Sep 25, 2021 | Bitcoin, bitcoin lightning network, Chivo, Chivo app, Chivo Wallet, Chivo Wallet’s Lightning node, Crypto News, El Salvador Bitcoin, El Salvador's Bitcoin Law, Google Play Store, iOS App Store, Kevin Rooke, Lightning network, Lightning node, Nayib Bukele, President Bukele
Why didn’t we thought of measuring Chivo and Bitcoin adoption this way? Cero anecdotal evidence. Only facts, numbers, and reports from wherever we can get them. What do we know about the Chivo Wallet’s Lightning node? What apps besides the government wallet are the Salvadorans using? Are they happy with them? Investor and blogger Kevin Rooke has a fresh take on El Salvador’s Bitcoin adoption and we’re here to summarize it. “I wanted a deeper understanding of how real people in El Salvador are interacting with Bitcoin, so I went off in search of other success metrics.” Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course However, since “the Lightning Network is private by design,” it’s hard to accurately measure “payment volumes and the flow of funds between various wallets and exchanges.” So, what did Kevin Rooke do? He looked everywhere else for hard data about Chivo and Bitcoin adoption. Let’s explore what he found. BTC price chart for 09/24/2021 on Exmo | Source: BTC/USD on TradingView.com The Chivo Ecosystem Is Growing Fast To measure the Chivo wallet’s adoption, Rooke used the official information provided by President Bukele. Not ideal, but not uncommon either. It’s easier to get info about the Chivo Lightning node because you can check all the public info here. But wait, why is the Salvadorean government running a Lightning node? “Just like every other participant on Bitcoin’s Lightning Network, Chivo runs a Lightning node. Since Chivo is a custodial wallet, all Lightning payments that Chivo users send to and from other Lightning wallets will transfer liquidity to and from Chivo’s node.” Through those sources, what did the author find out about the Chivo ecosystem? At the moment, “Chivo’s node has 12.7 BTC of public capacity.” Which is 1,269,941,898 sats. The Chivo node “ranks 83rd among public Lightning nodes.” At the time of writing, it’s connected to 58 other channels, but this number changes daily. Back to the iOS App Store and Google Play Store, the Chivo wallet remains at the top of the popularity list, “beating all the most popular social media apps like WhatsApp, TikTok, and Instagram.” O bet you haven’t thought about this one, “By onboarding over 1.6 million users in just two weeks, Chivo is likely the most popular Lightning Network app in the world today.” What About The Other Bitcoin Apps? Are They Popular In El Salvador? Ok, granted. El Salvador’s government incentivizes the downloading of the Chivo wallet app with $30. That has to move the needle. However, when it comes to all the other Bitcoin apps, such an incentive doesn’t exist. How are they measuring up to other financial apps? El Salvador’s most popular apps for September 2021 | Source: Kevin Rooke This infographic says it all: “Salvadorans are already showing strong preference for Bitcoin apps over banking and remittance apps on a national scale,” as the graphic shows. To put it in numbers, “9 and 13 of the top 20 apps on the respective app stores” are Bitcoin apps. And Chivo is at number one. “Most of El Salvador’s banks and payment processors have user ratings of 2-4 stars,” that’s the traditional banking system for you. On the other hand, “Bitcoin related apps have user ratings of 3-5 stars.” Even though it’s still early, the facts are the facts. It should be noted that the Chivo app is at the lower end of that spectrum. Related Reading | How Big Is Bitcoin’s Lightning Network? The Answer Will Surprise You Besides that, Kevin Rooke identified a truth that might be obvious to some, but has to be said: “The millions of Salvadorans that have already been onboarded to the Lightning Network aren’t Silicon Valley nerds or early tech enthusiasts. They’re regular people that are making a conscious choice to use the Lightning Network because it saves them time and money.” And they don’t have to use the Chivo ecosystem if they don’t want to. That’s a fact. Featured Image by Ray Aucott on Unsplash – Charts by TradingViewRead More
The crypto community is locked in debate over: Is Bitcoin in a bull or bear market? The debate will rage on until either a new high or new low is made. The current price action is bearish, which gives the impression that sellers are in charge. The news cycle, and sentiment doesn’t help the picture for bulls. But there is one “theory” that suggests a lower low won’t be made. Mapping Out From The Bear Market Bottom To The Bull Cycle Top Recently, Elliott Wave International held an Open House on their Crypto Pro Group led by analyst Tony Carrion. Tony nailed the recent 20% crypto market plunge as part of a C-wave and a short-term call. A longer term play looks ahead toward a positive Q4, where the analyst expects a wave five to develop and “greater price appreciation to occur.” If it fails to do so, then the pattern might not be valid. Related Reading | Build Base Or Bust? Bitcoin Touches Down On Parabolic Support The recent accurate call of a C-wave prompted a deeper analysis of the longer term play. According to Elliott Wave Theory a primary motive wave consists of five waves, with odd-numbered impulse waves following the primary trend. This is Bitcoin we’re talking about, so the primary trend has almost always been up. A new motive wave and series of impulse