ever before.

Woo: “Price will follow” NVT valuation

Woo was referring to Bitcoin’s network value to transactions (NVT) ratio, which aims to suggest when the Bitcoin network is overvalued compared to the actual value of transactions passing through it.

As of Tuesday, Bitcoin’s “organic valuation” based on NVT had crossed $10,000 for the first time.

“While we wait for BTC post an all-time-high, both on the monthly chart of $14k and the 20k prior top[,] I'll point out that the organic valuation under NVT Price from underlying long term investors is already at an all-time-high,” Woo commented.

“Price will follow.”

Bitcoin NVT price chart showing all-time high. Source: Willy Woo/ Twitter

BTC challenges $14,000 final resistance

The observation came as BTC price action showed no signs of bearish corrections, rising to highs of $13,850 on Oct. 28 — matching the peak of the 2019 bull run.

As Cointelegraph reported, analysts continue to eye relatively little resistance between $14,000 and Bitcoin’s all-time highs of $20,000. Should the $14,000 level break, they argue, the door is open to fresh highs.

“In markets when all-time-highs are breached, there's no prior history to go back on, so price discovery swings wildly upward exploring different levels as there's no history to say ‘that's not valid,’” Woo added.

Among those sensing new all-time highs before the end of the year are Gemini exchange co-founder Tyler Winklevoss and Real Vision CEO Raoul Pal, the latter giving a maximum timeframe of early 2021 for the event to occur.

At press time, Bitcoin traded at around $13,630, having momentarily fallen to $13,480 before recovering.

22 Indian Bank Branches to Begin Offering Crypto Banking Services

Indian Bank and Cashaa Launching Cryptocurrency Banking Service at 22 Physical Bank Branches

An Indian bank is preparing to start providing crypto banking services at its physical bank branches. Customers can buy bitcoin and several other cryptocurrencies at these branches with Indian rupees, open savings accounts with crypto wallets, make loans against their cryptocurrencies, and more.

Crypto Banking at Physical Bank Branches in India

Cryptocurrency users in India will soon be able to visit physical bank branches for crypto banking services as well as learn about cryptocurrency investing. This is due to a partnership, announced Monday, between crypto banking platform Cashaa and The United Multistate Credit Co. Operative Society (United), as part of Cashaa’s expansion plan in India. The United is a member of the National Federation of Urban Co-operative Banks and Credit Societies Ltd.

Dinesh Kukreja, Managing Director of United Multistate Credit Co. Operative Society, will be the CEO of the joint venture between the two companies. The announcement details:

The joint venture, Unicas, will build the world’s first crypto-friendly financial institution with physical branches and operations.

“Unicas will enable people to access traditional banking services along with crypto banking services both online and through its 22 physical branches across north India,” the announcement adds. Customers will be able to buy cryptocurrencies with cash at these physical branches, “Open saving accounts with crypto wallets … Loan against cryptocurrencies, gold, and real estate … [and] Invest in cryptocurrencies, bonds, and fixed deposits.”

A spokesperson for Cashaa confirmed to that “Currently, there are 22 active branches and the Unicas operations will start in December … we will be ready with 22 branches.” The companies had planned to launch crypto banking services at 34 branches. However, he explained that “Due to the covid situation opening up the remaining is a bit challenging … We are seeing a slow opening from the lockdown.”

Cashaa detailed: “Initially account holders will be able to buy and sell bitcoin (BTC), cashaa (CAS), ethereum (ETH), binance (BNB), bitcoin cash (BCH), EOS, litecoin (LTC) and ripple (XRP) in cash or with the account balance in Indian rupees.”

Crypto Lounges at Indian Bank Branches

“The United’s existing branches will be transformed and modernized as Crypto Lounges,” Cashaa described, noting that “Members can walk into any of these branches and get educated about cryptocurrencies along with other banking services.”

The spokesperson further shared with “We will educate them on investment opportunities, utilities of bitcoin and other cryptos, how to use and store crypto, etc.” He clarified that non-bank customers “will have access to general material, but the usage of lounges are for bank customers.” Cashaa emphasized:

The immediate plan is to open these Crypto Lounges in Delhi, Gujarat, and Rajasthan covering a population of 150 million Indians living in these states.

Kukreja commented: “By increasing our exposure to emerging technologies, we are aiming to rapidly expand to over 100 physical branches by 2021, employing thousands of skilled professionals in India,” noting:

Our savings bank account holders will also be able to use their cryptocurrencies as collaterals to take loans, like any other traditional loan given by banks.

What do you think about crypto banking at physical bank branches in India? Let us know in the comments section below.

