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Why Bitcoin Bears Might Not Get To Buy New Lows

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.com
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DeFi Protocol pNetwork Loses $12 Million In Tokenized Bitcoin

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.com
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Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off

The crypto market has been subjected to major sell-offs since assets began to crash across the board. September which has been a historically bloody month for the market has stayed true to nature as various cryptocurrencies suffered crashes that dragged the market down. Due to this, over $1 billion longs have been liquidated in the market since Monday. Billionaire Mike Novogratz was on CNBC to talk about the current market trends. But unlike most investors in the market, Novogratz does not seem at all worried about the numerous price dips rocking the market. Mike Novogratz is the CEO of Galaxy Digital, a hedge fund that manages assets ranging from traditional assets to cryptocurrencies. Nothing To Worry About Talking about the sell-off in the market, Novogratz explained that tensions were high in the space due to the current regulations talks by the SEC. He pointed to the developing Evergrande crisis, which Tether had been linked to, as also contributing to the sell-offs, which had put investors on edge. The CEO also pointed to long positions that were a little too optimistic, saying, “I think the market got itself a little too long. Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations Novogratz sees the current market dips as a buy-the-dip opportunity. Simply stating, “I’m not nervous” in response to the bleeding market. In addition, the billionaire sees the Treasury introducing stablecoins which are going to be backed by Fed banks. “That’s going to be something we watch over the next week to three months.” Crypto Market Holding At Critical Levels Noting the crash, the CEO pointed out that the top two coins in the market had held at their critical positions. Spelling good news for the market. Following the Monday crash, bitcoin had held above $40,000 and Ethereum held up above $2,800 and Novogratz said, “As long as those hold, I think the market is in good shape.” Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion Both these assets had recorded massive losses following Monday’s opening. And bitcoin alone had seen over $800 million long positions liquidated in response to this. Ethereum had not fared any better in the market as the bloodbath had spilled over into altcoins. But despite this, the billionaire remains bullish on the market. Another important factor for the billionaire was the amount of both public and private capital that was pouring into the space. At the beginning of the interview, Novogratz had mentioned that the crypto market had moved on from the story of bitcoin but has moved on to Web3. And investors, in a bid to not miss out on what could very well be the next internet, have funneled more and more money into the space. Crypto total market cap falls back to $1.8 trillion | Source: Crypto Total Market Cap on TradingView.com Featured image from Investopedia, chart from TradingView.com
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Bitcoin Futures Bull Div Could Offer Crystal Ball Into Next Leg Up

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.com
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Did The SEC’s Gary Gensler Threaten Crypto And DeFi In The WaPo Interview?

Come on, Gary Gensler didn’t threaten the industry. Of course he didn’t, but… maybe he did? If a mafia boss repeated the exact same words, there would be no doubt. And we’re quoting him verbatim. This is exactly what the Securities Exchange Commission’s  Chairman told The Washington Post. They had Gary Gensler as a guest in their “The Path Forward” series. The host was David Ignatius. They talked about “those five- or six thousand projects” that are “raising money from the public.” Related Reading | Erik Voorhees: Selling Unregistered Securities is a Made up Crime Yesterday, we focused on Gary Gensler’s comments about stablecoins and Evergrande. Today, the topic is fighting words… or are they? Read what he had to say and decide for yourself. Gary Gensler Lures Crypto With Honey And Vinegar The topic of the day, of course, is, are cryptocurrencies securities? And the head of the Securities Exchange Commission appeals to the exchanges and related platforms instead of aiming at the projects themselves. Interesting strategy. Gary Gensler explains: “If these tokens–and there’s five- or six thousand different projects–if these tokens have the attributes of an investment contract or a note, or have attributes of equities or bonds. And in essence, one of the core issues is that there are platforms: trading platforms where you can buy and sell these tokens; lending platforms, where you can earn a return on these tokens that have not just dozens of tokens but sometimes hundreds or thousands of tokens. And it’s highly likely that they have on these platforms, securities, investment contracts, or notes or others, that fit the definition of security. Those platforms should come in, they should figure out how to register, be an investment–investor protection remit.” Well, good luck with that. What will happen if people don’t obey your organization’s mandate, Mr. Gensler? “I do really fear that we’ll keep bringing these enforcement cases, but there’s going to be a problem. There’s going to be a problem on lending platforms or trading platforms. And frankly, when that happens, I think a lot of people are going to get hurt.” We’re not saying that Gary Gensler is threatening you. He’s obviously speaking about the risks of unregulated markets. However, “there’s going to be a problem” and “a lot of people are going to get hurt.” That’s what the man said. Gary Gensler (SEC):– is going after the “5000 or 6000 PROJECTS that are raising money from the public [..] anticipating profit”– views #Bitcoin as a “digital, scarce STORE OF VALUE”https://t.co/aw9aQwQ0M6 — PlanB (@100trillionUSD) September 21, 2021 The Definition Of Investment Contract Here, Gensler is speaking directly to host David Ignatius: “If you, David, ask some of the listeners from this program to give them your money, something of value. And they were relying on you, David, with maybe five or ten other entrepreneurs and computer scientists to build a platform–build a platform, that token and so forth, and they were giving it to you with an anticipation of profits. Our Supreme Court long ago said that’s an investment contract.” And it’s hard to argue with that. However, it sounds threatening when you mix it with this: “So, public money has a certain place around the globe. Private monies usually don’t last that long. So, I don’t think there’s a long-term viability for five- or six thousand private forms of money. History tells us otherwise. So, in the meantime, I think it’s worthwhile to have an investor protection regime placed around this.” The newspapers went with that phrase, “I don’t think there’s a long-term viability for five- or six thousand private forms of money,” for their headlines. The markets tumbled. Some people argued that, in context, the phrase wasn’t that menacing. Maybe, but, if you mix it with something like this: “And I think at $2 trillion, 5- or 6,000 projects, that it would be better to be inside investor-consumer protection, inside the tax compliance and anti-money laundering and financial stability.” A crystal clear picture of the SEC’s intentions and politics emerges. 🤯 pic.twitter.com/XUlSV31jEw — Eduardo Prospero (@edprospero23) September 23, 2021 What Does Gary Gensler Think About Bitcoin? According to the Securities Exchange Commission, Bitcoin is a commodity. Its unique characteristics make it so. Also, there’s Gary Gensler’s reverence for Satoshi Nakamoto and the fact that he taught a cryptocurrencies class at MIT. Because of all that, Bitcoiners seem to feel like they’re exempt from the SEC’s wrath. Are they, though? When host David Ignatius asked about Bitcoin’s effectiveness as a store of value, Gary Gensler answered: “I mean, holding a highly volatile asset–bitcoin is that. It’s a digital, scarce, I would even say speculative store of value. To hold appropriate capital, if it’s on a bank’s balance sheet, which seemed to fit into the remit that we’ve had in the past, that there be appropriate shock absorbers against the potential loss.” That doesn’t sound like a Satoshi Nakamoto fan. Or like he appreciates Bitcoin at all. Flat out, what do you think about Bitcoin as an innovation Mr. Gensler? “I think it’s been a catalyst for change. Nakamoto-san’s innovation, not only bitcoin as the first sort of one but this whole distributed ledger technology has been a catalyst for change that, around the globe, central banks and the private sector are looking in on how we can enhance our payment systems, and enhancing our payment systems to make them 24 hours a day, 7 days a week, real time, at lower cost.” He did everything but say “Blockchain, not Bitcoin.” That slogan might’ve been phased out, but apparently, the idea remains. That’s actually what presumed pro-crypto regulator Gary Gensler thinks that Bitcoin brought to the world. A catalyst for the central banks and the private sector to step up their game. Wow. Related Reading | This Is What Gensler’s Confirmation Could Mean For XRP BTC price chart for 09/23/2021 on Bitstamp | Source: BTC/USD on TradingView.com And What’s His Position On Decentralized Lending? You’re not going to believe what this man thinks about DeFi lending. According to Gary Gensler: “It’s raising new and interesting innovations around how exchanges work and how even potentially some forms of decentralized lending. We’ve had peer-to-peer lending for 15-20 years, we’ve experimented with it. This is a new type of experiment. So, those, I think, are really interesting innovations challenging the established business models.” Oh. That’s actually a fair description of the phenomenon. Never mind, then. Carry on. Featured Image: Screenshoot from video interview | Charts by TradingView
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ECOMI And VeVe: The Mom And Pop Of NFT Comics And Illustrated Books

