Category: Cryptocurrency News

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China’s special administrative region of Hong Kong is going to trial а digital version of its dollar as early as this year, in preparation for eventual roll-out. The territory is trying to catch up with those that are already launching central bank digital currencies, including the People’s Republic with its digital yuan project. Trials of […]

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Even with the encouraging reports of Polygon closing agreements and becoming one of the most acquired tokens by ETH whales, the future of its native token, MATIC, is not looking very bright. From September 13 onward, it fell in line with the rest of the cryptocurrency market. The 7–12 September rise was ultimately denied by bears at the $0.9403 resistance area. With the same 5-day time frame since then, the token’s value has plummeted by a staggering 20.65 percent. At the time of writing, the token’s price was hovering around the 78.60 Fibonacci retracement level, between $0.6898 and $0.7770. Traders should keep an eye on both the 61.80 Fib level (now at $0.6989) and the 0.7185 support level. These two factors have counteracted the downward trend and given the upward momentum at the hourly marks some much-needed support. Related Reading: Aave (AAVE) Attracting Whales Over Past Few Months – Will It Spur Price Rally? Chart: TradingView.com Polygon Bullish Momentum Hints At Demand Also, bullish momentum appears to be building around the 1-hour time frame. Increases in the Stoch RSI value indicate that demand for the cryptocurrency is increasing. In addition, the momentum indicator shows that the trend is rising. A larger amount of momentum produced here, though, can have a major impact on the wider picture. This minor rising trend may be attributable to the expanding development activities in the Polygon chain.  This increase in development activity may indicate that the team is integrating new features or patching existing ones, according to a recent analysis. This further increases investor and trader confidence. As the crypto market recovers after the 13 September sell-off, however, the recently announced partnership between Polygon and Flipkart may accelerate the acceptance of MATIC and contribute to the expansion of the Polygon ecosystem. MATIC Price: Potential Buy Pressure  In light of this, might recent advancements at Polygon inspire confidence? Indeed, it accomplished exactly that. However, recent advancements were not the primary cause of the price increase. As the price declined, the indications also pointed to a strong buy signal. The bull-bear indicator reveals the same information. As bulls gain momentum, the Stoch RSI will also rise, indicating a major increase in buy pressure. This may have an effect on MATIC’s total recuperation. If the bulls are able to stabilize at the 71.80 Fibonacci level, another bullish rise may be conceivable to support the price’s upward momentum. The price range of $0.7395 represents the primary level of resistance on this chart. If the bulls gain pace and break through this level of resistance, the MATIC token could be on the verge of a recovery. Related Reading: ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week MATIC total market cap at $5.9 billion on the daily chart | Source: TradingView.com Featured image from Coincu News, Chart: TradingView.com

Despite record-breaking numbers this past summer tourist season, the local crypto scene in Greece sees no impact, says co-founder of local BCash Bitcoin ATMs Dimitrios Tsangalidis.

Bitcoin reversed below $20,000 once more after the sell-offs that followed the completion of the Ethereum Merge. With the decline, the digital asset had revisited lows not seen in three months, giving credence to the bears during this time. However, one problem remains, and that is the fact that the cryptocurrency has been unable to find suitable support, causing the downtrend to continue. Bitcoin Price Falls To Range Lows Over the last week, bitcoin has seen multiple declines in its price. The Ethereum Merge had turned into a “buy the rumor” event which led to massive accumulation across the crypto market. But soon after, prices crashed, sending bitcoin down below $20,000 once more. Related Reading: Bitcoin Price Recovers Above $19,000, But Is The Onslaught Over? What this did was send the pioneer cryptocurrency back towards range lows. When it touched just above $19,000, it had declined to three-month lows with levels not seen since June this year. Since then, bitcoin has struggled to hold above $18,000 and keep from falling to the lows of June.  BTC falls to three-month lows | Source: BTCUSD on TradingView.com The current decline in price is a byproduct of bitcoin’s inability to break above $22,500. A test at this point had resulted in a beating down that sent its price back towards $18,000. After this decline, the digital asset had been able to recover but only so slightly. It has once more ranged back down towards the $18,000, where the bears continue to hold down the fort. Pushing For 2018 Levels Even now, the price of bitcoin remains in a more favorable position compared to the previous bear market cycle bottoms. Bitcoin’s current price at just above $19,000 puts it right at its consolidation range between $17,500-$25,000, which has held for the past three months. However, given the digital asset’s recent decline, it shows a draw towards the previous bear market cycle that would put it at a bottom of $12,000 if it sticks to this trend. Furthermore, the sell-offs have continued over the last couple of weeks, and the digital asset has come under significant pressure at this time.  Related Reading: https://www.newsbtc.com/altcoin/ethereum-proof-of-work-ethw-gains-30-is-more-upside-coming/ The continued consolidation in these ranges has shown that there is a lot of resistance at $22,500 and then at $25,000. This explains the decline in the price of bitcoin after it had tested the former, proving to be the point to beat in any recovery trend. If bitcoin fails to hold above $17,500 and falls below this point, then bitcoin will reach a low of $12,000 before the bull market. However, if there is a marked recovery trend that takes the price of the digital asset above $25,000, indicators show this point will lead to a bullish breakout. Featured image from MARCA, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Changpeng Zhao (CZ), founder and chief executive officer of cryptocurrency exchange Binance, has announced the opening of an office in Romania. During a visit to the country, he met with high-ranking officials and emphasized Binance’s intentions to expand direct operations in Eastern Europe. Binance to Launch Romanian-Language Support This Fall, Exchange CEO Unveils in Bucharest […]

What are the hipothesys to explain this value loss since Ethereum went from PoW to PoS? submitted by /u/mredda [link] [comments]

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