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Category: Ethereum

Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase

On-chain data shows crypto exchange Coinbase saw a withdrawal of 400k Ethereum yesterday. This could be a sign of activity from institutional investors, and could prove to be bullish for the coin. Coinbase Observes Outflow Of 400,000 ETH As pointed out by a CryptoQuant post, about 400k ETH (1.5 billion at the current exchange rate) was withdrawn yesterday from the crypto exchange Coinbase. The indicator used here is the Ethereum outflow, which shows the total number of coins exiting wallets of the exchange. When the metric shows a big spike, it means a lot of ETH was withdrawn from the exchange. Investors usually take out a lot of coins to either hodl them or to sell them through OTC deals. So, constant outflows can mean that there is a buying pressure in the market and investors feel bullish on Ethereum. Now, here is how the chart for the indicator looks like for the crypto exchange Coinbase: ETH’s outflow showed a large spike yesterday | Source: CryptoQaunt As the above graph shows, the crypto exchange Coinbase saw a spike of a massive 400k Ethereum in outflows yesterday. Outflows this big can be a sign of activity from institutional investors as certainly normal holders won’t have these many coins to move around. Related Reading | Only In Crypto: A Croissant Lists Potential Bullish Drivers For Bitcoin And Ethereum In Q4 2021 Institutional investors being bullish on ETH can mean huge things for the crypto. If ETH has to move to the next leg up, it will need a lot of money pumped into it, and this usually means whales like institutional investors need to get involved. As these outflows already signal that institutional investors are taking their coins out of exchanges to perhaps hodl them, ETH’s outlook looks bullish. Ethereum Price At the time of writing, ETH’s price floats around $59.9k, up 9% in the last seven days. Over the last thirty days, the crypto has amassed 25% in gains. The below chart shows the trend in the price of the coin over the last five days: ETH’s price makes a push up and approaches the $4k mark | Source: ETHUSD on TradingView ETH has made a big push in the last few days as the coin now approaches a test of the $4k mark. It’s unclear at the moment if ETH can keep this momentum going and reach a new all time high (ATH) soon, or if it will falter once again. Related Reading | TA: Ethereum Follows Bitcoin, Why ETH Could Surge Towards $4K If the outflows are anything to go by, the general sentiment seems to be bullish and institutional investors getting involved can help with the big price pushes the crypto needs to break important resistance lines. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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TA: Ethereum Outperforms Bitcoin, What Could Extend Gains Above $4K

Ethereum gained pace above the $3,700 resistance zone against the US Dollar. ETH price is showing positive signs and it could even surge above $4,000. Ethereum started a fresh increase above the $3,650 and $3,750 resistance levels. The price is now trading above $3,800 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its rally if there is a clear break above $3,850 and $3,920. Ethereum Price Aims Larger Increase Ethereum settled above the $3,500 level to move into a positive zone. ETH started a fresh increase above the $3,650 resistance zone and the 100 hourly simple moving average. The upward move was such that the price cleared the $3,750 resistance. Finally, the price spiked above $3,800 and traded as high as $3,838. It is now consolidating gains above the $3,800 level. It is well above the 23.6% Fib retracement level of the recent rally from the $3,414 swing low to $3,838 high. There is also a major bullish trend line forming with support near $3,800 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $3,840 level. Source: ETHUSD on TradingView.com The next major resistance is near the $3,850 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $4,000 level. Any more gains could set the pace for a move towards the $4,200 level in the near term. Dips Supported in ETH? If ethereum fails to continue higher above the $3,850 and $3,920 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,800 level. The first key support is now forming near the $3,750 level. The main support is now forming near the $3,650 and $3,625 levels. It is near the 50% Fib retracement level of the recent rally from the $3,414 swing low to $3,838 high. If there is a downside break below the $3,650 and $3,625 support levels, the price could decline further. The next key support is near $3,550. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 60 level. Major Support Level – $3,750 Major Resistance Level – $3,850
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Ethereum Axie Infinity Price Analysis: October 15, 2021

Ethereum follows in Bitcoin’s footsteps amid a formidable quest for all-time highs at $4,400. Axie Infinity sprouts to $145 after holding support at $115, but a retracement cloud still hovers. Ethereum seems to be exhibiting a lot of positive correlation to Bitcoin as it closes the gap to $4,000. As reported, BTC has returned above

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TA: Ethereum Follows Bitcoin, Why ETH Could Surge Towards $4K

