Category: Cryptocurrency News

Ethereum has rallied considerably over the last week securing close to 53% appreciation. At the moment ETH has managed to break past an important resistance mark of $1500 and flipped it into a support level. The coin maintained a rally after it crossed the $1000 mark, chance of correction still remains on the horizon. Bullish strength has regained vigour as buying strength also shot up. The invalidation of bearish thesis started once ETH managed to cruise past $1200. If the coin remains above the $1500 mark then the bulls could propel the price higher. The rally was also caused by the bullish sentiments revolving around the Merge that is anticipated in the month of September. There are chances for the coin to shoot up to $2000 but there are other resistances that ETH has to break past for that to happen. The coin has been trading on an ascending trendline and it could soon revisit $1660 on its chart. The global cryptocurrency market cap today is $1.12 Trillion with 4.6% positive change in the last 24 hours. Ethereum Price Analysis: Four Hour Chart ETH was trading at $1600 at the time of writing. The king altcoin has broken past the $1500 mark. The overhead resistance for the coin was at $1660, strength from buyers could push ETH to touch $1660. Other important price ceilings were at $1745 and $1800 respectively. Once the coin moves past the $1800 mark, $2000 can be on the chart for Ethereum. If the coin witnesses a correction then, the first support level would stand at $1300 and then at $1200. Volume of Ethereum traded in the last session grew signifying that buying strength remained high. Technical Analysis ETH’s bulls have caused buyers to re-enter the market.  The altcoin has visited the overbought zone a couple of times in the past weeks. The Relative Strength Index portrayed an uptick and was near the 70-mark which meant that buyers heavily outnumbered sellers in the market. Ethereum was above the 20-SMA signalling the same thing that buyers were driving the price momentum in the market. Ethereum was parked above both the 50-SMA and 200-SMA lines which are signs of excessive bullish force in the market. Related Reading | Ethereum Merge: How ETHBTC Could Hint At A Return Of Risk Appetite Increased buying strength was reflected on the other indicators however, there has been mixed signals on the indicators. The Moving Average Convergence Divergence depicts the price momentum and trend reversals. MACD underwent a bearish crossover and flashed red histograms. These red histograms are an indication of a change in the price trend and also sell signal for the altcoin. Bollinger Bands that indicate volatility remained wide. Wide Bollinger Bands signal at chances of increased price volatility which means that Ethereum might undergo price fluctuations. Related Reading | TA: Ethereum Rally Could Start Again, Why Bulls Might Aim $1,800 Featured image from UnSplash, chart from TradingView.com

Welcome to the Daily General Discussion thread. Please read the disclaimer and rules before participating.   Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading,…
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I got into crypto about 3 years ago but I’m still trying to understand ethereum technicals I get eths value in being a programmable asset , maybe the first mainstream one but, if it relies on users to use layer 2s like polygon for scaling and lower gas fees, wouldn’t people just flock to the…
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Nasdaq has recently released an article (link below) of their top 5 crypto you haven't heard of. https://www.nasdaq.com/articles/here-are-the-top-five-cryptocurrencies-youve-never-heard-of ​ They listed Helium (CG rank 51) LivePeer (CG rank 150) Ergo (CG rank 235) Polkadot (CG rank 11) Polygon (CG rank 15) ​ I think having 3 projects ranked within the top 51 on Coin Gecko,…
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Tesla has converted approximately 75% of its bitcoin into fiat currency. The cryptocurrency sales left the electric car company holding digital assets worth $218 million. “We are certainly open to increasing our bitcoin holdings in the future,” Tesla CEO Elon Musk said, adding: “We have not sold any of our dogecoin.” Tesla Sold About 75% […]

Simone Mazzuca is the creator of EURST – the first representative euro stablecoin, 100% asset backed with US Dollars and live audited. EURST is providing one of the most secure and reliable stablecoin structures on the euro market to serve as a bridge to the digital economy. Mr. Simone Mazzuca is the Director and Founder […]

