Author: dfmines

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submitted by /u/brollikk [link] [comments]

What makes ethereum decentralized? Does that mean miners will continue running the program as it is today if the PoS merge happens in 2023? Will Ethereum users split their coins when the merge/fork happens? Will some users prefer the $4000 ether coin? Or will the PoS Ether coin be more or less valuable than the…
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Cardano (ADA) has no doubt has an interesting couple of weeks leading up to this point. The digital asset has hit multiple new all-time highs as the rally raged on. Only now slowing down but still well above its last all-time high set in May of this year. The slowdown has seen the price of the asset lose its footing over $3, causing it to crash down below $2.70 for the first time in over a week. This loss of momentum has led the market to believe that the asset might be nearing the end of its rally. But not everyone thinks so. Analyst Jason Pizzino has predicted that the altcoin still has a bit of fight left in it, predicting a 290% move before the end of this current bull cycle. An increase of this magnitude would put the price of ADA at nothing less than $7, solidifying its claim as the third-largest cryptocurrency by market cap. The Theory Behind The Prediction Jason Pizzino took to his YouTube channel to share his prediction with his over 200K subscribers. The prediction completely rests on the back of a single theory, the Elliott Wave theory. A theory that predicts the future price action of an asset by looking at extremes in investor psychology which comes in waves. So this is basically looking at investing patterns of the market. Related Reading | These Three Lagging Altcoins Are Poised For A Breakout, Says Crypto Strategist This current theory puts every bull market in a series of cycles separated into five different waves. During waves 1, 3, and 5, the price of the asset rallies upwards. While waves 2 and 4 come with a price correction. For Cardano (ADA), Pizzino says the asset has completed four waves so far, including waves 2 and 4 which are the market corrections. Now, the fifth wave is imminent, which would lead to a massive price increase. Pizzino puts the current downward correction as wave 4 while identifying the biggest wave so far as the price surge from $0.10 to $2.47, which occurred last month, as wave three. Since wave three is usually the biggest, Pizzino puts the fifth wave on par with the first wave, the surge from $0.01 to $0.17. Placing the fifth wave at only a 290% increase. Cardano (ADA) Price On The Rise So far, it does not look like Cardano (ADA) has reached the end of this downward correction. But Pizzino points to it as part of the five-wave theory movement. Comparing it to the first wave that saw a 900% increase between April 2020 and July 2021, the analyst says, “I’m excited to see the waves play out similarly.” Pizzino’s prediction would put ADA price close to $10 | Source: ADAUSD on TradingView.com Cardano still has a final card to play before the rally can be said to be truly over. The smart contracts testnet is currently live and developers have started building DApps on the network. But the release to the general public is still scheduled for September 12th. If all goes well with the launch, then this might be the event that triggers the fifth wave of Elliott Wave theory. “What do we get if we do an 800% or 900% from the low that was put in in June and July? That would bring us to around our $8 mark. Maybe we hit a 1,000% return from that point. That’s going to bring us up to $10 or $11.” Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Although optimistic about the asset from here, Pizzino issues a warning for investors. The potential for massive runs also comes with sharp downwards corrections that will reverberate through the market. “All good runs will come to an end,” says Pizzino. Featured image from CreditDonkey, chart from TradingView.com

New daily here IOS VOTING IS HAPPILY BUGGED, USE A LAPTOP/DESKTOP. It has recently come to our attention that a user has been operating several accounts for the sole purpose of bypassing the karma limits imposed by Governance polls to earn more moons than possible each distribution. ​ For obvious reasons, we can't divulge too…
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Bitcoin’s price plummeted over 10% on early Tuesday, as El Salvador announced that it would officially accept the major cryptocurrency as the nation’s legal tender.  According to CoinMarketCap, Bitcoin’s slump from Monday accelerated as the crypto failed to hold its $50,000 price level — sliding from $51,000 to $44,700 within a single hour. The sudden sell-off resulted in $1.44 billion in futures liquidations of Bitcoin trades in the past 24 hours, according to data from ByBt.  The single largest reported liquidation occurred on Huobi-BTC — worth $43.7 million at the time. As expected, the vast majority of the liquidations were longs, representing about 88% of the total liquidations.  Since dropping to weekly lows, the price of Bitcoin rebounded up to as high as $47,500. At press time, BTC is hovering at $46,500 across major exchanges Binance, Coinbase, and Huobi.  Related Reading | New to Bitcoin? Learn to Trade Crypto With the NewsBTC Trading Course  Following the brunt of the pullback, El Salvador president Nayib Bukele tweeted that he is “[b]uying the dip,” purchasing another 150 BTC worth about $6.9 million, adding on top of the 400 BTC position. The average cost of the purchase appears to be around the $46,000 price range.  https://twitter.com/nayibbukele/status/1435260422110732300 Is This the “Reset” Bitcoin Needed to Trend Higher?  Data from Glassnode shows that the mean Bitcoin funding rate (average across all exchanges) had steadily increased throughout August. Funding rates rose from 0.015% in early August to as high as 0.03% at the start of September. Derivatives exchange ByBit saw its funding rate rise to as high as 0.085% in late August. Relatively high funding rates can indicate that the market is overheating, with too many traders being overleveraged. More often than not, high funding rates will lead to a pullback — which was the case earlier this May.  More specifically, funding rates on major exchanges Binance and Huobi dropped to 0.023% and 0.021% at the peak of the sell-off. OKEx, on the other hand, reverted to a negative funding rate of -0.009%, per Bybt.  As Bitcoin and the broader crypto market slightly recovered from the sell-off, funding rates have stabilized at 0.01% for Binance, Huobi, and ByBit. Funding rate on OKEx remains at a negative of -0.0005%. With the futures market cooling down, it’s likely that price levels will begin to stabilize once again.  Featured image from UnSplash