waves began at a bear market bottom. Waves two and four are also bearish consolidation phases that move counter to the trend. Tony’s idea is that the run up in early 2019 was wave one, wave two ended with Black Thursday (take note of this), and wave three ended at $65,000 in April. Wave four should move sideways, while wave two was sharp | Source: BTCUSDT on TradingView.com Why Bitcoin Bears May Salivate Over New Lows Forever What isn’t yet clear, is when wave four ends, and wave five begins. However, when reviewing some facts regarding Elliott Wave rules and guidelines, along with several important factors related to the current market cycle, things begin to fit the mold. The best argument bears have for more downside in Bitcoin, is a crash back to $20,000 and a lower low scenario – because that’s what happened after the 2019 peak to Black Thursday. However, Elliott Wave rules state that wave two and four will alternate in severity. Out of wave two and wave four, one correction will be sharp, the other sideways. Looking at the top and bottom of the last correction, sharp is an understatement, especially compared to the most recent “top.” Each impulse wave also behaves similar with five smaller sub-waves | Source: BTCUSDT on TradingView.com If wave two was sharp, then wave four will be sideways, according to the alternation in an impulse rule. “It primarily instructs the analyst not to assume, as most people tend to do, that because the last market cycle behaved in a certain manner, this one is sure to be the same.” Related Reading | Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest Also as part of the alternation rule, wave one, three, and five will alternate to a certain degree. Elliott Wave theory says that wave one and five will made in both time and magnitude, especially have wave three was an extended wave. When comparing what would be wave one with wave three, it is easy to see how extended wave three would have been. All of this information suggests that there won’t be a lower low, and wave five should rally around 350% from where wave four ends. This is all great news for bulls who were hoping for $100,000 Bitcoin. The only problem? When it is all over, if the pattern is accurate, the worst bear market ever is coming next. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.comRead More
One of the threats that the crypto community face is the attack of cybercriminals. Many exchanges, projects, and apps often face one vulnerability exploitation or the other. Recently, BSC-based cross-chain pNetwork lost at least $12.7 million of tokenized Bitcoin to attackers. They have joined the many networks targeted and exploited by hackers in the crypto industry. Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations pNetwork promotes digital assets movement throughout different blockchains. Just like several other wrapped token protocols, they allow users to mint pBTC through deposits of BTC in a smart contract. This process allows the users to migrate their BTC value away from the Bitcoin platform and place it on EVM-compatible chains. The information about the hack went live through a Twitter announcement by pNetwork, lamenting the loss of up to 277 pBTC. From the tweets, we learned that the hackers made away with most of pNetwork’s collateral. According to the pNetwork team, the hackers exploited a bug within the network’s codebase. The tweet reads: “They attacked pBTC on BSC, siphoning up to 277 bitcoin which is serving as collateral. But other bridges weren’t touched, though, since the other funds are intact.” pNetwork Team To Fix The Problems According to the pNetwork team, they are already fixing the problem. They also offered $11.5% of the siphoned funds to the hackers if they could give back the funds stolen. They went ahead to address the black-hat hacker, “We are ready to offer a reward of $1,500,000 if they can give back the stolen funds.” Right now, there are no updates from the pNetwotk team concerning the exploit. They are yet to talk about plans to pay back the users who were affected by the theft. Effects Of The Hack After the exploit, the pNetwork’s PNT governance token has fallen down within the last 24 hours. pNetwork has lost almost 8% of its price in last 24 hours following the hack | Source: PNTUSD on TradingView pNetwork is not the only cross-chain platform that has fallen victim to these exploits. For instance, THORChain, a decentralized exchange, was also the victim of hackers last July. Following the first hack, the platform suffered another hack that was worth $8 million. However, THORChain was fortunate to be hacked by a “white hat” hacker, who promised to give back the stolen funds for a reward of 10% out of the stolen funds. Binance Smart Chain has experienced so many unexpected exploits this year. The list of the BSC theft victims includes pNetwork, Belt Finance, BurgerSwap, Spartan Protocol, SafeMoon, Meerkat Finance, Uranium Finance, Bogged Finance, bEarn, Cream Finance, and PancakeBunny. Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion Moreover, there was another record-breaking Poly Network hack early in August. This hack resulted in a loss of $253M from BSC and above $600M in total losses. Luckily, the hacker gave back almost all the stolen funds. Featured image from Revain, charts from TradingView.comRead More
Implementing the Satoshi (SATS) Standard — to increase widespread adoption of BTC. This isn’t a major paradigm shift or the creation of another altcoin or another variant of Bitcoin.