The crypto bear market of 2022 has spared no digital asset in the space, and stablecoins have been no different. The assets which have always served as a safe haven for investors when it comes to the high volatility of the crypto market had seen a drawdown coming into the new year. As a result of this, for the first time, these stablecoins are now seeing a reversal of their otherwise bullish growth trend over the last couple of years. Stablecoins See Market Cap Plummet Stablecoins had grown tremendously throughout the bull market of 2021. By the end of the year, the year-over-year growth of the stablecoin market cap had actually come out to a total of $151.3 billion. This growth is attributed to the popularity among investors who were holding their funds in stablecoins, either from profits or waiting to buy more cryptocurrencies. Related Reading | Bitcoin Dominance Dives As Ethereum Takes Up More Space The top stablecoins had enjoyed most of this growth. Assets such as USDT and USDC saw their market caps grow by double-digits in billions, although they continued to fiercely compete with one another. This competition would, however, come out in the favor of USDC. Most of the support had sprung from the fact that USDC had more regulatory oversight compared to USDT, whose reserves continue to be questioned even to this day. The year 2022 would prove to not be a good one for USDT too. It had come into the new year with more than $78 billion. But in the first half of the year alone, it has lost more than $12 billion to be sitting at its current market of a little over $66 billion at the time of this writing. Stablecoin supply drops | Source: Arcane Research USDC, on the other hand, is enjoying much success even through the bear market. Its market cap has added more than $10 billion this year alone, growing from $42.2 billion to $55.31 billion at the time of this writing.  The Crash Of UST A major factor behind the decline in the stablecoin market cap has been the crash of UST. By the beginning of this year, it was the largest and most popular algorithmic stablecoin, which is why the crash shook the market to the extent that it did. Related Reading | Ethereum Classic (ETC) Reclaims $3 Billion Market Cap, More Upside To Follow? Since then, the market cap of algorithmic stablecoins has dropped from $13.26 billion to around $3 billion. UST alone accounted for more than 94% of the decline after the crash, wiping off $9.7 billion from the crash. There was the crash of other algorithmic stablecoins such as DEI, but UST’s popularity and size made it the most prominent. USDT market cap drops to $66B | Source: Market Cap USDT on TradingView.com This has understandably led to reluctance on the part of crypto investors when it comes to using algorithmic stablecoins. As such, stablecoins such as USDT, USDC, and BUSD continue cot rule the market. However, the total stablecoin supply has been down 35.8% over the last six months. This can be regarded as a good thing, given that an increase in supply can often lead to a decline in value and vice versa. Featured image from TRT World, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

On Wednesday, Bitcoin surpassed $24,000 amid a broader recovery in the cryptocurrency sector, which has seen the global market valuation reach $1 trillion. Over the last seven days, the leading cryptocurrency has surged by more than 23%. Bitcoin Pumps Past $24k Threshold The bull run barely got started. For the first time in more than a month, Bitcoin exceeded the $24,000 threshold. Investors can exhale with relief after nearly three months of “extreme fear.” On Wednesday, BTC reached a record high of $24,120, increasing by 8% in only one day and trading at levels not seen since mid-June. TradingView reports that the price of one bitcoin is currently $24,120.30. The trading volume over a 24-hour period is $49.929,803,913. The value of Bitcoin has climbed by 7.97% over the previous day. BTC/USD trades above $24k. Source: TradingView Bitcoin investors hope that the Fed will adopt a more accommodating approach at its following policy meeting. Risky assets like stocks and cryptocurrencies have been considerably impacted by the US central bank’s tightening monetary policy. Since the beginning of 2022, the price of bitcoin has decreased steadily by about 50%. After an incredible 73 days, BTC finally left the “extreme fear” zone on Wednesday. The increase is related to BTC’s weekly gain of 19%. As bulls get back into the market, the trend restarts. The level of “extreme fear” on the Fear and Greed Index has soared to just “fearful.” In comparison to the existing index score of 31, it has drastically increased. Related Reading | The Worst May Be Over As Crypto Market Adds More Than $100 Billion On a scale of 0 to 100, the Fear and Greed Gauge, a sentiment index, rates the general crypto market’s present frame of mind. This Index is derived in part from statistics on volume and dominance from the main Bitcoin exchange. According to data source Santiment on Twitter, traders are shifting their strategies and many are now concentrating on a long-term breakout of the cryptocurrency. The current pattern can be a sign of FOMO (FOMO). 🥳 Traders are changing their tune and are smelling a long-term breakout after a dominant #Bitcoin Tuesday. With the #1 market cap asset in #crypto surging, the ratio between $BTC #longs and #shorts is at its highest point since early May. Watch for #FOMO. https://t.co/4PcBhoKywd pic.twitter.com/dSPmazk1S1 — Santiment (@santimentfeed) July 19, 2022 FED May Raise Rates The Federal Reserve is anticipated to hike rates at its upcoming meeting, although this time the rate increase will be modest, at 75 basis points as opposed to 100. When the price of a cryptocurrency rises above $22,700, it has regained its 200-week moving average and laid the technical foundation for a “trend reversal.” In the meantime, traders are betting that the worst of a severe market panic caused by issues with liquidity at several significant crypto businesses has passed. Matt Weller, global head of market research at Forex.com wrote: “Like many risk assets, the crypto market is benefitting from investors ratcheting down their expectations for the Fed’s peak interest rate this cycle to around 3.75% around the end of the year.” The current bear market, however, may last for another 250 days, according to Grayscale’s “Bear Markets in Perspective” report. After Bitcoin recorded a daily close above its current range, traders expect the price of BTC to rise into the $27,000 to $32,000 region. Related Reading | Bitcoin Dominance Dives As Ethereum Takes Up More Space Featured image from iStock Photo, charts from TradingView.com