ECOMI and it’s NFT platform VeVe are carving out a unique niche in NFTs. You never know what may happen to that old Spider Man comic you once loved but lost or threw out. What if that same comic book could be bought and saved online only to grow in value? ECOMI and VeVe are looking to address exactly that. Today’s generation has found a new way to turn digital comics into high value digital NFTs that can be resold for two to ten times (or more) of their initial value.  The OMI token has remained strong through substantial volatility. | Source: OMI-USD on TradingView.com VeVe Changes The Landscape For Comic and Illustrated Books Lets take a quick but deep look into ECOMI and VeVe. VeVe is a block chain digital art app that allows everyday crypto investors and cartoon NFT fans to buy and hold or resell comic books, characters, and even illustrated novels. What makes VeVe special and different from potential competitors is it’s ability to display your art in 3D anywhere in your home, office, outdoor space or room, etc. – while some people even save them in their personal VeVe vaults for personal joy or flex. OMI, the token behind VeVe, has made huge plays to put VeVe on the map by partnering with super hero comic powerhouse Marvel and DC, and even landing a deal with “The Little Prince” by Antoine de Saint-Exupery. Related Reading | Number Of Investors Holding Bitcoin Tripled In Last Three Years All of this action within the past couple weeks will look to help both VeVe and the OMI token rise to the top, and become the face for the new era of digital comic books and illustrations, all within the fast and ever-changing crypto NFT world. To understand this importance, you must understand the head of the beast: ECOMI. ECOMI is a Singapore-based technology company in the collectible space of digital NFTs. They created VeVe to add a new dimension and spin on the NFT world. Within the few days, the price action has been re: the coin currently sits at $0.005 USD, with a trading volume north of $18M. Related Reading |  Tomi Heroes NFT Sales Volume Just Exploded Past $1.35M, With Massive ROI Potential For TOMI Sale  With the recent September 17th announcement of ‘The Little Bear’ deal and the strong price action lately, it is safe to say this is a company, app , and token that you should have on your radar if you’re interested in comics and NFTs that have potential looking forward. In this new world of potential gold, it’s hard these days to ignore any company that takes on high client projects with good reputations within unique communities across the world. With new investments left and right into immersive NFTs, augmented reality, and other metaverse components, ECOMI and VeVe are making the strides necessary in securing strong IP partners to future-proof the brand.
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Binance Australia To Shut Down Crypto Futures Trading Amid Regulatory Concerns

As the crypto industry continues to dominate, financial regulators fear criminals will turn to the industry for their illicit activities. This year 2021, has been hot for the crypto industry in terms of regulation. Many financial watchdogs in the USA and other countries pushed harder to regulate the sector. Some top exchanges, including Binance, saw a lot of pressure from several bodies, especially on many of their products. The reason was that many of these exchanges could serve as a means of money laundering given the anonymity of the transactions. As a result, some countries keep limiting the operations of crypto exchanges in their markets. Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?  Binance has seen a lot of pressure from regulators all over the world. Some countries and apex financial bodies such as the Dutch Central Bank have accused the exchange of non-compliance with financial laws against terrorism. Australia Bans Crypto Futures Trading Amid the pressure on the largest crypto exchange, the Australian government has banned them from offering their crypto futures and options in their market. So now, traders will no longer access such products from Binance. The government even warned all their citizens and residents who have invested in futures, options & leveraged tokens to close their position within 90 days. Binance announced this instruction on September 20, 2021. Based on the available information, all Australian users will not invest in these products starting from Friday, September 24. But they can increase their margin balances against liquidation & margin calls. But from December 24, 2021, all manners of transactions on derivatives will close down. Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation In response to this restriction, Binance’s representative stated that they aim to ensure compliance and acceptance for all their products. As such, they usually monitor the regulatory requirements of the localities wherein they operate. But with the recent development, the company will also try to protect the interests of the users. Restrictions On Binance Keep Growing Apart from the recent restrictions in Australia, other countries have been limiting the operations of Binance in their markets. In addition, many global regulators have also been issuing warnings to the exchange. For instance, last month, the exchange stopped offering its derivative trading services in Brazil. Before that, the Hong Kong government also suspended its operations. Binance also halted its crypto derivatives trading in many other countries, such as Netherlands, Germany, and Italy. According to the exchange, it has decided to stop those services in European countries. crypto market is recovering from an abrupt decline | Source: Crypto Total Market Cap on TradingView.com Featured Image From Binance, Chart From Tradingview.com
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What Did The SEC’s G. Gensler Say To The WaPo About Stablecoins And Evergrande?

