Author: dfmines

A total of 3.022 billion aUSD were previously minted via a liquidity bridge glitch.

Bitcoin has been trading in the red over the past few days and seems on track for further losses over the short term. The cryptocurrency gave back a large portion of its profits since the start of August and could re-test support at around $20,000. Related Reading: Bitcoin Price To See More Dumps, Peter Brandt Forecasts At the time of writing, Bitcoin (BTC) trades at $21,200 with sideways movement over the past 24 hours and a 13% correction over the past week. Market participants are keenly watching these levels, as the entire crypto market might be hanging by a thread. In the meantime, all eyes are set on the U.S. dollar, as measured by the DXY Index. The currency tumbled from a yearly high north of 100 and entered a period of accumulation and sideways price action. Now, bulls are attempting to reclaim levels last seen at the beginning of the millennium as the U.S. dollar approaches 110 and targets 120. Analyst Will Clemente says the following on the U.S. dollar and its potential to hit that mark and record further profits: DXY screaming higher – can’t even draw a proper parabola looks too ridiculous NewsBTC has been following the DXY’s price action in the past week as Bitcoin and the crypto market seem to be negatively correlated with the currency. In that sense, the more the dollar trend upwards, the further the crypto market could retrace. Analyst Justin Bennett believes crypto bulls might be set for failure, in the short term, if the DXY Index breaks above the area of 108.70 and 109.30. The currency is approaching a critical resistance zone on the latter level which could provide Bitcoin with some short live relief if the Index is rejected one more time. Bennett added: The glimmer of hope for risk assets this week is the $DXY approaching a significant area between 108.70 and 109.30. Potential for some USD weakness here, which could mean temporary relief for stocks and crypto. Cue the calls for a DXY double top, which won’t age well, in my opinion. Bitcoin And Ethereum Bulls Positioning For More Gains On the potential for a relief rally after the U.S. dollar is rejected from a key trendline, trading firm QCP Capital claims crypto market participants are expecting a resume of the bullish momentum. In total, over the past week, Bitcoin records a 17.7% and Ethereum a 25% correction. The latter has failed to discourage market participants from taking bullish positions. QCP Capital noticed “continued interest to buy topside” calls options contracts and “also interest in to sell downside”. On Friday, U.S. Federal Reserve (Fed) representatives will give a speech that could confirm a less aggressive approach to their monetary policy. This could support Bitcoin and Ethereum’s price bullish momentum as the industry prepares for “The Merge”. Related Reading: Cardano (ADA) Reclaims Strong Buy Territory – Here’s How This event will complete Ethereum’s transition as a Proof-of-Stake (PoS) consensus and has created a lot of hype in the crypto market. In the short term, QCP Capital said: “we continue to expect the markets to trade sideways in the near term”.

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Bitcoin struggles to make a return to higher levels despite geopolitical uncertainty striking the Eurozone.

Monday saw eos remain in the green, despite the latest red wave in cryptocurrency markets. Today’s rally sees the token move almost 20% higher in the last seven days. Flow, on the other hand, extended its recent declines and is now down by almost 30% in the same period. EOS EOS was trading mostly higher […]

Bitcoin investment products, which include ETFs, ETPs and Grayscale’s GBTC, saw a third consecutive week of outflows.