Bitcoin has lost some of its gains as news about Tesla’s earnings report is published. The Elon Musk-led company revealed that it sold 75% of its BTC holding at a 9% loss over Q2, 2022. Related Reading | Short Positions Over $165 Million Get Liquidated Following The Bitcoin And Ethereum Uptrend According to the reports, the company has converted its Bitcoin holdings into fiat currency. In consequence, Bitcoin was rejected close to the $24,000 price point and now trades at $23,100 with a 2% loss over the past hour. The cryptocurrency still records a 20% gain over the past week and market sentiment still leans optimistic about the potential for future profits. Jeff Dorman CIO for investment firm Arca commented the following on recent developments and their potential to impact Bitcoin: If you’ve ever wondered whether or not trading bots control digital asset trading…keep in mind the entire digital asset market just fell on news that one company (Tesla) sold one asset (BTC) 1-3 months ago. Expect full retrace of this move quickly. Tesla stock recorded a 4% profit immediately after it published its earnings report and it approaches its highest level since June. Ludwig Wittgenstein claims the car manufacturer’s decision to liquidate a large portion of its BTC holding could have long-lasting consequences for the crypto market. Tesla +4% on earnings ¯_(ツ)_/¯ pic.twitter.com/coOFjpsOqy — TradingView (@tradingview) July 20, 2022 The Elon Musk-led company purchased Bitcoin in 2021. At that time, BTC’s price was losing steam as it traded around its current levels, but when Tesla announced its decision, the cryptocurrency was able to rally into uncharted territory. The company purchased BTC as a corporate strategy to hedge against inflation and as a tool to potentially increased its cash flow. Thus, why it is important to understand the reasons behind this BTC sale. According to Wittgenstein, there are three potential scenarios, the company needed to raise cash, there are climate concerns about BTC alleged energy consumption, or a total loss of faith in the cryptocurrency. The first scenario is the most bullish, and the last the most bearish. Why Did Tesla Sold Its Bitcoin? Founder at NorthmanTrader Sven Henrich believes Tesla followed a corporate strategy when the price of Bitcoin dropped below $20,000. The company forced itself to liquidate a portion of its assets to maintain its cash flow. Henrich said: In trading terms: $TSLA got itself margin called and liquidated a large chunk of its digital asset portfolio to make itself free cash flow positive & improve its balance sheet. Related Reading | XRP Wins Again: Bullish Rally Sees It Climb to Sixth Spot by Market Cap So far, Wittgenstein’s first scenario seems to be in play. If the crypto market can stay in its current course, despite Tesla’s news, BTC’s price could reclaim the important area above $27,000.

BTC’s march toward $24,000 took a brief pause after media headlines announced that Tesla had sold 75% of its Bitcoin position.