The Chairman of the Securities Exchange Commission, Gary Gensler, showed his cards. He spoke with legacy-media-operation The Washington Post and host David Ignatius for their series “The Path Forward” and spilled the beans. We at NewsBTC saw the whole interview so you don’t have to. We selected the most crucial quotes, and present them in all their splendor for you all to read them and reach your own conclusions.  Of course, we’re going to offer our two cents. We’re not made of steel. In general, though, you’ll get Gary Gensler’s unadulterated words. They’re shocking enough as it is. Gary Gensler Is Looking Directly At Stablecoins Even though host David Ignatius had no questions about stablecoins, the topic was on Gensler’s mind. The SEC’s Chair brought it up a couple of times. First, he said: “On something called stablecoins, and how the banking agencies–and we, too, market agencies–coordinate because these stablecoins may have attributes of investment contracts, have some attributes like banking products, but the banking authorities right now don’t have the full gamut of what they need.” But his organization is not only thinking about stablecoins and trying to define them and isolate their attributes. They’re preparing a formal document: “We’re working right now under the guidance of Secretary Yellen and working on a report around stablecoins, and in the world of stablecoins, I do think that there would be some help from Congress.”  This doesn’t seem that bad. Their report could conclude that stablecoins are a useful innovation and tool that the whole financial system can benefit from, right? Wrong. This is what Gensler and the SEC think about stablecoins, and pay attention to the language: “These stablecoins are acting almost like poker chips at the casino right now; so, add to the Wild West analogy. I mean, we’ve got a lot of casinos here in the Wild West and the poker chip is these stablecoins, you know, at the casino gaming tables.” Things are about to get interesting for stablecoins, it seems. USDT Market Cap by Cryptocap | Source: USDT on TradingView.com Does The SEC Want Crypto Exchanges To Register? Look, there are no two ways about this. Gary Gensler wants all exchanges, including decentralized ones, to register with the Securities Exchange Commission. To convince them, he asks for the exchanges to come to him: “I think it would be better–the platforms that are trading securities, the platforms that have lending products, who have what’s called “staking products,” and I’m glad to describe that for your listeners, but where you actually put a coin at the platform and you earn a return–that they come in and we sort through, figure out how best to get them within the perimeter.” And, you might ask, what perimeter is that? Well, this quote makes it very clear: “I think at $2 trillion, 5- or 6,000 projects, that it would be better to be inside investor-consumer protection, inside the tax compliance and anti-money laundering and financial stability.” This goes in line with recent declarations from Gensler about the need for crypto regulation: “Gensler believes that if the market is to grow, then it needs to embrace regulation. The SEC chairman explained that regulation would provide trust in the market, which is important if the market does not want to become irrelevant over time. “Finance is about trust, ultimately,” Gensler said. Gensler’s focus is mostly on trading platforms, given that this is where the majority (~95%) of activities in the crypto market are carried out.” Is Gary Gensler Even a Cryptocurrency Enthusiast? Since the new Head of the SEC once taught a class on Cryptocurrencies at MIT, people assumed he would be a pro-crypto legislator. Is he, though? Let’s read what he said about the subject specifically: “I do think this new technology is a very interesting–and whomever she was, Satoshi Nakamoto, it’s led to change. It’s pushing at the side of central banks around the globe to reconsider how to provide payment systems. It’s pushing on the side as a catalyst for change in finance, so-called “fintech,” the intersection of new technologies and finance.” So, a non-comital opinion. However, Gensler feels strongly about bringing cryptocurrencies into a public policy framework. So strongly, that he said, “I don’t think technologies long last outside of a social and public policy framework.” And then, “I think it’s better to bring it inside the public policy framework and ensure that we address these important public policy goals.” And later on one more time, “So, new technology is generally a good thing; it challenges the establishment. But I don’t think that new technologies really long exist outside of public policy frameworks.” Does Any Of This Have To Do With Evergrande? Days after our report about the situation, Evergrande became one of the biggest stories of the year. We explained that the company reportedly owes $300B, and the most likely cause for all that: “Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there’s a chance they won’t be active ever again. They might be worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year.” Of course, The Washington Post’s Mr. Ignatius had to bring the subject up. He said that analysts are worried that there could be “contagion in financial markets, like what we remember from 2008 and the failure of Lehman Brothers.” Then, he asked: “Are you confident that our financial markets today are protected in the event that there was such a failure, not necessarily over this company but any large company with that level of debt?”  Gensler refused to comment on a Chinese company, that’s out of his jurisdiction. To the question, he answered: “I do think the reforms after the 2008 crisis stood up a much stronger U.S. financial system. It doesn’t mean that there aren’t issues that we look at, at the SEC and other important regulators like the Federal Reserve and the bank regulators and CFTC, that I once was honored to chair. But I do think that we’re in better position in 2021 to absorb some of those shocks than we were prior to the ’08 crisis, but it doesn’t mean we’re isolated. Our economies are connected around the globe.” Featured Image: Screenshoot from the interview | Charts by TradingView
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Astro Crypto: Summer Bitcoin Slump Could Bring Bountiful Fall Harvest