Ethereum started a fresh increase from the $3,400 support zone against the US Dollar. ETH price could accelerate higher once there is a clear break above $3,650. Ethereum started a fresh increase above the $3,500 and $3,550 resistance levels. The price is now trading above $3,550 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh rally if there is a clear break above $3,650 and $3,660. Ethereum Price Gains Pace Ethereum remained well supported above the $3,400 zone. ETH started a fresh increase above the $3,500 resistance zone and the 100 hourly simple moving average, similar to bitcoin. There was also a break above a key bearish trend line with resistance near $3,500 on the hourly chart of ETH/USD. The pair is now trading above the $3,550 resistance zone. Ether price even surpassed the $3,600 resistance zone. A high is formed near $3,656 and the price is now consolidating gains. It is well above the 23.6% Fib retracement level of the recent upward move from the $3,413 swing low to $3,656 high. The price is now showing positive signs above the $3,630. An immediate resistance on the upside is near the $3,650 level. Source: ETHUSD on TradingView.com The next major resistance is near the $3,660 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,750 level. Any more gains could set the pace for a move towards the $4,000 level in the near term. Dips Limited in ETH? If ethereum fails to continue higher above the $3,650 and $3,660 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,600 level. The first key support is now forming near the $3,550 level. It is near the 50% Fib retracement level of the recent upward move from the $3,413 swing low to $3,656 high. If there is a downside break below the $3,550 and $3,535 support levels, the price could decline further. The next key support is near $3,450. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 60 level. Major Support Level – $3,550 Major Resistance Level – $3,660
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More People are Buying Ethereum and this On-Chain Metric Confirms the Trend

Ethereum (ETH), the world’s largest decentralized blockchain network is attracting more small-scaled to medium-sized retail buyers according to on-chain trends. Data from Glassnode analytics shows that the Ethereum number of addresses holding 32+ coins has just reached a 5-month high of 109,188, confirming an accumulation trend that peaked about a week ago. 📈 #Ethereum $ETH

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Bank Of England Seeks To Strengthen Cryptocurrency Regulations As The Sector Grows Popular

John Culifferthe, Bank of England’s Deputy Governor, discouraged crypto’s use in the UK’s finance system. He announced earlier that although cryptocurrencies are becoming more supported within United Kingdom’s financial system, they aren’t a significant threat. However, he also recommended that enhanced regulations should be enforced as digital currencies constantly expand. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course The bank stated in a publication that there is a need to regulate cryptocurrency at a local and an international level. Earlier in July, the bank warned against cryptocurrency spillover into traditional markets. It also said about banks, institutional investors, and payment operators’ absorption of cryptocurrency for transactions. Cryptocurrency Price Appreciation While cryptocurrencies like Bitcoin, Ethereum, and Tron prices spiked at the year’s first half. Just briefly, it climbed to $2.5 trillion in value. Collateral backers for the Bitcoin protocol promised to provide another store of value while the storers struggled to yield, given its meager interest rates. The cryptocurrency market is currently facing a decline | Source: Crypto Total Market Cap on TradingView.com On the contrary, cryptocurrencies have very high volatility, and the digital currency market has dipped more than $1 trillion in market value since May 2021. Bitcoin’s price has dropped from an ATH (All-Time-High) price of almost $65,000 in April this year to about $32,000 on Wednesday this week. Financial Regulators Issue Warnings Regulators have been giving frequent warnings about cryptocurrency. In particular, China has banned all digital transactions, declaring them illegal. Related Reading | Shiba Inu Outranks Chainlink And Takes Place In Top 15 Crypto-Assets However, Binance – the world’s biggest crypto exchange- was banned last month from the United Kingdom. Binance was among the numerous exchanges that didn’t register with the financial regulator, given that it couldn’t meet up with the anti-money laundering requirements. Featured image from Pixabay, chart from TradingView.com
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TA: Ethereum Holds Key Support, What Could Trigger Sharp Rally

