October has been a strong month for cryptocurrencies like bitcoin but a number of decentralized finance (defi) tokens have seen higher double-digit gains this past week. Moreover, non-fungible token (NFT) sales have picked up and after the total-value locked (TVL) in defi crossed $200 billion on October 5, two weeks later another $22 billion has […]
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Altcoins are selling off ahead of this week’s Bitcoin ETF launch, perhaps a sign that traders are anxious about this historic listing.
In 2018, Bitfury raised $80 million from investors like Michael Novogratz’s Galaxy Digital at a $1 billion valuation.
Wake me up when the gas war is over. I can't do anything on ethereum without it costing at least $100. Hard to believe this is the future of decentralized finance. I just wanted to swap $50 of coin A to coin B, and the gas was $102. I know people are going to say…
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Bitcoin price is back at levels from earlier in the year, but has yet to set a new all-time high. Last night’s weekly candle close still came with a new broken record for price: the highest weekly candle close in the cryptocurrency’s history. Will the bullish weekly close lead to new highs? If so, will this be the culmination of the bull run? And if not, does that mean a bear market instead? A new record has been set | Source: BTCUSD on TradingView.com Bitcoin Price Sets New Record For Highest Weekly Close Ever According to TradingView’s BTCUSD Index, the weekly Bitcoin price chart had a record-breaking weekly close at roughly $61,528. The number remains around $4,000 short of the cryptocurrency’s current all-time high, however, with new records being set, are new highs a given? Related Reading | Bitcoin “Supertrend” Begins As Buy Signals Stack On All Major Timeframes It is difficult to imagine a scenario where Bitcoin were to fails to move higher from here, especially after such a clear sign from bulls with weekly close. Fundamentally, the cryptocurrency is strong, scarce, and supply is only diminishing. Technicals are bullish, and even the news cycle has turned positive for BTC with the approval of the first ever ETF. The double top narrative could drive prices lower | Source: BTCUSD on TradingView.com Bulls aren’t yet out of the woods until a new all-time high is made and then some. The target of a double top pattern would bring Bitcoin price back to $14,000 and could still keep an overall bullish Elliott Wave count. The accompanying narrative would be powerful for bears, but not quite a bear market. A more logical Elliott Wave setup would keep the leading cryptocurrency by market cap trending higher from here, but it ultimately being the last leg up before a bear market arrives. When wave five ends, a new bear market will begin | Source: BTCUSD on TradingView.com Elliott Wave Theory suggests that markets move up in the primary direction in five total waves, which are then sub-divided further into impulse waves and corrective waves. When the five-wave uptrend ends, a three-wave bear market follows. Price often then retraces back to the between wave three and wave four of the bull market. Related Reading | Bitcoin Price Prepares To Blast Off Back Into RSI “Bull Zone” Mapping EWT over the Bitcoin price chart above, the pattern fits the chart and each time sure enough, BTC fell back to between wave three and four. The final scenario has a much nastier fate for our favorite cryptocurrency, and it involves retracing the entire 2020-2021 bull run. The longer bullish supercycle could also be ending | Source: BTCUSD on TradingView.com With the way an ending wave five retraces back to between a wave three and four, if the larger Bitcoin price cyclical trend were to end, a larger correction of the primary trend should be expected. The difference would suggest a false bottom at $50,000 that eventually gave out to $20,000. Which is exactly why Elliott Wave Theory points to the worst bear market record when this bull run is finally finished. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Asia Digital Bank Ltd. (ADB), the first recipient of the Digital Banking license issued by Labuan Financial Services Authority in Malaysia and digital asset operator, announced a strategic partnership with Bianjie, IRISnet’s Core team, and a Cosmos Core Contributor since genesis. ADB with Bianjie’s support plans to build a new blockchain-based infrastructure that supports the…
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The Ethereum supply shock has been growing as exchange reserves continue to decrease and value staked in ETH 2.0 contract rises. Ethereum Supply Shock: Exchange Reserves Go On Decreasing While ETH 2.0 Staking Contract Grows In Value As pointed out by a CryptoQuant post, ETH exchange reserves have been decreasing while the coins locked in the staking contract have been rising. The “all exchanges reserve” is an Ethereum indicator that highlights the total number of coins stored in wallets of all exchanges. When the value of this metric goes up, it means there is an increase in the supply of ETH on exchanges. Such a trend may show that there is a selling pressure in the market as investors are sending these coins to exchanges for withdrawing to fiat or altcoin purchasing. A decrease, on the other hand, would imply the supply of ETH is going down as investors take their crypto off exchanges for hodling or selling through OTC deals. This behavior may show that buyers feel bullish on the coin’s future. Related Reading | Only In Crypto: A Croissant Lists Potential Bullish Drivers For Bitcoin And Ethereum In Q4 2021 Now, here is a chart that shows the trend in the all exchanges reserve for ETH: The indicator’s value looks to be decreasing while ETH 2.0 total value staked is moving up | Source: CryptoQuant As the above graph shows, the Ethereum exchange reserves have been steadily heading downwards since quite some time now. This is despite ETH’s recent sharp increase in price. It seems investors are willing to hold on as they believe the price will appreciate even further. Related Reading | TA: Ethereum Outperforms Bitcoin, What Could Extend Gains Above $4K This is creating a supply shock in the market. An increase in demand from big whales like institutional and retail investors now can blow the price up. In fact, on-chain data suggests institutional investors have already started getting involved in the crypto as 400k ETH exited the crypto exchange Coinbase a few days back. By the way, the chart from before also includes the value currently staked in ETH 2.0. As this contract is seeing a steady increase in the number of coins being locked, it looks likely that some of the supply going off exchanges is going into this contract. This further backs the idea that investors are in Ethereum for the long term. ETH Price At the time of writing, Ethereum’s price floats around $3.8k, up 5% in the last seven days. Over the past month, the crypto has gained 9% in value. The below chart shows the trend in the value of the coin over the last five days. ETH’s price has moved rather sideways in the last few days | Source: ETHUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
I spend 0,25 ETH on 3 purchases of around 0,16-0,17 eth worth total. How can you ever make profit if my NFT has to like go 2,5 times the price to make something out of it? Is this normal? submitted by /u/ImSImplyNameless [link] [comments]
