Category: Cryptocurrency News

Algorand is currently bullish on its chart at the time of writing. Fifa’s governing body announced Algorand to be the official blockchain partner of the World Cup competition. It is set to happen in November. Ever since that announcement, the coin displayed positive price action. After the coin fell through its long-standing support line of $0.66, the traders could have used that opportunity as an entry point. The news of Fifa’s World Cup news snatched that opportunity away from traders. In a matter of a day, the coin soared by almost 14%. Algorand has broken past its immediate price ceilings and could aim for other resistances with persistent bullish price action. Buying strength has registered substantial growth owing to the new development. Algorand Price Analysis: Four-Hour Chart Algorand was priced at $0.704 at the time of writing. On the four-hour chart, the coin depicts a descending resistance trendline. Ever since April, the bears had taken over the market. The buyers remained wary of the asset with bouts of increased buying pressure in the middle. Immediate support for the coin was at $0.664. The aforementioned line was a resistance mark but the coin flipped that into a support region for itself. Immediate resistance for ALGO stood at $0.77 and then at $0.80, breaching which the coin could eye for $1. Traders have responded to the recent development well because there has been a considerable improvement in buying strength. In case of a pullback, ALGO could fall to trade at the $0.560 price level. The trading volume of the coin was seen in green as buyers outnumbered sellers at the time of writing. Related Reading | Five Months Of Fear: When Will The Bitcoin Carnage End? Technical Analysis The price of ALGO was seen parked above the 20-SMA line and that indicates bullishness on the charts. The reading meant that prices were driven by buyers in the market as they gained momentum. The asset was also seen trading above the 50-SMA which is also considered quite bullish. On the Relative Strength Index, the coin indicator displayed an uptick. Over the last trading sessions, RSI had visited the overbought region. A price correction followed thereafter. At the time of writing, the market remained bullish and so did the buying strength. MACD underwent a bullish crossover and flashed green signal bars. The indicator determines the current and the upcoming market momentum. The reading on the MACD displayed bullishness which meant that ALGO could target moving northwards over the upcoming trading sessions. Awesome Oscillator was also bullish as it painted a positive price action. The indicator displayed a single green histogram after a series of red histograms. AO’s reading established that ALGO could attempt to rally again over the next trading sessions. Related Reading | Crypto Investors Dump Small Caps For Blue Chips Like Bitcoin Featured image from UnSplash, chart from TradingView.com