Ethereum stayed above the $3,400 support zone against the US Dollar. ETH price must clear $3,540 to start a fresh rally in the near term. Ethereum remained well supported above the $3,400 and $3,380 levels. The price is now trading near $3,520 and the 100 hourly simple moving average. There is a major declining channel forming with resistance near $3,520 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh rally if there is a clear break above $3,540 and $3,550. Ethereum Price Could Turn Green Ethereum started a fresh decline from the $3,600 resistance zone. ETH traded below the $3,500 support and the 100 hourly simple moving average. However, the bulls remained active near the $3,400 level. A low was formed near $3,405 and the price is now rising. Ether price is now trading above the $3,450 level. There was a break above the 23.6% Fib retracement level of the downward move from the $3,620 swing high to $3,405 swing low. It is now trading near $3,520 and the 100 hourly simple moving average. There is also a major declining channel forming with resistance near $3,520 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $3,620 swing high to $3,405 swing low. If there is a clear break above the channel resistance, the price could start a fresh increase above the $3,540 level. Source: ETHUSD on TradingView.com The next major resistance is near the $3,540 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,620 level. Dips Supported in ETH? If ethereum fails to continue higher above the $3,520 and $3,540 resistance levels, it could start a fresh decline. An initial support on the downside is near the $3,450 level. The first key support is now forming near the $3,400 level. If there is a downside break below the $3,400 and $3,380 support levels, the price could decline further. The next key support is near $3,375. Any more losses could push ether price towards the $3,300 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,520 Major Resistance Level – $3,450
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Only In Crypto: A Croissant Lists Potential Bullish Drivers For Bitcoin And Ethereum In Q4 2021

With Bitcoin and Ethereum so close to their pre-crash highs, the general sentiment in the market seems to be predominantly bullish. In that sense, analyst CroissantEth took the task to summarize the factors causing such sentiment amongst traders and operators. Related Reading | As Bitcoin Breaks $57k, Quant Explains Why It Could See A Pullback Here Via Twitter, the analyst claimed that Bitcoin has increased its levels of attention to levels last seen during May, just before the cryptocurrency lost over 50% of its value in the first of several capitulation events. In addition, BTC’s second layer payment solution Lightning Network has experienced massive growth in its levels of adoption. The analyst attributed this growth to the introduction of the Bitcoin Law in El Salvador. As seen below, the Lightning Network recently saw an explosion in its number of payment channels. At present, this metric stands at an all-time high with a 226% increase in the past 12 months. Bitcoin will soon implement of its biggest upgrades since its inception, Taproot. To be rollout in November 2021, the upgrade will improve the network privacy and security, and smart contract capabilities. As the Croissant noted, when BTC upgrades “you probably want to pay attention”. A third potential price catalyzer for BTC is the approval of an Exchange Traded Fund based on Bitcoin derivatives by the U.S. Securities and Exchange Commission (SEC). Related Reading | Bitcoin Shocktober Continues To Outperform Altcoins En Masse How Bitcoin Could Benefit From A ETF Approval Some analysts believe that the BTC ETF approval in the U.S. could trigger a “buy the rumor, sells the news” event. The CEO of Pantera Capital Dan Morehead even went as far as to claim this event will mark the end of Bitcoin’s current bullish cycle. However, the Croissant disagrees with this take and has defended the importance of a BTC ETF as a way to attract fresh capital into the crypto market. As the analyst previously explained, investing in Bitcoin, after China banned it from its territory, could be considered ESG friendly. Thus, this could create a new layer of incentives for institutions to allocate capital on the cryptocurrency, the Croissant said: Investing in Bitcoin is investing in ESG. The significance of this can’t go understated, because it will be the argument needed for institutional adoption of BTC & several key players in the financial industry know this… Finally, the analyst pointed out that BTC tends to trend to the upside toward the end of the year. The macro-economic landscape offers further incentives, with a “monetary policy disassociated from reality”, for investors to feel attracted to Bitcoin. Ethereum On Its Way To A New Era The second cryptocurrency by market cap Ethereum continues to dominate most of the major trends in the space. From Non-Fungible Tokens (NFTs), decentralized finances (DeFi), to the play-to-earn model popularize by platforms such as Axie Infinity. Ethereum seems to have infinite use cases and applications. Thus, many institutions and big players have been turning their attention to this network. On the other hand, we have Ethereum picking up steam in a bunch of sectors The explosion of NFTs has brought big players to the blockchain, with new things being announced every day This has attracted attention from the likes of VISA, GameStop, Budweiser, TikTok, & the NBA. https://t.co/bon2ql4j42 — croissant (@CroissantEth) October 11, 2021 Of course, the recent implementation of EIP-1559, an upgrade on Ethereum’s fee model, has created a bullish catalyzer for ETH’s price. The update burns a portion of every transaction fee on the network effectively turning ETH into a deflationary asset. Related Reading | TA: Ethereum Bears Keep Pushing, Why ETH Could Slide Further The implications of this change are yet to be felt throughout the market, as the Croissant claimed: EIP-1559 has worked behind the scenes to burn $1.8M worth of $ETH in just 68 days. This is ETH being removed from the existing supply, that would’ve otherwise gone in to the hands of miners (& likely been sold). This is going to have astronomical effects with time The transition from Ethereum to Eth 2.0 in an event referred to as “The Merge”, is also part of the bullish factors for the cryptocurrency. The “supply shock” effect on ETH’s price and the improvements on the network scalability shouldn’t be underestimated, according to the analyst.
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TA: Ethereum Bears Keep Pushing, Why ETH Could Slide Further

