Author: dfmines

The Merge will still reduce the network’s energy consumption by an estimated 99.5%.

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Cointelegraph Research explains the EC-STARKs technology and discusses what this means for the cryptocurrency market.

The crypto market has extended its losses over the past week, as it continues to gain downside momentum. Main cryptocurrencies in the top 10 by market cap are trading in the red with very few preserving some of their gains from last week. Related Reading: Bitcoin Loses Ground While Dogecoin Metrics Soar At the time of writing, the crypto total market cap stands at $1.09 trillion with a 2% loss in the 4-hour chart. The sector was rejected at the $1.2 trillion resistance and seems on track to slate more losses in the short term. Analyst Justin Bennett believes the sector could trend lower if it breaks below support at $760 billion. As seen below, the crypto total market cap has been moving in a channel for over 4 years. Every time the total market cap touches the top of this channel, cryptocurrencies trend lower. At the time of writing, the sector is a major crossroads and could attempt to re-test support at around $300 billion if downside pressure extends. The analyst said: Is another 65% drop in the cards for crypto? Don’t rule it out. $760B will continue to be significant for TOTAL. But if that breaks, a retest of this multi-year channel at $370B seems likely. There are several factors that could contribute to selling pressure across multiple timeframes. Today, the U.S. Federal Reserve (Fed) will speak about the current macro-economic outlook. Depending on the statements from the financial institution’s official, digital assets could experience some relief. Last week, the U.S. published its Consumer Price Index (CPI) print for July, a metric used to measure inflation in the U.S. dollar. The metric has been trending down and could provide some room for the Fed to ease up on its monetary policy. Today should provide more clues on the direction the financial took might adopt. At the same time, the crypto market could see an increase in volatility. What Could Push Crypto Lower In addition, Bennett noted that the S&P 500 Index is “mimicking” its 2008 crash. At that time, one of the worst crises in recent history pushed the legacy financial system to the brink of collapse. Bennett believes equities might be moving similarly to 2008 which hints at further losses for risk-on assets, such as cryptocurrencies. As seen below, the S&P 500 might record some gains before moving into its 2008 lows. In that sense, Bennett said that the bottom “is not if for stock or crypto” while he contemplates the possibility of a “devasting crash” in the nascent asset class. The analyst added: And if that doesn’t seem possible, know that the S&P dropped 50% during the 2000 crash and 57% in 2008. The Fed was also in a MUCH better position to step in and save markets during both of those crashes. Related Reading: Chainlink In Bearish Mood As LINK Price Retreats To $8.63 Still, larger cryptocurrencies such as Bitcoin and Ethereum have been able to sustain key support levels despite macroeconomic conditions. The latter might pull back on its negative effects on digital assets if the Fed pivots its approach to combat inflation with a less aggressive strategy.

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Chainlink (LINK) price is showing a bearish momentum as the market appears to be showing signs of fatigue. Chainlink price outlines bearish strides LINK/USD pair key support spotted at $8.54 Pair resistance seen at $9.26 The LINK/USD pair price slips on a downtrend as seen overnight which has been predictable overall. More so, the market also suffers a loss of 4.80% as seen in the past 24 hours and currently faces key resistance at $9.26. For now, LINK price appears to be extremely bearish with key support seen at $8.54. Related Reading: Decentraland Momentum Pushes MANA Into Consolidation Phase’s Higher Rung LINK Price Sheds 1.83% The daily chart reveals that the LINK/USD pair has suffered a massive decline as seen in the past 24hours. The plunge of LINK has been consistent with its bearish stance. According to CoinMarketCap, LINK price has been down by 1.83% or trading at $8.51 as of this writing. It seems to have fallen from its support line of $8.54. The current trading volume is down by 24.51% or at $363,041,655 with the market cap at $4 billion. Apparently, LINK price has been circling the $8 mark as seen since Sunday. Judging by the daily price chart, the LINK/USD pair is seen to be immensely bearish for the past few hours with the MACD lingering in the bearish zone. RSI for LINK is spotted at 42.09 and is stepping into the oversold zone which signals that market could go down further. To date, the 50-day moving average is present at $10.48 while the 200-day moving average is hovering at $12.19 signaling that the market is having a marked decline. Chart from TradingView.com Chainlink MACD Line Hints At Further Retreat The 4-hour price analysis is showing a bearish flag pattern signaling that the market is deflating further. The LINK/USD pair is seen trading from $8.54 to $9.26, facing key resistance at $9.26 as seen in the past few hours. The MACD line hovers above the signal line which indicates that the market could plunge further. Current RSI is below the 50 range which signifies a bearish trend. More so, the 50-day and 200-day moving average are both falling flat and going under the current market price hinting that the market is suffering a massive downshift. Chainlink price is showing an overall bearish momentum in the short term but would most likely nosedive with the key resistance stick at $9.26. The market may expect some upward trend if the bulls can break past the key resistance level. Related Reading: SHIB On Fire – And A Bull Run Could Be Around The Corner – Here’s Why LINK total market cap at $3.8 billion on the daily chart | Source: TradingView.com Featured image from Medium, Chart from TradingView.com

Eos rose by as much as 20% on Wednesday, as bulls continued to react to the news of its upcoming Yield+ incentive program. Today’s price surge comes despite the global cryptocurrency market cap falling by almost 2% as of writing. Tezos was also higher, hitting a two-month high on hump day. EOS EOS was one […]

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Hi fellow reddit user, Recently, i've been trying to understand and learn about crypto, and now I have some decent knowledge. Even so, I find the Ethereum merge extremely confusing, and here are my questions: ​ – Is BETH a testnet right now ? – Will the new ethereum blockchain work on ETH or BETH…
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