Staking at Home – The Daily Gwei #515
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Bitcoin is back below $20,000 and seems on track to re-test the bottom of its current range. The cryptocurrency was showing signs of recovery, but it was rejected near the critical resistance zone at around $22,000. Related Reading | Tezos (XTZ) Nears 3-Week High – Can Bulls Barrel Towards $1.80? At the time of writing, BTC’s price trades at $19,800 with a 3% and 2% loss in the last 24 hours and 7 days respectively. In a recent market update, trading desk QCP Capital addressed the factor that might contribute to BTC’s price moving sideways for the foreseeable future. These included the upcoming Mt. Gox redemptions, and global inflation. On the probability of the Mt. Gox repayments negatively impacting Bitcoin and the crypto market, QCP Capital wrote: It is impossible to be certain about the exact impact, given the numerous cross-arguments and theories surrounding the release. Our main takeaway is that there is a high chance of BTC supply flooding the market soon. In the best-case scenario, Bitcoin will face downside pressure allowing Ethereum and other altcoins to gain some breathing room. The sector might record some gains after an extended period of increased Bitcoin dominance. The worst-case scenario is additional selling pressure for Bitcoin, as QCP Capital said, and the entire crypto market pushing prices to their yearly lows or deeper into bear market territory. A lot depends on Mt. Gox’s unlock schedule, and if the victims will succumb to market uncertainty or wait for BTC’s price to reclaim previous highs. QCP Capital made the following prediction on what could be in store for Bitcoin in the short term. We’re not outrightly bearish at these spot levels but we think the sudden demand for call structures might have pushed the risk reversal levels a bit too much to the topside. Our base case continues to be sideways trading with the risk of sharp dips and upside capped (…). What Could Push Bitcoin Back Into The Green Tomorrow, the U.S. will publish a new Consumer Price Index (CPI) print. After an aggressive shift in monetary policy from the U.S. Federal Reserve (Fed), market participants expect a decline in this metric. If the CPI print signals a decline in inflation, the crypto market could see some relief. $18,600 and $22,000 will continue to operate as major support and resistance levels. Related Reading | Are North Korean IT Remote Workers Targeting Crypto Firms? Here’s What We Know In addition, analyst Ali Martinez indicated that Bitcoin is sitting at an “important demand wall”. There are 570,000 addresses that purchased BTC around its current levels, to the upside $20,900 is the next level to watch in case of bullish momentum, as seen in the chart below.
Unifi, a solutions provider for web3 applications, today announced the launch of its newest blockchain product – DARBi, a decentralized arbitrage solution for private institutional participation in DeFi. DARBi offers DeFi players a sustainable, market-neutral strategy for reliable and predictable yield while decreasing asset loss risk from market volatility. The risk management smart contract solution…
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After a sharp decline in the second week of June, the price of Tezos (XTZ) rebounded from its $1.2 low. Tuesday, despite a highly volatile market, the altcoin price reached a new all-time high, rising slowly but steadily. XTZ was a prominent performer to usher in the week, as prices surged to a three-week high. Following Monday’s session low of $1.50, XTZ climbed to an intraday high of $1.60 yesterday. As of the time of writing, XTZ was trading at $1.54, an increase of 6.0 percent over the previous week. This increase in price caused the token to collide with a significant resistance level at $1.67, and gains have subsequently retreated. Suggested Reading | Crypto Community Remains Upbeat On XRP, Despite Bearish Market Conditions Tezos (XTZ) On Steady Upswing Moreover, the continuing surge was maintained when the price of XTZ gained a steady footing at $1.32. The upswing pushed the altcoin 27 percent higher as it breached the previous swing resistance at $1.65. A continuous decline over the past eight months pushed XTZ to a January-March 2020 support level of $1.2, representing a loss of 85 percent. However, on June 19, the altcoin soon rebounded. The positive turnaround pushed the XTZ price 33 percent higher to $1.62, where it encountered strong resistance. Nonetheless, over the previous four days, the price rejection at the indicated level has increased, indicating that sellers are defending this level. XTZ Outperforms The Major Cryptos The cryptocurrency market continued to decline on Monday, following a weekend of losses. According to TradingView.com, the worldwide cryptocurrency market cap is $884 billion, a decline of 2.1% from the previous day. Bitcoin, the most valuable cryptocurrency by market capitalization, fell for a third day, falling below $20,000 to $19,910 after registering its largest weekly increase since March. Ether, the second-largest cryptocurrency by market capitalization, is currently trading at $1,078 and is down nearly 2% for the day. XTZ total market cap at $1.39 billion on the daily chart | Source: TradingView.com Despite an 80 percent drop from its all-time high of $9.18 in October of last year, XTZ has been on an upward trend since last Friday. On Thursday, Tezos unveiled a developer portal to aid in the creation of decentralized applications on its blockchain. Suggested Reading | Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place? Generally, the XTZ price continues to exhibit indications of vitality, with bulls aiming to break out of the bottom and advance to $1.80. If successful, the break would result in the highest trading level for XTZ since last month. In the meantime, traders await the release of the U.S. Consumer Price Index on Wednesday, which in previous months has shown rising inflation. In May, the CPI climbed 8.6 percent, the biggest yearly rate in four decades. Featured image from Klever News, chart from TradingView.com
This week, Bitcoin’s 150-day EMA is set to close below its 471-day EMA for only the third time in history.
The co-founders of failed crypto hedge fund Three Arrows Capital appear to be on the run from creditors, according to court documents recently filed in New York. Lawyers representing the creditors say the physical whereabouts of Zhu Su and Kyle Davies, who started Three Arrows in 2012, are “currently unknown,” ahead of a hearing that…
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The majority of big crypto mining firms have sold their self-mined Bitcoin, while a few firms like Marathon, Hut 8 and Hive still hold on.
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