Ethereum failed to clear the $3,650 resistance against the US Dollar. ETH price is moving lower and it might extend its decline below $3,450 in the near term. Ethereum struggled to gain strength above the $3,600 and $3,620 levels. The price is now trading below $3,550 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $3,550 on the hourly chart of ETH/USD (data feed via Kraken). The pair could slide towards $3,350 unless it breaks the $3,550 resistance zone. Ethereum Price Faces Hurdles Ethereum failed to settle above the $3,600 pivot level. ETH formed a high near $3,620 and started a downside correction. There was a break below the $3,550 support and the 100 hourly simple moving average. The price even broke the 50% Fib retracement level of the upward move from the $3,375 swing low to $3,620 high. Ether is now trading below the $3,520 level, and it is now consolidating near the $3,500 level. An initial support on the downside is near the $3,480 level. An immediate resistance on the upside is near the $3,635 level and the 100 hourly SMA. The first major resistance is near the $3,550 level. There is also a key declining channel forming with resistance near $3,550 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next major resistance is near the $3,560 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,620 level. The next key resistance might be $3,650. Dips Limited in ETH? If ethereum fails to continue higher above the $3,550 and $3,560 resistance levels, it could extend its decline. An initial support on the downside is near the $3,480 level. The first key support is now forming near the $3,450 level. It is near the 61.8% Fib retracement level of the upward move from the $3,375 swing low to $3,620 high. A downside break could lead the price towards the $3,400 support zone in the near term. Any more losses could push ether price towards the $3,375 support zone. The next key support could be $3,300. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $3,440 Major Resistance Level – $3,550
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This USL Player Receives Part of His Salary in Bitcoin. Says Crypto is Sound Money

Professional footballer, Alex Crognale has made history as the first player in the United Soccer League (USL) to receive part of his salary in Bitcoin (BTC). The footballer, who currently plays as a Center back for the Birmingham Legion confirmed this on His Twitter account, noting that he used third-party brokerage firm Bitwage to receive

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TA: Ethereum Breaking This Resistance Could Spark a Significant Surge

Ethereum corrected lower below $3,500 against the US Dollar. ETH price remained supported and it is now eyeing a key upside break above the $3,650 resistance. Ethereum started a fresh increase above the $3,500 resistance level. The price is now trading above $3,550 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $3,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum once there is a clear break above $3,640 and $3,650. Ethereum Price Eyes Key Upside Break Ethereum started a downside correction from the $3,634 swing high. ETH traded below the $3,550 support level and the 100 hourly simple moving average. However, the price remained well bid above the $3,350 support. A low was formed near $3,375 and the price started a fresh increase. There was a clear break above the $3,500 and $3,550 resistance levels. Ether surpassed the 50% Fib retracement level of the downward move from the $3,634 swing high to $3,375 low. There was also a break above a key bearish trend line with resistance near $3,560 on the hourly chart of ETH/USD. The pair is now trading above $3,550 and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com It is also well above the 76.4% Fib retracement level of the downward move from the $3,634 swing high to $3,375 low. An immediate resistance on the upside is near the $3,600 level. The first major resistance is near the $3,620 level. The next major resistance is near the $3,650 level, above which the price might start a fresh surge. In the stated case, the price could climb towards the $3,720 level. The next key resistance might be $3,800. Dips Limited in ETH? If ethereum fails to continue higher above the $3,620 and $3,650 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,550 level. The first key support is now forming near the $3,520 level and the 100 hourly simple moving average. Any more losses could lead ether price towards the $3,400 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,500 Major Resistance Level – $3,650
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Crypto Crackdown: Bitmain to Stop Shipping Antminers to China This October

Bitmain, the largest Bitcoin mining equipment manufacturer in China has announced it will stop shipping its flagship product, the Antimer, to China in response to the regulatory crackdown ongoing in the country.  As announced by the firm, the suspension of its Antminer shipping will commence on Monday 11th of October, and it will only affect

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Powerbridge Technologies Set To Launch Bitcoin And Ethereum Mining In Hong Kong

