Category: Cryptocurrency News

Data points to capital flight among most major DeFi protocols.

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Bitcoin price is in free fall and the cryptocurrency community is in panic. The high-risk, speculative asset class is living up to its notorious volatility and the selling appears unstoppable. At some point, all assets become oversold and recovery begins. After the most recent selloff, BTCUSD weekly RSI has reached the most oversold level in the entire history of price action, including two bear market bottoms. Bitcoin Selloff Sets Record For Most Oversold Weekly RSI Ever Bitcoin price today tapped below $22,000 per coin and is rapidly approaching prices closer to the 2017 peak. Many altcoins, including Ethereum, have already pushed below the past bull market peak in an unprecedented move for the crypto market. Panic is properly ensuing. The frantic attempt to cash out coins as fast as possible while there is still value left has prompted many top exchanges to halt withdrawals and better assess the situation. The selling pressure has also pushed the weekly Relative Strength Index to the most historically oversold level since Bitcoin started trading. Related Reading | Bitcoin Drops To 18-Months Lows, Has The Market Seen The Worst Of It? The Relative Strength Index is a commonly used momentum oscillator first developed by J. Welles Wilder Jr. in the 1970s. Wilder is also the creator of the Average True Range, Average Directional Index, and the Parabolic SAR. It is used to gauge when assets become overbought or oversold. With BTCUSD historically oversold on weekly timeframes using the RSI, what exactly could this mean, and what might happen next?   BTCUSD weekly RSI is the most oversold ever | Source: BTCUSD on TradingView.com Comparing The Current Crypto Collapse With Past Bear Market Bottoms A visual inspection of the BTCUSD weekly chart instantly puts the RSI below the lower threshold of 30 at around the same level as two past bear market bottoms. Readings below the lower threshold of 30 are considered oversold. In contrast, readings over 70 are considered overbought. More precise readings of the 2015 and 2018 bear market bottoms are 28.41 and 28.72, respectively. The current reading on BTCUSD is under 28, marking the lowest point ever on weekly timeframes. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season Although this is a sign that in hindsight could pinpoint a significant bottom in crypto, because the RSI is momentum-based, downside could continue until the momentum has run its course. Price can also repeatedly test the area similar to how Bitcoin regularly displays readings of overbought price action throughout its history. Buyers at these prices would want to look for an RSI swing rejection setup according Wilder’s methodology. Much like during past bear markets, the setup involves waiting for the RSI to reach oversold levels. The rest of the strategy involves watching for the RSI to return back above the threshold, and hold above the threshold during the next correction. After the RSI makes a higher high, a buy signal is generated. Taking a position now does not mean it is safe  | Source: BTCUSD on TradingView.com Even then, bulls aren’t completely safe in their positions. If past bear markets are any indication of what to expect, there is a 50/50 chance of a double-bottom formation with a bullish RSI divergence. In 2015, a second bear market bottom took place setting a slightly lower low after a full 200 days. The RSI made a higher low, signaling that the selling momentum was extremely weak relative to the movement of the price, and the most explosive bull run in history followed. Was this the bottom sign that bulls were waiting for? 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

Bitcoke, a derivatives-focused cryptocurrency exchange, recently announced the official launch of BitCoke Ventures, its affiliated investment arm with a starting amount of $300 million to foster exchange outreach. With notable backers, the fund will focus on investing in startup projects in blockchain infrastructure, wallets, GameFi, NFTs, and other web3 areas critical to the business and…
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I recently put some of my ether into decentralized staking. My thought process was that I wasn't going to get rid of my ether anytime soon, so I might as well have some guaranteed returns while I hold ether. But, both of my decentralized staking choices have been decreasing in value relative to ether. How…
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Anyone know if you can transfer staked ETH2.0 from Coinbase to a Ledger? submitted by /u/realitysballs [link] [comments]

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TRON (TRX) founder Justin Sun has come out in defense of the network stablecoin, USDD. The digital asset began deppeging from the U.S. dollar value and hinted at another catastrophic event in the crypto market, like the one experienced by Terra (LUNA) and its native stablecoin UST. Related Reading | TA: Bitcoin Dives 10%, Why BTC Could Even Break $25K At the time of writing, the value of TRON’s stablecoin has been climbing back to its 1:1 parity to the U.S. dollar. Earlier, the digital asset started trending to the downside forcing the TRON DAO Reserve, the entity responsible for protecting USDD’s peg, to deploy $2 billion. This created an increase in selling pressure for TRX which moved to the downside on the back of this event, and a crypto market already trending to the downside along with traditional investments. Justin Sun wrote the following via his Twitter account, at this time, TRX shorters had the opportunity to benefit from market conditions: Funding rate of shorting TRX on Binance is negative 500% APR. Trondao Reserve will deploy 2 billion USD to fight them. I don’t think they can last for even 24 hours. Short squeeze is coming. The TRON DAO Reserves continued to inject millions to protect the USDD peg to the U.S. dollar. Due to its mint and burn mechanism, the price of TRX broke below critical support levels but became more stable as USDD returned to its U.S. dollar parity. In the last few hours, the entity in charge of protecting USDD claims it has increased the stablecoin’s collateralization to meet “extreme market conditions”. The collateralization rate reported by this entity stands above 300%. The entity wrote the following: To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have increased 650,000,000 USDC supply on TRON. Currently USDC supply on TRON has reached $2.5 billion. Who Is Buying TRX, Conditions For A Short Squeeze? Data from Material Indicators shows thin support for TRX’s price as it approaches these levels. Currently, there are around $500,000 in bid orders with no extra support below. This suggests TRX’s price could continue to see losses if bulls are unable to maintain current levels. Additional data from Material Indicators records an increase in selling pressure from small investors. As seen below, retail investors (yellow and green on the chart) have been shaken out of their positions as TRX crashes. Larger investors seem more resilient and willing to buy into the current price action. Related Reading | Bitcoin Drops To 18-Months Lows, Has The Market Seen The Worst Of It? This could support a short squeeze scenario, as Sun claimed. However, the market continues to trend to the downside and could re-test lower levels.

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