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After its third-largest weekly fall in over a year, the Bitcoin (BTC) price has finally began to rise. BTC’s price has effectively rebounded from the important support level of $37,500, despite an impending Federal Reserve rate hike. Bitcoin Poised For 10% Jump Various analysts, like The Wolf of All Streets, Michael van de Poppe, and PlanB, are bullish on the bullish trend, with the Bitcoin price currently holding above $39,000. In a tweet on May 4, on-chain data provider Santiment published historical data showing a 20% rally as a result of BTC transactions is negative at the same levels between February 16 and 22. The week’s Bitcoin Ratio of On-Chain Transactions Volume in Profit/Loss statistic is the third largest capitulation in a year. As technicals improve, several analysts and traders forecast a price increase in the following days. Michaal van de Poppe predicts that the price of Bitcoin (BTC) will rise from current levels. He stated, “Bitcoin starts to look way better at this stage. Odds that the event tonight is a ‘Sell the rumour, Buy the News’ event are increasing.” A prominent crypto trader, The Wolf Of All Streets, predicted a rebound in Bitcoin price as it breaks above the trend line. A big rise could be anticipated if the BTC price stabilizes over $39,000. Bitcoin On-Chain Transactions Volume. Source: Santiment According to PlanB, the original $55K S2F model, which was released in March 2019, appears to be tracking the Bitcoin price trend. He also expects Bitcoin to rise in value. The price of Bitcoin (BTC) has regained over 5% in the previous 24 hours, stabilising near $39,000. Whales continue to accumulate at dips, resulting in a huge increase in trading volume. Furthermore, the BTC has avoided a drop below the critical support level. It suggests that a rally could happen in the next several days. Suggested Reading | Bitcoin Briefly Tops $40,000 As More Countries Adopt Crypto BTC Trades Sideways BTC has been trading sideways over the past few days, with the price dropping below $40,000 on April 26. Although, after reaching the swing highs near $48,000, the price has already begun to drop. BTC retreated and lost 45 percent of its value. BTC sellers, on the other hand, are weary as the price trades sideways in a narrow range since April 25. B BTC/USD trades sideways. Source: TradingView A daily close below the session’s low, on the other hand, would disprove the bullish price assumption. In that situation, $36,000 would be the lowest point on the downside. BTC/USD is currently trading at $39,874, up 5.63 percent for the day as of publishing time. According to CoinMarketCap, the first cryptocurrency by market capitalization has a 24-hour trading volume of $35,528,442,016. Suggested Reading | Will Bitcoin Shoot Over $40,000 — Or Drop To $35,000? Volatility Drops Bitcoin’s historical volatility is at 18-month lows, according to statistics released by the Buy Bitcoin Worldwide webpage. Its anticipated 60-day average value fell to 2.62%. Bitcoin (BTC) volatility was last this low in November 2020, when the orange coin broke through $10,000 for the first time in this bullish cycle. Image by Buy Bitcoin Worldwide On April 27, 2022, thirty-day volatility reached a local low, but it is already showing signs of recovery. The Bitcoin Volatility Index (BVOL), similar to the stock market’s VIX, shows how much Bitcoin’s price changes on a given day in relation to its previous price. The most recent increase in Bitcoin (BTC) volatility occurred in July 2021, when the flagship cryptocurrency was twice as volatile over a 30-day period as it is now. Featured image from Pixabay, chart from TradingView.com  

Welcome to the Daily Discussion. 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, and could…
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As Bitcoin jumped to $40k in the day following Federal Reserve’s raise hike by half a point, another number on the rise is its hash rate, which hit an all-time high of 221 EH/s. Bitcoin, Hash Rate, And Price The Hash Rate is the Bitcoin network’s measuring unit of the computational power and speed used to carry on the mathematical operations that confirm and process transactions on the blockchain. For this reason, the Hash Rate can reflect the global activity of bitcoin mining, increasing or decreasing side by side. The price of Bitcoin and the measure of the Hash Rate are believed to be related. The higher the Hash Rate, the healthier and more secure the network is, and this can lead to an increase in price. However, this is not a guarantee because macroeconomic uncertainty is an important factor that could dominate the future of its trading value. Also, many miners allege that the value of Bitcoin has an impact on the Hash Rate and not the other way around as the miners work around the network –joining or not– depending on the moment’s profitability. Hash Rate And Difficulty Going Up At The Same Time Just one week ago, Bitcoin difficulty hit an all-time high of 29.79 trillion after reaching block height 733,824. As the latest Arcane Research weekly report notes, the algorithm did this difficulty adjustment in order to lower the block production to the desired level, and now it has never been as difficult to mine bitcoin. The difficulty was expected to drop 0.07% around next week during the next adjustment. However, the same Arcane report notes that this increase in difficulty has not been an obstacle to a rise in the new hashrate coming online. This means that the next adjustment could rather turn into another increase, “pushing the difficulty even further upwards.” Although March and April had been slow months for the Bitcoin Hash Rate, it has now accelerated its pace and risen to an all-time high of 221 EH/s. Related Reading | Bitcoin Hashrate Swells 15% Since Last Week As Analysts Expect Mining Difficulty To Increase The desired level of block production is 6 blocks per hour, but the surge in Hash Rate a week ago turned into a rapid block production rate of 6.45 blocks per hour. The Arcane Research data also reports a 7% increase in Bitcoin’s daily transaction fees, going from $391,634 to $420,435 in a week. Ethereum, however, still takes the lead in the high daily transaction fees arena with an all-time high of $231 million last weekend, two times the former all-time high of $117 million. This happened as a result of Yuga Labs’ minting of 55,000 NFTs, which demanded a great amount of gas given the activity of buyers increased. Ethereum’s scalability problem outshines Bitcoin’s 7% surge in daily fees. This also highlights the higher earnings of Ether miners compared to Bitcoin’s for over a year. “Bitcoin transaction fees have been minuscule since the summer of 2021, only making up around 1% of miner revenues, while the rest comes from the block subsidy,” Arcane Research explains, adding that Ether miners find higher profitability because of the elevated gas fees, although their earnings are also more volatile. Related Reading | Bitcoin Could See 10% Jump, As Volatility Drops To 18-Month Low