Powercrypto Holdings, a subsidiary of the blockchain software provider Powerbridge Technologies, is launching cryptocurrency mining, specifically Bitcoin (BTC)and Ethereum (ETH), in Hong Kong. These cryptocurrency operations will utilize environmental-friendly, green, and sustainable energy. This announcement was made in a press release on Friday, October 8, 2021 Powerbridge Technologies is a growth-driven technology company primarily engaged in SaaS solutions and Blockchain applications. Launching Crypto Mining In Hong Kong Powerbridge Technologies plans to deploy a total of 2,600 high-performance mining rigs in Hong Kong, including 600 BTC mining machines working at a hash rate of approximately 60 PH/s. It also includes 2,000 ETH mining machines, with a hash rate power of approximately 1,000 GH/s. According to the announcement, Powercrypto aims to increase the BTC and ETH hash rate levels across the North American and Asian markets. Related Reading | Since China’s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting Sean Wang, Powercrypto’s General Manager and Chief Technology Officer, stated that: “Powercrypto is a major strategic move by the Company to highlight our global presence in the crypto-mining business. We will focus on enhancing our overall hash rate level in BTC and ETH mining by setting up mining fleets in North America and Asia.” In its global BTC and ETH mining, the company plans to focus on maximizing the use of carbon-free clean energy power. Powerbridge Technologies President Stewart Lor, also commented, “We are very excited about our launch and positioning as a global presence in the cryptocurrency mining business. We expect our high-performance environmental-friendly crypto-mining fleets to significantly accelerate our revenue.” Related Reading | Value Of Ethereum Held By Miners Reaches Five-Year Record Levels Powerbridge Technologies states that it plans to increase its bitcoin miners with an expected capacity of 10,000 miners and an expected hash rate of 728 PH/S. Additionally, according to the company, its proprietary AI/GPU operating system can support up to 100,000 ETH miners in operation. Powercrypto Holdings: A Subsidiary Of Powerbridge Technologies Powerbridge Technologies established Powercrypto Holdings, its new Singapore-based subsidiary for its Crypto Mining and Digital Asset operations, late last month. Powercrypto focuses on green renewable energy-powered crypto mining farms with its intended worldwide operations. The announcement states that the subsidiary strives to become one of the most competitive Bitcoin and Ethereum mining companies. The President of Powerbridge Technologies believes that Powerbridge is well-positioned to accelerate the growth of its crypto businesses and generate promising revenue from it. BTC trading at $54.9K | Source: BTCUSD on TradingView.com A few days ago, the company announced the appointment of Sean X. Wang as General Manager and Chief Technology Officer of Powercrypto Holdings. Mr. Wang, a blockchain expert, was brought on to lead the operations and technology development of Powercrypto’s crypto mining business. He reportedly has wide-ranging expertise in the fields of crypto mining and digital assets operations, having managed and operated mining fleets with nearly forty thousand Bitcoin and Ethereum mining rigs. Digital Currencies In Hong Kong Hong Kong has played a crucial role in the history of cryptocurrencies. It is the birthplace of some of the world’s largest crypto companies. Tether, the world’s largest stablecoin, was also launched here. Hong Kong is a metropolitan area and special administrative region of China. Therefore, unfavorable regulations have affected the digital assets space in the region. However, it has been making efforts to develop its Central Bank Digital Currency (CBDC), e-HKD since 2017. Featured image by CoinGeek, Chart from TradingView.com
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Charlie Lee Sums Up Litecoin’s 10 Years History. Part Two: Exchanges + Betrayal