The stars are older than all of us, and older than history itself. Yet bring up astrology with the Bitcoin crowd, and for the most part the response is skepticism or even mockery. Both the study and the cryptocurrency itself share several similarities, such as a mathematical foundation, cyclical behaviors, and unusual financial applications. If you are the type to believe, or are just curious, a notable full moon is passing, leading into the autumnal equinox tomorrow. How might this seasonal shift impact the cryptocurrency market trend, and how does math apply to what many believe to be pure myth? September Harvest Moon Could Bring Bounty For Hard Summer Work Planets all revolve around the sun. Their position at the time each person is born and there forth is believed to instill certain influences at distinct moments. Depending on the rotation and layout of the planets, it can have all kinds of seasonal impacts. The Farmer’s Almanac uses such cycles to predict how much snow each winter holds, for example. Certain conjunctions are said to bring about famine, drought, or worse. For example, historians believe that a a triple conjunction of Saturn, Jupiter and Mars caused the Black Death plague. Related Reading | Interview: Crypto Damus On Successfully Combining Bitcoin TA With Financial Astrology The late WD Gann used planetary influences along with math to predict tops and bottoms with “legendary” precision. He taught no one his tricks, but left all kinds of bizarre mathematical tools behind that few know how to take advantage of. So how does this all impact Bitcoin? The Harvest full moon hasn’t appeared on the chart yet its so fresh | Source: BTCUSD on TradingView.com The new moon and full moon chart alone shows significant correlation with Bitcoin price action. Just last night as BTC plunged near $40,000, the full Harvest moon and last full moon of the summer was passing. The moon was named for the fact that farmers used the moon’s light to work late into the night on annual harvests ahead of colder months. It has been a long, arduous summer for crypto holders, but this moon could be a sign that its time to reap the fruit of one’s labors as the autumn equinox hits. Could The Fall And Golden Ratio Be The Key To The Next Bitcoin Peak? The equinox signals change is coming. Change in the season; change in the way humans behave based on those seasons. Seasonality in finance is real, hence the phrase “sell in May, and go away.” The opposite idea is called the Halloween Effect, where investors buy up assets big time to sell around the holidays when enthusiasm is highest. Seasonality and equinoxes don’t always work with the first ever cryptocurrency, but when combined with the power of the Harvest full moon and other favorable mathematical positioning, there is a recipe for something special. After holding above the golden ratio, the final leg up comes in the autumn | Source: BTCUSD on TradingView.com Each final leg up in each Bitcoin bull run has begun at the autumnal equinox, driving to new all-time highs until the winter equinox arrives. Since fall arrives each year, but the same effect doesn’t occur, the necessary ingredient for liftoff is a pullback to the golden ratio. Related Reading | Mercury in Retrograde: Why Bitcoin Traders Fear The Astrological Event Bitcoin price has always retraced back to the golden ratio, before blasting off to the end of the cycle. Below it has never been filled no matter the cycle. If the same scenario plays out, anyone that has survived the summer’s bearish heat, will have a very happy holiday season. To be fully clear, everything written here is pure conjecture based on correlation and past cycles and performance. These aren’t a guarantee of future results. But when the math adds up and Fibonacci is everywhere in nature, why wouldn’t the sum of the full moon, autumnal equinox, and Bitcoin be something very interesting. In closing, we’ll leave you with the JP Morgan quote: Millionaires don’t use Astrology, billionaires do. 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.com
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Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

Is President Erdogan so out of touch with what’s happening around him that he declared war against Bitcoin? Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both mockery and rightful criticism. However, we noticed a crucial detail: the article doesn’t contain a direct quote from Erdogan. That’s suspect. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Armed with an iron will and Google Translate, NewsBTC explored the issue and came to unexpected conclusions.  Let’s fall into the rabbit hole. “When President Erdogan fired the central bank president in March, sending the Turkish lira plummeting against the dollar, Google searches for the term “bitcoin” soared across the country.” The tighter politicians squeeze, the faster #Bitcoin succeeds.https://t.co/F9wmVfl06C — Robert Breedlove (@Breedlove22) September 20, 2021 Is It War Against Bitcoin Or War Against Cryptocurrencies?  The original article cited a mainstream and generally trusted source, an article in Turkish at Bloomberght titled “Erdogan: We have a separate war against cryptocurrencies.” Reportedly, the president held a Youth Meeting Program, so his audience for this was students from all over the country. They were discussing the Digital Turkish Lira, the country’s proposed CBDC, and one of the participants asked about their current views on cryptocurrencies: “Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them. Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.” He never even mentions a war against Bitcoin. Remember, this is a Google translation and some info might’ve been lost. However, the discrepancies are there. The President says they “do not have a problem” with crypto, but that “on the contrary, they have a separate war and struggle against them.” On the contrary to what? And do notice, it’s not a direct quote either. In the actual Erdogan quote, he says nothing about a war against Bitcoin. We need more data. Let’s consult other sources. Remember, “We, the people”, does not mean “We – the state”. Trying to fight a technology that empowers people is a sure way to be on the losing side of history. — Jeff Booth (@JeffBooth) September 20, 2021 What Did President Erdogan Say Exactly? A quick search leads us to The New Arab. They don’t quote the President directly, but their translation makes much clearer the intent of what he said: “Erdogan claimed that the country “definitely” doesn’t have a problem with the spread of digital assets.      However, that Turkey would carry on with its own money, which he believes is part of the national identity.” They don’t have a problem with the spread of digital assets because they’re preparing their CBDC, and their way to sell it is that money is “part of the national identity.” Got it. But, what about this war against Bitcoin thing? A second search leads us to Newsbit, who seemingly quote a much more clear-headed President Erdogan directly: “We have absolutely no intention of embracing cryptocurrencies,” the president replied, adding: “On the contrary, we have a war against them. We would never support cryptocurrencies. Because we continue with our own currency that has its own identity.” Ok, now we know that Erdogan never said anything about a war against Bitcoin and always referred to cryptocurrencies. And that, in code, he was always talking about the Digital Turkish Lira. However, did he really say all that? That quote seems suspiciously close to the original Bloomberg quote, and that one wasn’t literal. If the President said everything that clearly, why wouldn’t Bloomberg quote him? BTC price chart for 09/20/2021 on Exmo | Source: BTC/USD on TradingView.com Time To Consult Primary Sources Luckily for us, Newsbit linked to the Anadolu Agency, a Turkish state-run news agency. This is as close to primary sources as we’re going to get. A report on the whole event that only casually mentions cryptocurrencies at the end. Is the quote present in that report? What did President Erdogan say exactly? Well, according to the Anadolu Agency: “Erdoğan said that they do not have a problem of opening up to crypto money, on the contrary, they have a separate war and struggle against them. Erdogan said, “We will not give them such a premium, nor will we. Because we will continue on our way with our money, which is our fundamental identity in this matter.” Related Reading | Turkey’s Economic Turmoil Shows Bitcoin Is a Better Bet Than Emerging Markets That’s right! The same exact quote with the same exact wording that Bloomberg used at the beginning. So, Bloomberg literally copied and pasted their article. And Newsbit’s supposed quote is just a rewording of that phrase. We don’t know exactly what President Erdogan said, but at least his intention is clear: Yes to his CBDC. War on cryptocurrencies. And we know for sure he never said anything about a war against Bitcoin. Cryptocurrencies and Bitcoin are not synonymous, journalists. Featured Image by Faruk Melik ÇEVİK on Unsplash – Charts by TradingView
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Inflatable Bitcoin Rat Makes Comeback Due To Federal Reserve Ethics Issue