Where did BitGo come from? In all of this time covering El Salvador’s Bitcoin Law, the name wasn’t in the picture. Now, all of a sudden, Forbes claims that BitGo’s technology is behind the controversial Chivo wallet. How and when did this happen? Or, more importantly, is this real news or a paid piece to take advantage of the “historic moment for cryptocurrency adoption.”  Related Reading | NewsBTC Crypto Trading Course. For FREE.99 Not to be conspiratorial, but Forbes’ tone through this whole piece has a press-release-feel to it. “For months, El Salvador has kept many of Chivo’s details under wraps with the nation’s 40-year-old president, Nayib Bukele, teasing the wallet’s launch on Twitter just last week. However, Forbes has learned El Salvador appears to have tapped cryptocurrency unicorn BitGo to provide Chivo’s wallet infrastructure and security platform, making the Palo Alto, Calif-based startup the nation’s exclusive hot-wallet provider in a historic moment for cryptocurrency adoption.” What’s all this about “cryptocurrency unicorn BitGo” and “the nation’s exclusive hot-wallet provider in a historic moment”? Is this the appropriate vocabulary for a legacy media publication like this one? The most worrying sentence, however, is “Forbes has learned El Salvador appears to have tapped…” They’re not committing to anything here. It “appears” this way, but nothing is certain. BTC price chart for 09/07/2021 on Bitstamp | Source: BTC/USD on TradingView.com What Does BitGo Say About The Announcement? Not El Salvador’s government, nor Strike commented on the Forbes piece. They did get a quote from Mike Belshe, CEO of BitGo, who said: “Digital assets look so different from what we’ve seen with other types of money, and so people wonder about how [they] fit in, but this is an opportunity to build financial freedom for the people of El Salvador” says BitGo CEO Mike Belshe, speaking from his home in Silicon Valley on Saturday. “The ability to send money in a hurry on a Saturday night, when banks are closed, across the planet and at almost no fees, it’s hard to put into words how empowering that is, and what we’ll see in El Salvador is, people will start figuring it out.”  Did Belshe confirm the news? Is BitGo behind the Chivo App? He talks about “an opportunity to build financial freedom for the people of El Salvador.” So yeah, assuming Belshe was talking about this specific rumor, he seems to confirm the news. Indirectly. In a non-comital way. To make things worse, the article ends presenting BitGo as their own marketing material would: “Founded in 2013, BitGo has grown into one of the biggest cryptocurrency wallet companies in the world, raising more than $70 million in funding from investors including…” Let’s Remember, What Did Strike Say About The Subject? Strike’s Jack Mallers has met with the Bukeles, announced El Salvador’s Bitcoin adoption, and the company has an office at Bitcoin Beach. Everyone was assuming that the technology behind the Chivo wallet was going to be Strike’s. However, if we go back to the interview in which Mallers told the whole story, our sister site Bitcoinist quotes him saying: “There’s no commercial agreement between Strike and the government of El Salvador. “In fact, I advised and gave my opinion of the opposite. The economies of scale and network effects associated with open networks are so powerful. Just by plugging in to them you’re going to get the freemarket competition that every country would die for.” Related Reading | Tomorrow, The Community Will Buy $30 In BTC To Support El Salvador’s Bitcoin Law Did President Bukele take his advice and went with another company? Can we trust Forbes even if it sounds like a copy-and-pasted press release? Is BitGo’s technology behind the Chivo Wallet? We will know for sure very soon. Featured Image by Chräcker Heller from Pixabay – Charts by TradingView

FET price spiked by 60% in an otherwise red market thanks to a growing number of real-world use cases and protocol upgrades.