The creator of Litecoin, Charlie Lee, continues to guide us through memory lane. For part one, he took us through Litecoin’s fair launch. Considering the small number of projects that have managed to do this, it’s a pretty big achievement. Today, for part two, we’re going to cover the project’s relation with cryptocurrency exchanges. Charlie Lee wears his heart on his sleeve for this one, and tells a heartfelt story that ends up in betrayal. Can you feel the excitement in the air? Related Reading | Charlie Lee Predicts Resurgence of Litecoin as Bitcoin Cash Falters This part of the story is all about relationships, connections, and the long road to credibility. It’s also about Charlie Lee’s resistance and willpower. Before we get into the meat and potatoes of the story, though, a light detail that shouldn’t go unnoticed. Charlie Lee Gives Flowers To The Litecoin Logo Creators There’s not much story to the logos, but it’s cool that Charlie Lee gives credit where credit is due. The first and the second one show evolution: The second logo was designed by @mjbmetals. I still like that quite a lot. It looks well next to that Bitcoin logo.https://t.co/T5hzEldonI pic.twitter.com/Uy5qpl8JUP — Charlie Lee (@SatoshiLite) October 7, 2021 And the final one is a simplification of the second one: And the current logo is designed by Robbie Coleman (@robertfcoleman) and his team. Of course being decentralized, there are many other logos that people have created and used. Some are pretty wacky. And people can use whatever logo they want and I can’t do anything about it. 😂 pic.twitter.com/M7FgBcGPum — Charlie Lee (@SatoshiLite) October 7, 2021 That being said, let’s get back to the story. LTC price chart for 10/09/2021 on Coinbase | Source: LTC/USD on TradingView.com Litecoin’s Long Hard Road To Exchange Listings This contradicts the title, but, in 2011 Litecoin was immediately listed in the defunct BTC-e. The site was a pretty successful cryptocurrency exchange that fell into disgrace when the US Justice Department accused them of laundering funds from the Mt. Gox hack, but that’s another story. Regarding Litecoin, Charlie Lee tells us that the listing, “helped a lot as miners had access to liquidity pretty quickly. Litecoin quickly become one of the most popular coin on BTC-e.” From 2011 to 2013, I spent a lot of time supporting Litecoin’s early growth and pushed for adoption wherever I can. I pretty much talked to all the exchanges to support LTC. I realized that liquidity is super important for a coin. Without liquidity, you can’t do anything. — Charlie Lee (@SatoshiLite) October 7, 2021 However, even though Lee “pretty much talked to all the exchanges to support LTC,” it was two years later that the second one listed Litecoin. Bitfinex took a chance on the nascent project, “This was a huge deal for Litecoin. It’s the first major exchange to support LTC.” At the Bitcoin 2013 conference, I remember attending a talk by Bitstamp Co-Founder and CEO Nejc Kodrič( @nejc_kodric). During the Q&A after the talk, I asked him if Bitstamp will add Litecoin. I think he just chuckled and went to the next question. — Charlie Lee (@SatoshiLite) October 7, 2021 Then, Charlie Lee remember how he tried to get the CEO of Bitstamp to list them and he laughed him off. Only to list the coin in 2017. The same thing happened with BitPay, who ended up supporting Litecoin only this year.  The Chinese exchanges, though, listed Litecoin from the beginning. “Sometime late 2012 to early 2013, 2 of the largest exchanges in China, Okcoin and Huobi, added support for LTC. That was huge.” A question arises, did Charlie Lee have to throw shade at those two exchanges this hard? “The trading volume was also pretty crazy, but unclear how much of that was fabricated.” In 2013, I thought it was time for me to step away from Litecoin. I was very fortunate to find Warren Togami (@wtogami), Founder of the Fedora Project, to take over as Litecoin lead developer. Warren is amazing and we were very lucky to have him at the helm of development. — Charlie Lee (@SatoshiLite) October 7, 2021 Charlie Lee And Coinbase, A Love Story So, in 2013 Charlie Lee steps down as Litecoin’s lead developer and leaves the job to Warren Togami. At the same time, he leaves a high-paying job at Google because they weren’t interested in anything crypto-related. That’s when Coinbase gets into the picture. Lee contacts them to see if they’re interested in listing Litecoin and they end up hiring him instead. I interviewed at Coinbase and on paper, it sounded like a horrible deal. I would have to commute to SF, which was an hour each way, take a 50% or so pay cut, work twice as hard, and miss out on all the Google perks. But it was a no-brainer for me. — Charlie Lee (@SatoshiLite) October 8, 2021 According to Charlie Lee, “Coinbase was the hot startup and THE crypto company that is making Bitcoin easy to use. I knew that if Bitcoin didn’t succeed, Litecoin wasn’t going anywhere either.” A cold hard truth that all of the Altcoins have to live with to this day. Besides that, Lee wanted to eventually convince Coinbase to support Litecoin. How could he not? But at least he created a cool banner for it. 😁https://t.co/7BToh7YNdX After that, there were rumors of @MtGox finally adding its second coin, Litecoin. At the time MtGox had like 97% of the total Bitcoin trading volume. Support of LTC would be huge for Litecoin’s liquidity. pic.twitter.com/rfBhA7z1Pm — Charlie Lee (@SatoshiLite) October 8, 2021 The Chinese connection paid off and the BTC China, lead by Charlie Lee’s brother, listed the coin. “Although it was a huge news, what took him so long?!,” asks Lee hilariously. Also notice that the banner that he mentions plays on the fact that Charlie and Bobby are brothers.  In 2015, there were rumors that the infamous Mt. Gox exchange was going to list Litecoin. At the time, this was THE place to be. Charlie Lee finally confirms the story, “The rumors were actually true. I was talking to the CEO, Mark Karpelès almost on a daily basis in mid 2015.” However, the Mt. Gox hack was exposed before they materialized those plans. And all hell broke loose. “In hindsight, it was a blessing in disguise.” Then, as it happens, things turned sour in the Charlie Lee and Coinbase romance. That changed though in 2016. The was when Litecoin trade volume exploded on Chinese exchanges and it was clear to me that Coinbase was leaving a lot of money on the table by not supporting altcoins. And it made business sense for Coinbase to add altcoins. — Charlie Lee (@SatoshiLite) October 8, 2021 The Brian Armstrong tweet he refers to says: “Ripple, Stellar, and Altcoins are all a distraction. Bitcoin is way too far ahead. We should be focused on bitcoin and sidechains.” Wow. What would the Brian Armstrong of the present say about that statement? Anyway, in 2016 Litecoin’s trading volume was exploding in the Chinese exchanges and Charlie Lee saw his opportunity. “This was also when Ethereum was starting to get big. So I put together a proposal to Brian and Fred Ehrsam to add both LTC and ETH to Coinbase.” The proposal’s thesis was that, since people in the US had no easy way to buy, store, and trade those coins, there was “a lot of unsatisfied demand.” And Coinbase could make a lot of money.  There was a lot of unsatisfied demand. People in the US had no easy way to store and trade these coins. And Coinbase would steal a lion share of the demand if we added the 2 coins to start. Both Brian and Fred like the idea but they crossed out LTC. They just want to do ETH. — Charlie Lee (@SatoshiLite) October 8, 2021 Here it is: betrayal. The two Coinbase executives broke Charlie Lee’s heart by accepting the proposal, but only for Ethereum. “Although I went along with the plan, it kind of rubbed me the wrong way. Litecoin had a much higher global trade volume at the time and was the #2 coin in marketcap.” A little while later, Lee took three months of Coinbase to focus on his project. Related Reading | CHARLIE LEE: AN UNCOMMON INTERVIEW In the next episode, Litecoin’s story intertwines with Bitcoin’s and the controversial Segwit implementation. We’re going to discover that Charlie Lee and his team were instrumental in this. How? Tune in to find out.    Featured Image by Executium on Unsplash – Charts by TradingView
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Value Of Ethereum Held By Miners Reaches Five-Year Record Levels