This content was originally featured on Bitcoinist In October 2018, a massive inflatable Bitcoin rat was erected outside of the United States Federal Reserve building by artist Nelson Saiers. Now, the former Managing Director for Deutsche Bank AG and hedge fund manager turned mathematical artist is back at it, as the Fed is up to no good once again. Here is a glimpse at what is going on at the Fed currently that’s caused Saiers to raise a such a stir, how it involves Bitcoin, and what you can do to take a stand like Saiers has. Nelson Saiers And His 2018 Inflatable Bitcoin Rat Bitcoin wouldn’t be where it is today, trading at more than $40,000 per coin, if it weren’t for early evangelists spreading the cryptocurrency’s message. No other form of money exists with such scarcity, and it is thanks to a foundation of mathematical code. Math is right up Saiers’ alley. Saiers has been referred to as the “Warhol of Wall Street” due to his financial-based artworks, and received his PhD in Math at the age of 23. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal As an artist, he’s produced pieces heavy with geometry and numbers. In one such example, Saiers features $10 bills crushed up in a vending machine costing only 50 cents each. Here $10 bills are for “sale” for 50 cents. Alexander Hamilton, whose image adorns the $10 was a huge advocate for a “national bank”. His ideas provided the foundation for the creation of the Federal Reserve a century later. Cheap Money (low interest rates which are often impacted by the FED) was a central cause of 2008 Crash, a description reads. Saiers’ latest piece is also directly outside the Fed, because he’s trying to raise awareness for something he’s shocked there isn’t more “outrage” over: Federal Reserve presidents playing games with rates and other levers while they are also trading securities in their personal accounts. Crypto has come a long way since Saiers’ last stunt in front of the Fed | Source: BTCUSD on TradingView.com The latest Bitcoin rat has been slightly modified from the 2018 original. The newest has a black right eye, which represents how the actions of the Fed presidents are “a real black eye” for the Federal Reserve’s “reputation.” The eye also says POW in reference to the proof-of-work consensus mechanism Bitcoin uses. The black eye also references “getting punched” Saiers told us. Also updated from the original is the sign that said “I smell a rat.” It now reads “I smell 2 weasels” along with the question “does anybody know how to get to Dallas?” Saiers has shared some exclusive photos with us, which you can check out below. What’s Going On With The Fed? The situation the art piece is referencing, is an “ethics review” called for by Fed chairman Jerome Powell, in response to letters Senator Elizabeth Warren sent to the Fed’s regional bank presidents demanding stricter ethics policies, especially around each president’s own holdings. All this comes following several Fed presidents disclosing stock trades, which have come under scrutiny. The “2 weasels” in question are, Boston Fed President Eric Rosengren, who held stock in in Pfizer, Chevron and AT&T, and Dallas Fed President Robert Kaplan who traded seven-digits worth of stocks like Apple, Amazon and Delta Air Lines, according to a CNBC report. The problem isn’t that these people were trading stocks, but doing so while also – as Saiers points out – making “rate and bailout decisions.” So how does this all involve Bitcoin? Well, aside from the fact Saiers has used BTC in the past to prove similar points, the lack of noise around Wall Street and traditional markets over this ethical issue has caused him to turn to crypto instead. “Satoshi couldn’t stand bailouts,” Saiers said, “so I wanted to bring attention to it to the crypto world.” Saiers’ art is now standing in opposition of the Fed right now. Related Reading |  Bitcoin NFT “The Death Of Fiat” Commemorates Historic Crypto Bull Run With Saiers’ statement now out there, will crypto help the rest of the world wake up to what is going on right under their noses? And when they do, will they finally understand why Bitcoin is so special? Probably not, but the more central banks cause distrust, the better the case for Bitcoin in the long run. Special thanks to those like Satoshi, Saiers, and others who selflessly fight causes that effect so many others. If you want to get involved and stop this, buying BTC is one option, but you can also contact your local state and federal elected officials and let your voice be heard. 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.com
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Bitcoin Price Sinks 10% As Market Braces For Macro Storm Ahead

Bitcoin price has shed 10% in a single day in an increasingly dangerous macro climate. Although the ultra-scarce cryptocurrency is claimed to be a hedge against catastrophic economic events, there is no telling how the volatile asset could react when it does finally arrive. With the stock market on shaky ground and precious metals melting down further, is the top cryptocurrency and the rest its altcoin brethren about to experience a bleed out similar to Black Thursday? Or is this just a shakeout using nervous market sentiment over what ends up being a non-event? And which event are we referring to? Bitcoin Price Sheds 10% Alongside Bearish Stock Market Sentiment The cryptocurrency bull market has been cut short of expectations, causing a consolidation phase and bringing the market to a state of fear. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course As if sentiment wasn’t frightened enough in crypto from the 50% collapse in May, another 20% flash crash weeks ago froze bulls and price action in place. Another try for up over this weekend was promptly rejected with another 10% fall today. Bitcoin price sank by 10%, but has yet to produce new monthly lows | Source: BTCUSD on TradingView.com Are corrections getting smaller, or is there something else going on that could make the 10% only the beginning of something more? A potentially dangerous macro situation could present a mixed situation for the consolidating cryptocurrency. Dow Jones Dips As Dangerous Macro Storm Brews Bitcoin price has already recovered more than $1,000 since the bell rang at the official Monday morning market open. The forceful selloff started overnight after the weekly close, potentially due to stock market weakness. The macro environment is on shaky ground considering a potential catastrophic default of China’s second-largest real estate developer, Evergrande. The default has Lehman Brothers-type implications, enough to cause domino effect and potential economic collapse and recession. The Dow Jones fell 1.87% during the same 24-hour period as Bitcoin’s 10% collapse, but given cryptocurrency’s notorious volatility the two situations are of similar magnitude. Normally stable metals have also suffered furthering the extended macro madness. The Dow Jones its looking heavy | Source: DJI on TradingView.com The Evergrande situation could ultimately turn into another scenario where an unprecedented amount of fiat currency is essentially printed to cover the debts the real estate giant can’t cover. Bailouts were made an example by Satoshi Nakamoto, who called out such an instance in the cryptocurrency’s Genesis Block. “Chancellor on brink of second bailout for banks,” the Times headline reads. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal These bailouts saved the stock market and the economy back then, and the strategy was used again to combat COVID. Can the economy withstand another flood of capital? Or will central banks and governments be forced to step in and let it all come crashing down? Most importantly, how does Bitcoin perform in any of the above scenarios? 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.com
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Mastercard UK Partners With José Mourinho For First-Ever NFT Giveaway