The post 22 Indian Bank Branches to Begin Offering Crypto Banking Services appeared first on Bitcoin News.

Miners begin offloading Ethereum holdings as it continues underperforming BTC

Ethereum has been severely underperforming Bitcoin throughout the past few days and weeks, with the second-largest cryptocurrency by market capitalization currently trading far below its yearly highs.

Meanwhile, Bitcoin’s price is currently trading at the highest price seen in well over a year, with bulls vying to break the $13,800 level and bring the crypto to fresh post-2017 highs.

Its current strength has only created a slight tailwind for ETH and other major altcoins, with investors currently shifting all of their focus onto the benchmark cryptocurrency.

Many analysts have speculated that there will, at some point, be a rotation of capital away from BTC and into altcoins like Ethereum, but it remains unclear how high it may climb before this takes place.

One reason why Ethereum could be underperforming its larger counterpart at the moment is due to a single on-chain trend.

An analytics platform noted in a recent tweet that Ethereum miners have been selling their ETH holdings rapidly, which could be why it has been severely lagging behind Bitcoin.

Ethereum struggles to match Bitcoin’s momentum

Ethereum has been hovering within the lower-$400 region for the past few days as Bitcoin slowly continues to push higher.

Yesterday, a sharp selloff seen by BTC sent Ethereum plunging to lows of $380, but the buying pressure seen at this region allowed bulls to quickly revert its downtrend and send it rocketing back up past $400.

Ethereum still needs to climb roughly 20 percent before reaching its 2020 highs of $490 that were set at the peak of the DeFi hype cycle.

Unless Phase 0 of ETH 2.0 is released shortly, it remains unclear what could catalyze any shift in its waning momentum.

ETH miners begin offloading holdings as technical strength degrades

One reason why Ethereum has been underperforming Bitcoin is due to miners offloading their holdings over the past few days.

Analytics platform Santiment spoke about this in a recent tweet, explaining that Ethereum’s miner balance has dropped swiftly over the past couple of days.

“The Ethereum miners have been dumping, and it appears that last week’s increased on-chain activity and trader FOMO has slowed.”

Data Source: Santiment

Until miners stop offloading their balances, Ethereum may continue lagging behind the benchmark cryptocurrency.

This could have far-reaching implications for the aggregated market, as most major altcoins have been taking Ethereum’s lead as of late. Until ETH can gain some momentum, other altcoins will likely stagnate.

The post Miners begin offloading Ethereum holdings as it continues underperforming BTC appeared first on CryptoSlate.

Charted: Ripple (XRP) is About to See “Liftoff” if it Clears $0.255

Ripple is showing positive signs above the $0.2500 support against the US Dollar. XRP price could start a strong rally if it clears the $0.2550 resistance zone.

  • Ripple recovered nicely and climbed above the $0.2505 pivot level against the US dollar.
  • The price is now trading well above $0.2500 and the 100 simple moving average (4-hours).
  • There is a crucial declining channel forming with resistance near $0.2540 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could rally 8%-10% if it clears the key $0.2550 resistance in the near term.

Ripple Price Approaching Next Key Breakout

After a strong upward move in bitcoin, there was a fresh increase ripple from the $0.2440 support. XRP broke the $0.2480 and $0.2500 resistance levels to move into a positive zone.

The price even broke the 23.6% Fib retracement level of the recent decline from the $0.2639 high to $0.2439 low. XRP is now trading well above $0.2500 and the 100 simple moving average (4-hours). On the upside, it is facing a major hurdle near the $0.2540 and $0.2550 levels.

There is also a crucial declining channel forming with resistance near $0.2540 on the 4-hours chart of the XRP/USD pair. The channel resistance is close to the 50% Fib retracement level of the recent decline from the $0.2639 high to $0.2439 low.

Ripple (XRP)

Source: XRPUSD on

The pair could start if it clears the $0.2540 and $0.2550 resistance levels. The next major resistance is near the $0.2580 level. A clear break above $0.2580 could open the doors for a sharp increase above $0.2600.

The next major resistance for the bulls might be near the $0.2620, above which ripple could accelerate higher towards the $0.2700 level in the near term.

Key Breakdown Support for XRP

If ripple fails to clear the $0.2540 and $0.2550 resistance levels, there is a risk of a bearish breakdown. The first key support is near the $0.2500 level and the 100 simple moving average (4-hours).

The next major support is near a connecting bullish trend line on the same chart at $0.2460. A successful break below the trend line support could lead the price towards the $0.2400 level.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is likely to move into the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now struggling to settle above the 50 level.

Major Support Levels – $0.2500, $0.2460 and $0.2440.

Major Resistance Levels – $0.2540, $0.2550 and $0.2600.