Despite the Ethereum burn introduced with the London hard fork, miners are still making a good amount of revenue from mining. For ETH, the balance held by miners had been dropping since 2016. This was mostly a combination of poor market conditions and miners selling their holdings to fund their mining activities. With low prices, the total dollar value of miners’ ETH holdings had dropped. This number picked back up in 2021. Following the bull run which began in 2020, the price of Ethereum has gradually recovered. And by extension, the dollar value of the miner’s ETH holdings had begun to climb. Current metrics show that the value of ETH held by miners has hit a five-year high. The last time that miners held this much value in ETH had been in 2016. Related Reading | Polygon Founder Says Ethereum Is Set To Replace Bitcoin As The Global Standard Miners’ ETH Holdings Reach New Peak Data analytics firm Sentiment published a report showing the current ETH balances of miners. According to the report, miner ETH balances currently sit at 532.75K ETH, leading to a total balance of more than $1.85 billion. #Ethereum is up to $3,480, the coin’s highest price in 16 days. Notably, miner balances have continued to skyrocket. 532.75k $ETH is the largest balance held by miners since July 13, 2016. The value of these coins is $1.85B, easily an #AllTimeHigh. https://t.co/zf2g4ypqiJ pic.twitter.com/atPnYLhAgc — Santiment (@santimentfeed) October 5, 2021 ETH price balances above $3,600 | Source: ETHUSD on TradingView.com The last time ETH miner balances had reached this amount had been in July 2016, shortly after the Ethereum blockchain went live. ETH’s value has grown much higher since the report was published, putting current balance values even higher. This is the highest the value of miner ETH balances has ever been. Additionally, miners have been holding on to their bags. Refusing to sell until the market becomes more favorable. Ethereum Price Recovering To Record Levels The recent growth of ETH has contributed greatly to the increase in the value of the miner ETH balances. This, coupled with increasing hold sentiment among miners, has put miner balances on record levels. But miner balances are not the only ones experiencing a return to record levels. Ethereum price had suffered had in the bloody month of September. This had crashed the price of the digital asset down below $3,000, bottoming out at close to $2,600, a one-month low for the asset. Related Reading | Investors Expect Ethereum To Outgrow Bitcoin, According To CoinShares Survey Now, with current recovery trends, the price of ETH is set to break a new record level. ETH’s recent breakout has positioned the price of the asset well above $3,600. And indicators point to the bull rally pushing the price of the digital asset above $4,000. End-of-year predictions from market analysts have placed the asset at a $5,000 price mark, with bitcoin hitting $100K. It is still too early to tell if Ethereum will hit the price targets set for it by analysts. But the asset is now trading in the green and continues to be favored among crypto investors. ETH’s price is trading at $3,616 at the time of writing. Chart from TradingView.com
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PepsiCo Chief Financial Officer: We Don’t Intend To Invest Cash In Bitcoin