The post Crypto Exchanges Urged to Switch to Satoshis as Bitcoin Grows appeared first on BeInCrypto.
Ethereum follows the general sentiment in the market and trends downwards in the daily and weekly charts. After news about a confirmed FUD on China banning crypto-related operations, a portion of the market reacted negatively and created selling pressure. This sent Bitcoin and Ethereum back to their critical support zones. At the time of writing, ETH trades at $2,842 with an 8.2% and 20.4% loss in the daily and weekly charts, respectively. Ethereum technical indicators turned red as the price retraced south of the $3,000 territory with momentum in favor of the bears. However, the Relative Strength Index (RSI) remains neutral at a 39.51 value. Related Reading | TA: Ethereum Lacking Bullish Momentum, Why ETH Holders Are Safe This could suggest a reversal in the current trend if combined with the fact that the FUD coming from China was already price-in by another portion of the market. Trader Rekt Capital commented the following on the price action and those affected by “FUD from China”: BTC investors who have been in the market for a while have heard many different iterations of FUD from China. But newer investors, unarmed with this experience, are the ones who are affected most. Their panic selling is what is fuelling this recent downside. What Could Trigger A Rebound On Ethereum? Ethereum’s recent low stands at $2,652, the price is reached at the beginning of the weak on the back on the potential default of Chinese real state company Evergrande. Thus, why ETH’s price must hold that level in case of further downside. For the bulls to have a fresh shot at reclaiming the $3,000 area, Ethereum must close the daily above $2,900. The Exponential Moving Average (EMA – 10) could be the next objective from there standing at $3,136. In the short term, strength in Bitcoin or Ethereum could push the market back to the green. The first cryptocurrency by market cap has bullish fundamentals that could benefit the entire crypto market. Related Reading | As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lower Valuation As pointed out by Glassnode founders Jan Happel and Jann Allemann, the Relative Transfer Volume Breakdown, a metric used to measure transaction volume in the market, suggest that institutions are still betting big on Bitcoin (BTC). Alleman and Happel said: Bitcoin transaction volumes continue to reflect big money moving in the space. Institutional sized capital ($1M+ transaction sizes) represent around 82% of settled volume over the past week. Note the growth in institutional size capital really kicked off since October 2020. In addition, as pseudonym trader LilMoonLambo said, banking giant JP Morgan seems more bullish on Ethereum than Bitcoin. The bank has been dabbing into crypto for a while and their estimates for ETH and BTC mini futures are optimistic for the bulls.Read More
The People’s Bank of China reposted a memo from September 15th that addresses the country’s Bitcoin ban to their website, causing widespread Bitcoin selling and a Friday morning price dip.Read More
The portfolio will track major assets in the DeFi ecosystem, including Ethereum (ETH), Uniswap…
The post eToro launches Portfolio with exposure to major DeFi assets appeared first on Coin Journal.
The regulator will release more details and feedback on the initiative before the end…
The post FCA and Bank of England to collaborate on a blockchain regulatory reporting system appeared first on Coin Journal.