As the title says, it annoys me that bitcoin is following the nasdaq. Because Bitcoin and other cryptos are supposed to be a hedge against the stock markets corrections. But bitcoin basically follows the stock market. And if a recession happens I want to be making money on crypto so that I doesn’t have to…
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Billionaire hedge fund manager Paul Tudor Jones expects crypto to have a bright future as the Fed hikes interest rates to fight inflation. The famed investor emphasized, “It’s hard not to want to be long crypto.” Famed Hedge Fund Manager Paul Tudor Jones on Bitcoin, Crypto Billionaire investor and renowned hedge fund manager Paul Tudor […]

We all know that bitcoin and ethereum lead the crypto world and their dev community is the largest, most active and some of the most high quality devs are working on it writing code for profit or just for fun. The developers seem to be the most important part of cryptocurrency and I don't know…
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Decentralized Finance (DeFi) represents the financial, blockchain-based world of tomorrow. Future generations will leave the traditional financial system behind and use dApps, tokens, and other digital innovations for economic purposes. However, DeFi is still in its infant stage, leaving room for scams, money laundering, and other criminal activities. Without secure solutions and educational services, DeFi […]

With the price of bitcoin still trading below $40,000, institutional inflows into the digital asset have slowed significantly. This has now flowed into other digital assets in the space. But what is most significant is the outflow rate which has neared one-year lows. Bitcoin Outflows Grows For the past couple of weeks, the rate at which institutional investors have been pulling money out of bitcoin has been on an accelerated timeline. This is what has culminated in the outflows that were recorded for the digital asset last week. In the space of a week alone, bitcoin had seen the majority of outflows from the market, which had come out to $120 million for the past week. These outflows had put it dangerously close to its one-year outflow record that was set back in June 2021, at $133 million leaving the digital asset. Related Reading | ADA On Discount? Cardano Whales Go On $200M Shopping Spree It was not the only asset to suffer outflows for the week though. Blockchain equities that had mainly been resistant to the outflow trend had finally succumbed. It had seen a total of $27 million left as negative sentiment continues to grow among institutional investors.  Ethereum also continued the outflow trend. A total of $25 million had left the digital asset, bringing its year-to-date outflows to $194 million.  BTC trending at $38,000 | Source: BTCUSD on TradingView.com This marks the 4th consecutive week of outflows in the market. It now sits at a total of $339 million that has left the market in this 4-week period. It also reflects a generally bearish sentiment that is being felt across the market as the Fear & Greed Index had dived into the extreme fear territory. Despite this overwhelming negative sentiment, not every digital asset in the space had suffered the same fate. FTX Token came out as the unlikely winner of the week by bringing in the largest inflows. The digital asset spearheaded the inflow trend with a total of $38 million moving into the asset last week.  Related Reading | Experts Say Ethereum Will Grow 100% To Hit $5,783 By Year-End Other large altcoins mainly followed this trend through with big players such as Terra and Fantom. Although these digital assets had not done nearly as well as FTX Token but had seen inflows regardless. It had come out to $0.39 million and $0.25 million recorded respectively for both.  Bitcoin still remains an investor favorite despite the inflows though. It continues to hold steady at the $36,000 to $38,000 support level. Its price had briefly recovered above $39,000 in the early hours of Wednesday before declining to be trading at $38,935 at the time of this writing. Featured image from MARCA, chart from TradingView.com