EDCON 2021 is happening this Friday through to Sunday! Join amazing speakers including: Vitalik Buterin, Aya Miyaguchi, Tomasz Stanczak, Kevin Owocki, Tim Beiko, Alex Stokes, Loi Luu, gubsheep, Louis Guthmann, Patrick McCorry, Brendan Chou & and many more! Sign up for free here: https://edcon.io/ https://www.edcon.io! submitted by /u/nethermindeth [link] [comments]
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The Lake County treasurer plans to HODL the crypto campaign donations in the hopes of a significant price rally for cryptocurrencies.
Bitcoin is currently experiencing a downward correction after the price moved past $50K on Monday. While corrections down are to be expected with such a rally, indicators point to this being a bearish scenario for bitcoin. The price looks set to drop further after this correction. This would most likely see bitcoin lost a good percentage of the gains it had made last week. Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys Even though bearish scenarios look negative for the market at large, this scenario is most likely going to play into the favor of bitcoin. Bullish indicators are much easier to spot as indicating an upward trend. But bearish indicators can do as well a job when it comes to speculating on the movement of the digital asset. This current bearish scenario puts BTC in a position to experience a significant downward drop from here on out. Bitcoin Set To Lose 18% Current trends, when compared to that of the previous bull markets, show that a bearish situation is most likely the next setup for the digital asset. This scenario would see the price of bitcoin drop 18% in the coming weeks. Leading to a price drop that would put the floor of the downtrend at $41. This meaning bitcoin would end up losing over $9K from its recent high of $50K. BTC set to witness an 18% drop | Source: Twitter While an 18% price drop is significant, this is needed to complete a setup that would most likely send bitcoin barreling up to $100K. These indicators are behind the recent ambitious price predictions of analysts across the crypto space putting the price of BTC by the end of the year at $100K. The price drop will provide an opportunity for investors to buy into the asset while the market gathers momentum. A bullish signal that would drive the price of bitcoin up 250% got triggered last week. Bitcoin hash ribbons have shown significant buy pressure in the market. The only catch is a dip is required to complete this trigger. An 18% dip would be the perfect setup for this signal. Completely the bullish setup that saw the price of BTC move up 250% last time a setup like this was completed. Bullish setup requires dip to complete | Source: Twitter Some Bullish Indicators In The Market Other things are most likely going to play into the rebound of bitcoin after the dip. Significant buy pressure in the market will see the value of the digital asset go up. While a dip will further encourage this buying pressure by providing an opportunity for investors to buy in at a slightly lower price in wait for the next run-up. BTC price drops back down to $47K | Source: BTCUSD on TradingView.com Data also shows that holders of BTC are holding for the long term now. This is evident in the number of short-term holders hitting an all-time low. Long-term holding bitcoin addresses have increased. Diamond hands are becoming the more popular way to invest in cryptocurrencies. Hence introducing scarcity into the market as investors consolidate their coins to long-term holding addresses. Related Reading | Here’s What Bitcoin Exchange Inventory Levels Means For The Bull Rally Last but not least is market sentiment. For most of the months following the all-time high, market sentiment had gone into extreme fear. With the recent resumption of the rally, market sentiment has risen out of extreme fear and overall market sentiment has now moved into extreme greed. This plays further into the buying pressure that is currently being experienced in the market because investors, old and new alike, want a share of what bitcoin has to offer. Featured image from CNBC.ca, charts from Twitter and TradingView.com
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To date, 92,595 ETH have been burned following Ethereum’s London hard fork upgrade.
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Bazaar Technologies, a Pakistani blockchain marketplace, successfully raised about $30M in Pakistani’s biggest Series A round. An announcement made by Bazaar states that August 24th will be the closing of its raise. It also reveals that Singapore’s Wavemaker Partners and Silicon Valley-based Defy Partners were the leaders of the funding round. Many other investors also participated in the funding round, including Japan’s Saison Capital, LinkedIn, Endeavor, and numerous present-day investors such as Alter Global and Indus Valley Capital. Related Reading | PayPal To Facilitate UK Customers With Cryptocurrency Trading Feature In Pakistan, Bazaar asserts that they are the leading Business-to-business marketplace group for small-scale merchants. They serve up to 750,000 merchants across 400 villages and towns. The majority of those that make use of Bazaar are small-scale ‘mom-and-pop grocery stores known locally as “Kiryana Stores.” They buy stock from suppliers through this platform. Bazaar’s round this period has grown its funding to $37.8 million. This figure grew from its $6.5M seed round of January 2021 after eight months of its launching and its pre-seed round of $1.3M in June 2020. The seed-round was co-led by the Global Founders Capital based in Berlin. The seed round was the firm’s first Pakistani investment. Also, VC Indus Valley Capital is another partner in the June seed round last year. Bazaar Seed Round Is The Largest In Pakistan Furthermore, the data shows that this latest seed round is the largest of its kind ever raised in Pakistan at a startup level. As a result of this raise, Bazaar right now has a total of $7.8 million. This makes it the largest funded startup in all of Pakistan. Furthermore, Bazaar also brought in top global and regional organizations as well as angel investors. For example, Wavemaker Partners based in Singapore, Early-stage VC S7V, Saudi’s Derayah Venture Capital, and Next Billion Ventures based in the United States participate in the seed round. Hamza Jawaid and Saad Janda founded Bazaar in 2019. Janga was formerly the product manager of Careem, a local Uber subdivision, whereas Jawaid worked in McKinsey, a management consulting company. In recent months, the Pakistani government has initiated strategic ways of building a better regulatory apparatus that will be permissive to the country’s crypto sector. Related Reading | 37% Of U.S. Investors Decline To Liquidate Cryptocurrency Assets in Bearish Situations The Pakistani Securities and Exchange Commission issued a consultation paper in November. The paper surveyed the advantages of cryptocurrency assets as well as tokenization. In addition, the paper also embraced the industry feedback regarding the development of local regulations. In March, Khyber Pakhtunkhwa, a Pakistani province, announced how it would manage two hydro-powered cryptocurrency mining farms for a government-supported mining pilot. Featured image from Pixabay