Mastercard, a multinational financial services corporation, has jumped on the NFT bandwagon. Non-fungible tokens (NFT) have continued to gain popularity among mainstream industries. The most recent addition to the NFT world is the global payments leader. Related Reading | Visa Describes NFTs As Promising Means To Engage With The Fans On Thursday, September 16, the company announced that it had created its first-ever NFT in partnership with the renowned football coach José Mourinho, who is also a Mastercard global ambassador. This unique NFT is an animated digital football with José’s signature on one of the panels. The company’s U.K. branch made this announcement. It included a raffle for cardholders in the United Kingdom to win the company’s first NFT. According to the company, the experience will be in English and is free to book, and is available until September 30. Cardholders based in the U.K. can sign up from now till that date for a chance to win. Additionally, only one winner will be selected as there will be only one NFT. Details of how to receive the NFT will be shared by Mastercard’s sponsorship team, via email after the prize draw. The NFT will be hosted on a server owned by the company and backed by their proprietary technology. MasterCard And Its Digital Assets Journey The Financial Services company entered the crypto space last year. Since then, it has made big moves in crypto and blockchain integrated services. The company acknowledged that digital assets are becoming a more important part of the payments world. Related Reading | Real Adoption: How Will Mastercard’s Crypto Acceptance Affect Bitcoin Price? In 2020, Mastercard announced the expansion of its cryptocurrency program, making it simpler and faster for partners to bring secure, compliant payment cards to market. This effort was to aid adoption and create innovative experiences in the crypto space. The company teamed up with Wirex and BitPay to create crypto cards that allow people to transact using their cryptocurrencies. In a bid to make crypto more accessible to everyone, in March 2021, Mastercard and Wirex officially launched the Mastercard debit card in the U.K. and EEA, as well as the rewards program across the globe. Total crypto market cap rises to $2.17 Trillion | Source: Crypto Total Market Cap from TradingView.com In July this year, Mastercard announced the launch of a corporate program, Start Path, for Blockchain and crypto startups. Start Path started with seven global crypto and digital assets startups that focused on solving a unique industry challenge. It has a location in every region. Still, in July, it announced the creation of a simplified payments card offering for cryptocurrency companies. It said that it will “enhance its card program for cryptocurrency wallets and exchanges, making it simpler for partners to convert cryptocurrency to traditional fiat currency.” Related Reading | Mastercard Furthers Investment Into Crypto Card Integration Also, just this month, the company made a big bet on crypto by buying blockchain analytics startup CipherTrace. On September 9, the payments giant announced it entered into an agreement to buy CipherTrace for an undisclosed amount. “Digital assets have the potential to reimagine commerce, from everyday acts like paying and getting paid to transforming economies, making them more inclusive and efficient,” said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. “With the rapid growth of the digital asset ecosystem comes the need to ensure it is trusted and safe. Our aim is to build upon the complementary capabilities of Mastercard and CipherTrace to do just this.” The creation of this NFT is Mastercard’s most recent move in the digital assets space. Other financial services providers are also making moves in the space. Last month, Visa purchased its first NFT. It later went on to release its NFT whitepaper. Featured image by Mastercard’s priceless.com, Chart by TradingView.com
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Build Base Or Bust? Bitcoin Touches Down On Parabolic Support

Bitcoin price is trading in the mid-$40,000 range, unable to get through $50,000 but still holding strong the higher the recovery goes. The series of higher lows continues, potentially creating another base for the cryptocurrency to blast off from. This base would mark the third out of four before the “selling point” according to how parabola works in financial markets. But this is all contingent on Bitcoin price holding a very crucial curved support line, extending from the asset’s bear market bottom. Take a look. Will The Bitcoin Parabola Break Or Blast Off From Here? The king of cryptocurrency is stuck – between new highs and new lows, so the market is undecided and fearful despite the high prices. Several signs point to the peak at $65,000 being the top of the cycle, which would mean targets fell significantly short of the hundreds of thousands of dollars per coin which were expected before it was all said and done. Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal The hope is that what was witnessed in April around the time when Coinbase Global went live on the Nasdaq is instead a mid-cycle pullback before the rest of the rally resumes. Will a base build or the curve bust through? | Source: BTCUSDT on TradingView.com During each bull market cycle, a series of higher lows keeps the cryptocurrency climbing until the trend ends. According to where the latest higher low as potentially formed, it could clarify a parabolic curve that could carry the asset to higher prices eventually.  Elliott Wave Supports Theory And $100K Target At Cycle Top In a comparison with a parabolic curve “step-like formation” diagram, Bitcoin formed base one at the bottom. A much longer base two formed following the June 2019 peak that clearly in hindsight wasn’t the top. The third base could be in process now, with the bottom being the bounce below $30,000. With higher lows forming the parabolic curve pictured above, the recent selloff during the day Bitcoin became legal tender in El Salvador, could have been one last test of the curve before the cryptocurrency’s bull run continues, or a more a deeper drop is to follow once the curve breaks. Even on lower timeframes, Bitcoin is holding the curved support | Source: BTCUSDT on TradingView.com Bitcoin is even retesting that curve on lower timeframes at this very moment, so there may be more clue as to direction soon enough. Down very well could be the direction. The macro environment is bearish, several altcoins are experiencing strong pullbacks after ridiculous rallies, and the dollar is gaining strength. If parabolic support holds, however, a line drawn across past mid-cycle peaks could provide clues as to where the cycle eventually ends. Elliott Wave is added to the parabola to support the target | Source: BTCUSDT on TradingView.com Throw in some Elliott Wave Theory and there is a potential roadmap that could follow. Major corrections tends to fall back to the previous cycle’s wave four. Drawn from that wave four across the top of what would ultimately be wave one and wave three in the current cycle, should pin-point about where wave five could stop. Related Reading | Bitcoin Price “Pitchfork Channel” Could Pin-Point The Last Dip Ever Wave three is usually the longest and easiest to spot of the bullish trend. Wave five should match the Fibonacci structure of wave one. That would take Bitcoin exactly to that line, which runs around $128,000 per BTC – but only if it also continues to follow the parabolic curve drawn above. Breaking through now could create a wider, lengthened parabola at new lows, meaning base three failed. If it didn’t, it will cause the asset to at least double in price before the top is in, which means a lot closer to the six figures analysts have been predicting for years now. 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.com
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Solana’s Outage Lasted 17 Hours. What Does This Mean for Decentralization?