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Cardano (ADA) was enjoying the uptrend last month. Following the price rally that insinuated a rise in the entire crypto market, crypto prices have nosedived again in the past week. ADA prices reaches buy zone Cardano lost 18% the past week ADA price drops 2.88% as of press time After the formation of that uptrend that drove the entire cryptocurrency market higher, prices crashed heavily in the past week. On average, the crypto market shaved off around 12% in the past week. Cardano lost roughly 18% and shoved ADA prices to the buy zone. So, is it advisable to buy the dip at this point? Or should buyers wait a little bit more for a price jump? According to CoinMarketCap, ADA price has dropped by 2.88% or trading at $0.4505 as of this writing. Related Reading: Fantom (FTM) Hit By Bearish Sentiment Despite Logging Over 300,000 Active Users The ‘Ethereum Killer’ Dubbed the ‘Ethereum Killer,’ Cardano (ADA) is a public and decentralized DApps and Smart Contract blockchain that was launched in 2017 to be bigger and better than Ethereum. It uses the Proof-of-Stake algorithm which is considerably more energy-efficient than what Ethereum is equipped with. Considering the many lapses or shortcomings that Ethereum has such as its sluggishness and expensive gas fees, Cardano is said to set the benchmark for pivotal upgrades using modern technology. With Cardano’s “Alonzo” upgrade, the network has grown in 2021 to be more secure, scalable, technically advanced, and resilient.  Cardano (ADA) To Breach $0.50 Level? The crypto market suffered a tremendous slump of 12%. Bitcoin has lost roughly 11% while Ethereum dropped by 16%. The top gainers the previous week seemed to have exchanged hands and have darted on a bearish route this week. Cardano had an amazing growth from its low of $0.40 and then peaking at a high of $0.59, which is equivocal to gains of roughly 47%. Today, the prices of the crypto market made a price adjustment and dipped lower. The prices reached the support zone of $0.45 and are now retracing higher. Cardano retraced to $0.47. Related Reading: XRP Signals Considerable Uptick – Will Social Media Lift Its Price Past $0.34? Now, the prices could consolidate from $0.45 to $0.50, and then the prices may probably shoot back up and peak at the upper consolidation mark of $0.50. From that point, ADA’s direction will depend on the current market sentiment. So, if the crypto market shoots way up, ADA might breach the $0.50 mark upwards. At this point, the hype surrounding Ethereum’s merge has died down and there are no huge price pumps expected. Crypto total market cap at $998 billion on the daily chart | Source: TradingView.com Featured image from AMBCrypto, Chart from TradingView.com

Bitcoin and other cryptocurrencies in the market have seen the most prolonged bearish price movement since 2017 and 2018. According to data, the general crypto market has lost $2 trillion since the massive rally of 2021. But even with the occasional spikes these months, crypto prices fluctuate more towards the red lines.  For instance, Bitcoin prices have continued to fluctuate. As of August 21, the price stands at $21,184.13 after losing 1.18% from its previous day’s value. The news from the US Federal Reserve about its intent on following a hawkish approach to fighting inflation set the market downtrend. Bitcoin price reacted to the report by losing almost 12%, the lowest price level within 3 weeks.  Related Reading: Fantom (FTM) Hit By Bearish Sentiment Despite Logging Over 300,000 Active Users Analyst Forecasts For Bitcoin Price On August 21, Bitcoin traded close to $21,400, making traders believe a possible bounce like the July experience. But even with the green lines on August 21, Peter Brandt, a veteran trader and analyst, tweeted that being bullish on it won’t be the right move. Instead, he foresaw a possible pullback given the sentiment in the broader crypto market.  According to Brandt, the daily chart on August 21 showed slight gains for Bitcoin as traders saw two small green candles after six consecutive red candles. But that’s not a solid indication to go bullish on Bitcoin price. Instead, the market might still start a sell-off pushing the BTC price down again, just like when the price hit above $25,000 in July.  Brandt reiterated that the rising wedge in BTC price on the chart had been met, but the crypto might still fall lower. He pointed to the breakdown from an ascending wedge on a chart but foresaw some bounces only if the bulls hold support. Brandt believes that the Bitcoin price might fall if the bulls pull out support leading to a break in the reload zone.  Brandt is not the only analyst foreseeing bitcoin prices below $20k. According to Michael Van De Poppe, BTC’s price might reach the $19.3k level while Ethereum’s price might fall to $1,400 from its current price of $1,570.43.   Crypto Winter Effect On Market.  The 2022 bearish trend has surpassed the 2017 and 2018 records in affecting crypto prices. While the former bear runs were due to the burst of a hype bubble, the 2022 movement was caused by macros.  Inflation has kept the US Federal Reserve on its toes since the beginning of the year. As the Feds increase interest rates, the market shakes, leading to a massive sell-off and loss of funds.  Moreover, the crash of TerraUSD Luna and the 22% fall of Nasdaq affected general market sentiment within and outside the crypto space.  Related Reading: TA: Bitcoin Price Bearish Weekly Close Suggests it’s Vulnerable For Bigger Decline But recent reports on inflation show that it is gradually receding. However, analysts believe it will take some time for the crypto market to recover. Featured image from Pixabay and chart from TradingView.com