Sep 24, 2021 | Bitcoin, Bitcoin Lightning, bitcoin lightning network, Bitcoin News, BTC, BTC Tipping, BTCBRL, BTCBUSD, BTCDAI, BTCEUR, BTCGBP, BTCJPY, BTCKRW, BTCMXN, BTCNGN, BTCPAX, BTCRUB, BTCTRY, BTCTUSD, btcusd, BTCUSDC, BTCUSDT, BTCXRP, BTCZAR, Crypto News, ETHAUD, ETHBKRW, ETHBRL, ETHBTC, ETHBUSD, ETHDAI, ETHEOSDT, ETHEUR, ETHGBP, ETHHUSD, ETHJPY, ETHKRW, ETHMXN, ETHPAX, ETHRUB, ETHTRX, ETHTRY, ETHUSD, ETHUSDC, ETHUSDT, ETHUST, ETHZAR, News, NFT News, Twitter
The Bitcoin ($BTC) tipping feature went live on Twitter today for iOS users, making it the first global monetary network. The BTC tipping would be facilitated via a layer-2 solution lightning network. Twitter has partnered with Strike, a BTC wallet app based on the lightning network, to build the infrastructure and API for the integration,
The post Twitter Announces Big NFT Plans as Bitcoin ($BTC) Tipping Goes Live For iOS Users appeared first on Coingape.
Ethereum started a steady increase above $3,050 against the US Dollar. ETH price could correct lower, but the bulls might remain active near $3,000 and $2,950. Ethereum extended its increase above the $3,100 and $3,150 levels. The price is now trading near $3,100 and near the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $3,150 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct lower towards $3,000 or even $2,950 in the near term. Ethereum Price Is Losing Pace Ethereum started a steady increase and settled above the $3,000 level. ETH even broke the $3,100 level and settled above the 100 hourly simple moving average. It traded as high as $3,173 and recently corrected lower. There was a break below the $3,150 level. Besides, there was a break below a key bullish trend line with support near $3,150 on the hourly chart of ETH/USD. Ether is now trading near $3,100 and near the 100 hourly simple moving average. It is still trading well above the 23.6% Fib retracement level of the upward move from the $2,651 swing low to $3,173 high. An immediate resistance on the upside is near the $3,150 level. Source: ETHUSD on TradingView.com The first major resistance is near the $3,180 level. The main breakout zone could be near the $3,200 zone. A close above the $3,200 resistance could start another steady increase. The next major resistance might be near the $3,320 level. Any more gains may possibly open the doors for a move towards the $3,500 level in the near term. Dips Limited in ETH? If ethereum fails to continue higher above the $3,150 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,050 level. The next major support seems to be forming near the $2,950 level. Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $2,651 swing low to $3,173 high at $2,912. A downside break below the $2,900 support zone could put a lot of pressure on the bulls. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now close to the 50 level. Major Support Level – $3,050 Major Resistance Level – $3,200Read More
Bitcoin price extended its increase above the $44,000 level against the US Dollar. BTC traded close to $45,000 and it might correct lower in the short-term. Bitcoin started a recovery wave above the $43,000 and $43,000 resistance levels. The price is now trading above $44,000 and the 100 hourly simple moving average. There is a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower towards the $43,500 support zone and the 100 hourly SMA. Bitcoin Price Extends Increase Bitcoin price started a decent increase above the $43,000 level. BTC remained well bid and it managed to clear the $44,000 resistance level plus the 100 hourly simple moving average. The price even climbed above the $44,500 level and traded close to the $45,000 level. A high is formed near $44,934 and the price is now correcting lower. There was a break below the $44,500 and $44,400 levels. An immediate support is near the $44,300 level. There is also a key rising channel forming with support near $44,250 on the hourly chart of the BTC/USD pair. The pair is also well above the 23.6% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $44,800 level. The first major resistance is near the $45,000 level. A clear break above the $44,800 and $45,000 levels could start another increase. The next major resistance is near the $46,200 zone, above which the price could rise towards the $47,000 resistance. Dips Limited In BTC? If bitcoin fails to clear the $45,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $44,300 level. The next major support is near the $44,250 zone and the channel trend line. A downside break below the channel support could lead the price towards the $43,500 support zone or the 100 hourly simple moving average. Any more losses could lead the price towards the 50% Fib retracement level of the recent wave from the $39,580 swing low to $44,934 high at $42,250. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level. Major Support Levels – $44,250, followed by $43,500. Major Resistance Levels – $44,800, $45,000 and $46,200.Read More
Sep 24, 2021 | Bitcoin, Bitcoin core, Bitcoin Scams, Bitcoin SV, bitcoin whitepaper, Bitcoin.org, Cobra, Cobra-Bitcoin, Craig Wright, Crypto News, crypto scams, Faketoshi Nakamoto, Hackers, Matt Corallo, nChain, satoshi nakamoto, scammers
Hackers took over the Bitcoin.org website and displayed the classic double your money scam for a few minutes today. Apparently, it was a DNS hack. Luckily, the Bitcoin community took notice and alerted Cobra, the pseudonymous website owner, as well as the company that hosted the domain. A few minutes later, Bitcoin.org was down. Sadly, a credulous person was faster than them and sent 0.4 BTC to the displayed address… or did he? https://twitter.com/coinableS/status/1440880159343607812 The transaction exists, but there’s a rumor that it might’ve been the scammers themselves, trying to make the operation look reputable. Just like a busker who put some change in his hat to encourage others to contribute. However, that’s just a rumor. Someone might’ve been scammed. Related Reading | Old Bitcoin Miner Proves Craig Wright has No Access to 145 Tulip Trust Addresses In any case, everybody else should thank Matt Corallo, a Bitcoin Core contributor who took it upon himself to contact the domain name registrars and managed to convince them to temporarily take down the site before some catastrophe happened. https://twitter.com/TheBlueMatt/status/1440896436380438532 What Does The Bitcoin.org Owner Think About All Of This? When Cobra announced the Bitcoin.org hack, he or she said, “Currently looking into how the hackers put up the scam modal on the site.” So far, there’s no information on that. Cobra also said that Bitcoin.org “May be down for a few days,” but luckily that wasn’t necessary. https://twitter.com/CobraBitcoin/status/1440905892543832064 Earlier in the day, Cobra contacted via Twitter their new hosting company Cloudflare and told them that the website has never been hacked, and now that he moved to their servers, this happened. The company responded, and eventually, the original tweet disappeared. BTC price chart for 09/23/2021 on Bittrex | Source: BTC/USD on TradingView.com Does This Have Anything To Do With Craig Wright AKA Faketoshi Nakamoto? A few months ago, both Cobra and Bitcoin.org made worldwide news. Craig Wright, Australian entrepreneur and Satoshi Nakamoto cosplay artist, got a UK court to order the website to remove the Bitcoin Whitepaper from its servers. At the time, Yahoo! finance informed: “Cobra, the pseudonymous creator of the Bitcoin.org website, has been ordered by London’s High Court to discontinue hosting its copy of the Bitcoin white paper. Citing copyright infringement brought forward by nChain Chief Scientist Craig Wright, the judge had no option but to rule a default judgment because Cobra chose not to make an appearance.” https://twitter.com/WuBlockchain/status/1440900061198577665 Does the hack have anything to do with Craig Wright? There’s not a single clue to indicate that, but, rumors are flying. He’s the only one incentivized to attack Bitcoin.org, they say. However, 0.4 BTC is a pretty great incentive. Maybe the scammers were just interested in scamming. Related Reading | Craig Wright Wins Lawsuit On Bitcoin.org Hosting Bitcoin Whitepaper In any case, to close all the loops, Yahoo quotes Cobra explaining why he chose not to make an appearance in court: “Unfortunately the court rules allowed for me to be sued pseudonymously, however, I couldn’t defend myself pseudonymously. So I was put in an impossible situation of losing my privacy or losing the case in a default judgment.” So, to sum it all up, Bitcoin.org is back up again and no one scammed you. All is well that ends well. Featured Image: Screenshoot from the hacked website | Charts by TradingViewRead More
After what looked to be a month of prosperity following the August bull run, Bitcoin has now entered into an era of increasingly bearish signals. The asset had seen a number of rallies that pushed it over two-month highs, successfully breaking above the $52K resistance range on a number of occasions. Throwing the entire market into a stretched-out period of positive sentiment. September has now come with its own unique set of problems for the digital asset. Bitcoin price has been suffering since the beginning of the month, ushered in with a flash crash that rocked the market only a week into September. The market continues to suffer from the aftershock of this flash crash, which has left a trail of blood in the market, and led to massive liquidations. Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet Bitcoin Price Crash Leads To Sell-Offs In only a matter of days, the price of bitcoin has fallen from $47,000 to $40,000, which triggered liquidations in the market. The long liquidations totaled up to the tune of $860 million across exchanges. The liquidations took place over two days when the price of the digital asset had inevitably fallen to $40,000 on Tuesday, September 21st. Although significant, the liquidations, which were spread across two days, still sat below the sell-offs seen following the September 7th crash. Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400? Monday marked the beginning of the liquidations as the market saw $470 million long positions liquidated. And the following Tuesday, a total of $390 million long positions were liquidated as well. At this point, the price of bitcoin had hit levels not seen since mid-August. And as market sentiment shifted into the negative, the price continued to plunge. BTC longs liquated on Monday and Tuesday add up to $860 million | Source: Arcane Research Current sell-off volumes have remained beneath the $1.2 billion sell-off in early September, suggesting that this current sell-off is more organic than previous ones. Also, it shows that the current market is more influenced by spot activity compared to the derivatives market. September And Its Chokehold On The Market September has historically come with challenges for the crypto market. So the crash that rocked bitcoin and the entire market at the beginning of the month is on-brand. Crashes with at least a 17% value loss have happened in September for the past four years and it looks like 2021 has fallen in line with this trend. However, the end of September has always come with better forecasts for the following month. Chart analysis show crashes in the month precede recoveries that put the market on course to regain its lost value. Setting the market up for another bull run. BTC price trading north of $43K | Source: BTCUSD on TradingView.com The price of BTC has now recovered above its Tuesday’s lows, which saw the digital asset plunge below $40K. Bitcoin is currently trading above $42,000 at the time of writing. While the total market cap has fallen below $800 billion. Featured image from Bitcoin News, charts from Arcane Research and TradingView.comRead More
Bitcoin observes a few different bearish signals going off despite strong recovery above $44k, could it be a dead cat’s bounce? On-Chain Data Shows Bitcoin Miners Have Started Selling, Funding Rates Have Turned Negative As explained by a CryptoQuant post, a bunch of bearish Bitcoin signals have gone off despite some fresh movement up. First, the miners reserve has started to decline. This indicator shows the total number of coins that miners are holding in their wallets. A downtrend in the metric’s value suggests miners have started sending their Bitcoin to exchanges for selling purposes. Second is the Long-Term Holder SOPR (LTHSOPR) that shows the degree of realized profits and loss for those coins that haven’t moved on the chain since at least 155 days (which means these coins belong to long-term holders). Related Reading | Will Fear And Greed Keep Bitcoin Buyers From The Halloween Effect? This metric has also been showing low values, implying these long-term holders are more likely to sell their coins right now. Here is a chart showing the trend in both these indicators for Bitcoin: The BTC miners reserve and the LTH SOPR | Source: CryptoQuant Next is the Bitcoin exchange reserve, an indicator that measures the total number of coins present on wallets of all centralized exchanges. The below chart shows how the reserve’s value has changed recently: The indicator seems to showing some uptrend | Source: CryptoQuant As the graph shows, the Bitcoin exchange reserve has started trending up after a long period of constant decline. When the metric’s value goes up, it means investors are starting to send their coins to exchanges for withdrawing to fiat or purchasing altcoins. Finally, there is the funding rate, which highlights whether investors are finding long positions better or short ones. funding rates look to be moving negative again | Source: CryptoQuant As the above chart shows, the BTC funding rates have dipped below zero, signifying that short positions are more hot right now. Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum What Do These Indicators Mean For BTC’s Price? All of these signals show a bearish outcome in the short term at least. However, the price has started moving up for now nonetheless. It’s possible this recovery above $44k is just a dead cat’s jump, and that the price would move down soon as these indicators suggest, but there is still some chance this recovery holds. At the time of writing, Bitcoin’s price floats around $44k, down 7% in the last 7 days. The below chart shows the trend in the price of the coin over the last five days. BTC’s price has started moving up after making a touch of $39.6k | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.comRead More
The Chicago Mercantile Exchange more commonly referred to as CME, offers the de-facto futures contracts for Bitcoin since the end of the last bull market. But could the forward-looking price action also offer a potential glimpse into the future of what’s to come? If this crystal ball works, the last leg up could be about to begin, and it could start with a simple bullish divergence. Seeing Into Bitcoin’s Future With CME CME is the top BTC futures exchange for institutional traders, and often a dominant force in the market. So dominant, that if any gaps are left behind over the weekend on the CME chart after the trading desk goes offline, they often get filled within the next week with a high degree of accuracy. These sort of breakaway gaps are common with speculative assets like Bitcoin and other cryptocurrencies. Not all such gaps eventually get filled, but their importance is undeniable. Related Reading | How Futures Traders Could See The Bitcoin Selloff Coming Recently, the CME chart has begun to diverge ever so slightly from the price action on spot exchanges, enough to take notice. Just recently, a lack of a momentum crossover on the daily timeframe led to a nasty fakeout while CME was offline. The bullish crossover never existed on CME, so there was less bait for institutions to fall for. Now, the CME futures platform could be offering a potential future look at the next leg up. CME is showing a bullish divergence and a potential break of momentum | Source: BTCUSDT on TradingView.com Last Leg Of Bull Run Begins With Flag To $82,000 There is yet another divergence to be seen on the CME BTC futures chart – a bullish divergence on the daily RSI, that closely matches the signal that sent Bitcoin flying last September. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal A corresponding downtrend on the LMACD – depicting downward momentum – is waiting to be broken. If a similar breakout of momentum is to follow, the final leg up of the bull market could follow. This potential bull flag has a target of $82,000 | Source: BTCUSDT on TradingView.com These signals on their own prove very little, and divergences are only confirmed in hindsight. However, the massive bull flag with a target of $82,000 could eventually act as all the proof necessary. A breakout of the bull flag pattern still could come with several retests of the top trend line, so more sideways is possible before upside ever materializes. Of course, given how extreme the recent selloff was and the still lingering fear due to Evergrande, the recent bounce might not be as bullish as crypto holders would hope. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.comRead More
Bitcoin has once again recovered from what looked to be the beginnings of another bear market. The crashes had left the price of the digital asset struggling in the market, putting the bears ahead. With the recent rebound above $44,000, the bulls have obviously wasted no time in taking back control of the market. Wednesday’s fall below $40,000 now looks to be nothing but a blip on the radar. Fear & Greed Index Breaks Out Of Extreme Fear The beginning of the week has seen bitcoin suffer an onslaught of price dips. Dropping the value of the digital asset into one-month lows. This inadvertently played out in sentiment surrounding investing in the asset. With the dips, the Fear & Greed Index had slipped into the “Extreme Fear” territory. This prompted sell pressures of varying degrees across digital currencies in the market. Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet Wednesday marked the lowest point of the bloodbath with bitcoin falling into the $39,600 territory. A dip that was almost immediately followed by small upward corrections pulled the price of the digital asset back into its low $40,000 trading range. Fear & Greed Index moves out of extreme fear | Source: Fear & Greed Index on alternative.me Thursday, on the other hand, has come with better tidings for the digital asset. The early hours of the morning featured a price rebound that added about $1,000 to the asset’s price in a couple of hours. Following this, market sentiment has shifted towards the positive. As of Thursday, the crypto Fear & Greed Index shows that sentiment has now moved out of extreme fear but remains in the fear region with a score of 27. Bitcoin Shrugs Off The Bears Bitcoin saw massive long positions liquidated between Monday and Tuesday as the price suffered. This contributed to the further downtrend that was experienced as Wednesday rolled around. The market crashes saw the total crypto market cap once again fall below $2 trillion. But with the recovery in bitcoin and other assets, a $200 billion addition to the market put the total market cap back up above $2 trillion. Related Reading | Did Bitcoin Really Experience A Flash Crash Down To $5,400? Bitcoin has now steadily held on to the $43-$44K price range. Holding off the bears long enough for the market to find its footing in preparation for another run-up. With positive sentiment gaining steam in the market, the sell pressure on the market is receding, giving way to more faith in the market. At the time of writing, bitcoin is trading north of $43K at $43,810. BTC price recovers from Wednesday lows | Source: BTCUSD on TradingView.com Featured image from BBC, charts from Alternative.me and TradingView.comRead More
ETH bulls are eyeing a fresh leg up after bouncing off lows of $2,650…
The post Ethereum price prediction: ETH poised for a swift bounce to $4k appeared first on Coin Journal.
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