Aidan Mott, research analyst at Messari, discusses Solana’s network restart that resulted in the blockchain going dark for 17 hours earlier this week. Show highlights: when Solana validators noticed something[…]

The post Solana’s Outage Lasted 17 Hours. What Does This Mean for Decentralization? appeared first on Unchained Podcast.

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PrimeXBT Lists Cardano Following Alonzo Hard Fork And Smart Contract Update

Over the last several weeks, the peer-reviewed blockchain Cardano and its native crypto asset ADA have been on an absolute tear, adding to a year-to-date rally of more than 1,000% ROI. From Black Thursday 2020 lows of around two pennies, the now third-ranked cryptocurrency by market cap trades for $2 apiece, highlighting a monster 18,000% surge from the bottom. Now, PrimeXBT traders can get a piece of the action with Cardano as part of seven new crypto assets that were listed as part of the latest update from the company. PrimeXBT Lists Cardano, Solana, Polkadot, Chainlink, XRP, Uniswap, And Dogecoin According to a blog post from the award-winning PrimeXBT via the company’s official blog, seven new altcoins and a variety of trading pairs have been added to the platform’s already staggering lineup of digital and traditional assets. Few platforms offer forex, commodities, stock indices, and more next to cryptocurrencies, and never this many crypto assets on a single platform with so much else under just one roof. And now, there’s even more. The update to the growing lineup includes Dogecoin, Solana, XRP, Uniswap, Polkadot, Chainlink, and, as we mentioned, Cardano. Each altcoin trades at up to 1:20 leverage using BTC, ETH, USDT, and USDC margin accounts or at up to 1:10 for Covesting strategy managers, who now can access more profits than ever before with the new listing of Cardano.  “Ethereum Killers” And Why Cardano Is One To Watch Cardano is worthy of a separate callout because it leads the charge of rapidly growing altcoin market share. Cardano was once ranked around tenth or lower in the top cryptocurrencies by market cap, while today, it is number three, right behind only Ethereum and Bitcoin. Cardano is the most environmentally sustainable proof-of-stake blockchain, as well as the first peer-reviewed blockchain based on real-world evidence and evidence-based methods. It is said to be the blockchain for “changemakers, innovators, and visionaries” and is among the Ethereum killers gunning for the number two spot. Although it competes directly with Ethereum, Plutus smart contracts have only just been deployed following the Alonzo hard fork. Looking ahead, the Cardano Summit 2021 runs September 25 and 26, which could lead to more positive fundamental news for the cryptocurrency project founded by Charles Hoskinson. The debut of Cardano’s Plutus scripts will allow dapps to run and for DeFi to blossom on the platform. Developer Input Output reminded the Cardano community that there could be “bumps in the road.” However, the crypto community remains bullish on the altcoin, with price targets reaching as high as $10 per coin. ADA Trading Pairs Now Live At PrimeXBT At only $2 per ADA currently, going long on the ADAUSD or ADABTC trading pairs recently added by PrimeXBT to the price predictions above could be a trade of a lifetime. If markets turn bearish and those targets aren’t reached before the next downtrend, PrimeXBT lets traders short these trading pairs as well.  Alongside record-smashing assets like Cardano, PrimeXBT has also listed Dogecoin, Polkadot, Chainlink, XRP, Uniswap, and Solana, joining Bitcoin and Ethereum Litecoin, forex currencies, stock indices, commodities, and much more available from a single account. Never has there been an opportunity for such portfolio diversification under one roof.  The multi-asset margin trading platform also offers built-in charting tools, personalized service with dedicated account managers, the highest level of asset protection, advanced order types, Covesting copy trading module and several other advantages and features designed for novices and professionals alike. As part of constant innovation, the Covesting Yield Account system is due to be released next with the new asset listing now in the rear view. Within the next several weeks, the APY-generating tool will go live. Don’t miss it, the new assets, or whatever the award-winning platform comes up with next. 
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Bitcoin Suffers As Mid Caps Cryptos Establish Market Dominance With Wide Margin