Just recently, Bitcoin has been spiking again. But the influential CFO of PepsiCo – Hugh Johnson, clearly stated that America’s corporate society wouldn’t bulge by the digital currency’s seductive price appreciation. Moreover, he added that corporate America wouldn’t indulge the world’s lead digital currency by putting it on their balance sheets. Hugh’s Reasons For Disagreeing With Utilizing Bitcoin Although the masses predict that the price increase will entice more whale investors, Johnson informed that the contrary should be the case. Bitcoin’s high speculativeness is a contrast to the financial safety companies’ desires to handle their assets. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Undeniably, Bitcoin’s alluring movements within the past few months provided a tremendous financial advantage to non-conformist CEOs who invested in BTC. However, it is also a warning to conventional managers of the significant risks they’d batter with funds saved for share buybacks, new plants, contingencies, and acquiring new opportunities. Two CEOs Who Leveraged Bitcoin Recently Bitcoin’s upsurge has currently surmounted a jackpot for the two CEOs who traded massively on the cryptocurrency. Elon Musk (CEO of Tesla Motors) and Michael Saylor (CEO of MicroStategy). BTC is trading in an upward trend | Source: BTC/USD on TradingView.com After struggling at around $42,974 the week succeeding China’s crypto ban, BTC skyrocketed 24.164%. Its price reached $54,600, the second-highest price record since May 12, 2021. Tesla’s 42,000 BTC tokens spurred by over $630,000,000. Related Reading | Miner Refunds The Giant Sum Of 7,626 Ethereum Mistakenly Sent By Bitfinex Currently, those tokens are at a bullish course of over $830,000,000 – which is close to an 85% increase from the pre-tax income during the first half of 2021. Whereas MicroStrategy’s potential profits on its portfolio of 109,000 BTC spiked by over $1.5 billion, giving an overall amount of $3.1 billion. However, the company had lost over $409 million in pre-tax within the first two quarters of 2021. Featured Image by Pexels – Charts by TradingView
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TA: Ethereum Lacks Momentum But This Level Could Trigger Fresh Rally

Ethereum extended its rally towards the $3,650 level against the US Dollar. ETH price is correcting gains, but dips are likely to remain limited below $3,500. Ethereum started a fresh increase above the $3,600 resistance level. The price is now trading above $3,500 and the 100 hourly simple moving average. There was a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase as long as it is above the $3,500 level. Ethereum Price Remains Supported Ethereum remained in a positive zone above the $3,500 resistance zone. ETH was able to climb above the $3,600 level and the 100 hourly simple moving average. The price even spiked above the $3,600 level, but there was no upside continuation. Ether traded as high as $3,652 before it started a downside correction. There was a break below the $3,600 level. The price traded below the 23.6% Fib retracement level of the upward move from the $3,343 swing low to $3,652 high. There was also a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD. The price is now consolidating near the $3,550 level. An immediate resistance on the upside is near the $3,580 level. The first major resistance is near the $3,600 level. Source: ETHUSD on TradingView.com The next major resistance is near the $3,650 level, above which the price might accelerate higher. In the stated case, the price may possibly rise towards the $3,700 level. The next key resistance could be $3,800. Any more gains could lead the price towards the $3,880 level. Dips Limited in ETH? If ethereum fails to continue higher above the $3,600 and $3,650 resistance levels, it could extend its decline. An initial support on the downside is near the $3,550 level. The first key support is now forming near the $3,500 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $3,343 swing low to $3,652 high. Any more losses could lead ether price towards the $3,450 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $3,500 Major Resistance Level – $3,650
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Ethereum Price Forecast: ETH Risks Pullback To $3,400 Before Final Approach To $4,000

Ethereum price rejected from $3,600, forcing bulls to seek refuge above $3,500 or risk declines to $3,400. Short-term technical indicators gradually flip bearish, implying that the path with the least resistance is downward. Ethereum rally to $3,600 has not been without struggle and delays. Bulls have been putting up an aggressive fight since the gigantic

The post Ethereum Price Forecast: ETH Risks Pullback To $3,400 Before Final Approach To $4,000 appeared first on Coingape.

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