Bitcoin has now seen declining prices following the El Salvador Bitcoin law. The flash crash that had cleared at least $400 billion off the crypto total market cap has left lingering effects on the price of the digital asset. The price had plunged from $50,000 to $42,000 in less than an hour, leading to an 18% loss in about 30 minutes. While bitcoin has since recovered from its lows from the crash, the asset has not been able to recover to previous levels before the crash. Though the crash had affected most of the market, mid-cap coins have recovered the most from this. The Mid Caps Index had actually crashed along with the rest of the market. But subsequent recovery trends show that it had gained back a good percentage of its value since the crash. Related Reading | MicroStrategy Deepens Its Crypto Bet With Another $240 Million Spent On Bitcoin Mid Caps Index Outperforms In September In the month of September, the Mid Caps Index has grown 21% in September alone. This is a complete deviation from the patterns of other indexes, both the Small Caps and the Large Caps, which have both shown declines in the month of September. The Large Caps index is up only 1% in September. Likewise, keeping in line with the low recoveries, the Small Caps index is down 3% for the month. Mid Caps Index dominates market in September | Source: Arcane Research Bitcoin, which seemed to have held up well during the crash, has made the least significant recovery in the month. The asset shows the lowest performance in the month of September, down 5%, even lower than the Small Caps index. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Altcoins have recorded better performances after the crash, despite taking the most hits with the flash crash. The week following the crash saw the altcoin market recover swiftly. Coins like Algorand which belong to the Mid Caps Index performed so well after the crash that it pulled the entire index up with it. While bitcoin has maintained low momentum and continues to struggle in the market. Bitcoin Maintains Market Dominance The performances of the indexes versus bitcoin have not had much of an impact on the market dominance of the asset. Although bitcoin lost some of its market dominance, the total for the week came out to be about 1% of market dominance lost to altcoins. Currently, the market dominance of the digital asset sits at 41.47%. The Mid Caps Index performance has seen the altcoin market creeping up to take more market share from bitcoin. BTC price trading above $47K | Source: BTCUSD on TradingView.com Bitcoin price has been showing some significant recovery patterns in the past few days. But there has not been any significant recovery in the price. The digital asset is gearing up for what looked to be a retest of the $48,000 resistance point, after having found a comfortable position above $47,000 ahead of the opening of the midweek market trading. Currently, the price is trading at $47,473 with a 24-hour price change of 2.11%. Chart from TradingView.com
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Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal

Today, the talk across the crypto market is that Bitcoin price is forming a Golden Cross – a potentially bullish signal according to conventional knowledge. But this is the cryptocurrency market, and anything is possible given the potential for sudden, sweeping regulation, hacks, or worse. With the Golden Cross now here, we are looking back at the history of the signal, and breaking down exactly what it means and how this could impact Bitcoin price action in the days ahead. Bitcoin Price Forms Eighth Ever Golden Cross Forget the digital gold narrative. All across crypto Twitter, online forums, and anywhere else cryptocurrency community chatter exists, the discussion is centered around the Golden Cross that’s forming on the BTCUSD trading pair. According to Investopedia, a Golden Cross “occurs when a short-term moving average crosses over a major long-term moving average to the upside.” It is “interpreted by analysts and traders as signaling a definitive upward turn in a market,” the description continues. Specifically, this Golden Cross refers to the 50-day moving average crossing above the 200-day moving average. Related Reading | Bitcoin Price “Pitchfork Channel” Could Pin-Point The Last Dip Ever Because this could be the definitive upswing in Bitcoin price that takes the cryptocurrency to its potential cycle peak, all eyes are on the signal. But not everyone knows what to look for, or what it means. In the chart below, the inverse signal – the Death Cross – failed to produce the expected results, so there is no telling if the bullish version confirms either. Looking back at the history of the two signals, the situation becomes even more mixed. The Golden Cross is here | Source: BTCUSD on TradingView.com Everything You Need To Know About The Bullish Signal The leading cryptocurrency by market cap has had eight Golden Crosses and seven Death Crosses in its short history, according to the Bitstamp chart. The Golden Cross to start the 2013 bull market only ever Death Crossed when a bear market finally began, but not before a quick Golden Cross/Death Cross fake out. After the cryptocurrency bottomed in 2015, another fake out situation where the cryptocurrency Golden Crossed, then Death Crossed, then Golden Crossed again. The last signal brought Bitcoin from under $500 to $20,000. A Death Cross also started the 2018 bear market, until a Golden Cross took the cryptocurrency out from bear market lows. Could this be the last bullish signal before the peak is in? | Source: BTCUSD on TradingView.com In late 2019 and into early 2020, consolidation resulted in more mixed signals. It started with a Death Cross in October 2019, then, like the 2017 bull run, a Golden Cross faked out into a Death Cross, only to then Golden Cross again and take Bitcoin from $4,000 to $65,000. After such a move, it isn’t surprising to see why investors might be skeptical of another Golden Cross yielding similar results. After the recent local top at $65,000, Bitcoin formed another Death Cross, but it didn’t produce much downside. With a Golden Cross back, the market is now nervous of another fake out type situation, but also fearful of missing out on potential upside. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course In the past, Bitcoin has been the underdog, climbing its way to the top any way it could against all odds. Today, things are very different, and more sophisticated investors are now involved – including institutions, corporations, hedge funds, and more. With smart money finally involved in the crypto space, following a traditional market all-in signal like the Golden Cross could be the more wise play. Will the Bitcoin golden cross ultimately be… — NEWSBTC (@newsbtc) September 15, 2021 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.com
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Cathie Wood Reiterates $500K Bitcoin Call, Reveals Ethereum Rebalancing

Ark Invest’s chief executive officer and chief investment office Cathie Wood, is backing up her bold claim that Bitcoin will reach $500,000. In the same interview, Wood revealed her firm’s increasing confidence in Ethereum following the 2.0 update, along with potential plans to rebalance between the two top cryptocurrencies. Ark Invest’s Cathie Wood On Rebalancing Bitcoin And Ethereum Portfolio Ark Invest CEO Cathie Wood is an important figure in the crypto space, recently even joining Jack Dorsey and Elon Musk in the B-Word debate. As the chief investment officer of her firm, any calls she makes are especially notable. Related Reading | Ethereum “Accumulation” Nears Liftoff Phase: Could A Flippening Occur? In the past, she’s speculated that Bitcoin would reach $500,000. And at the recent SALT Conference, Wood reiterated the call to CNBC anchor Andrew Ross Sorkin. The prediction depends on institutions allocating just 5% of their total portfolios to Bitcoin. Should that occur, Wood believes “that the price will be tenfold of where it is today,” she said. “So instead of $45,000, over $500,000.” What $500K BTC looks like | Source: BLX on TradingView.com Wood said if she could choose only one cryptocurrency, it would default to Bitcoin, but then praised Ethereum for its recent growth. Related Reading | Return of Darth Maul: BTC Pumps And Dumps In 5% Shakeout “Our confidence in ether has gone up dramatically as we’ve seen the beginning of this transition from proof of work to proof of stake,” Wood said. However, the Ark CEO said that the firm would “probably do 60% bitcoin, 40% ether” in the future, keeping the portfolio’s focus on BTC. 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.com
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Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber