During a volatile day of trading, ethereum classic rose to a one-week high earlier in the session, before falling victim to a red wave. AXS also rose today, climbing by over 12% in the day, however, a bearish wave pushed prices lower as the day progressed. Ethereum Classic (ETC) ETC climbed to a one-week high […]
The Cardano network is preparing for its upcoming Hard Fork Combinator (HFC) event “Vasil”. The cryptocurrency has been undergoing several updates and optimizations but continues to follow the general market sentiment. Related Reading | ADA On Discount? Cardano Whales Go On $200M Shopping Spree In fact, Cardano (ADA) price has been trending downside since the end of 2021 when it broke below $2 and has continued in that direction as larger cryptocurrencies re-test critical support levels. At the time of writing, ADA’s price trades at $0.80 with a 5% loss in the last 24-hours and a 6% loss in the past 7-days. The cryptocurrency has been moving down in terms of market cap after becoming one of the top 5 in these terms, but there are indicators pointing to potential bullishness. Per a post from Cardano developer Input Output Global (IOG), they are focused on preparing the network’s node and consensus for the upcoming HFC “Vasil”. Expected in June 2022, this update will upgrade the mainnet “performance properties”. “Vasil” is mainly aimed at making Cardano more efficient when processing decentralized applications (dApps) transactions. Thus, smart contract users on the network will benefit from a better experience. The network introduced its smart contract capabilities back in 2021 with a series of Hard Fork Combinator events (HFC) which ended with the “Alonzo” upgrade. Since that time, the Cardano ecosystem has seen an important expansion. Despite the growth, ADA’s trading volume has been moving to the downside along with its price. As since below, this metric reached an all-time high in May 2021 and has seen trouble in getting back to previous highs. Conversely, ADA’s transaction volume has been on the rise and recently hit a multi-year high. This suggests that while retail investors might not be as active on Cardano, whales are potentially buying the dip as the “Vasil” upgrade approaches with the potential to increase the ecosystem’s use cases and efficiency. Cardano Facilitates Entry Into Its Ecosystem Cardano developer IOG recently revealed the launch of Essential Cardano. An initiative was created to make it easier for users to explore the ADA-based ecosystem. Deployed in its beta phase, the initiative will be supported by a “rich” directory of “sharable” content that aims at showcasing the best of the Cardano ecosystem. The community will be able to contribute and access Blogs, videos, and relevant information on the growth of Cardano. Related Reading | Cardano (ADA) Real Volume Suggests Downtrend Is Far From Over As IOG has stated in the past, their community is a key component of the network. They are providing users with more tools to have a voice in Cardano’s future. IOG added the following on the launch of this initiative in its beta phase: We want to share early and build this out together. The platform can still be improved on with the community’s input. Some things may break in beta. This is your chance to help get it off to the best possible start & grow it together. Launching officially today in Beta, we hope #EssentialCardano will grow into a definitive ecosystem resource for understanding #Cardano & everything around it. And spreading the word by sharing the best. Built on GitHub, curated by IOG, but driven and populated by the community. https://t.co/S2gf3ET75d — Tim Harrison (@timbharrison) May 5, 2022
A full reversal and then some for BTC means that bulls are coming to terms with months of ground given up.
Coinquora reported on the coingecko’s vote of top 5 cryptocurrencies right now. With over thousands of cryptocurrencies out there in the market with some new ones like GMT, LOOF, and Plastiks making waves. These multiple thousands of projects might have a minimal value yet untapped potential right now. Among all these cryptos, CoinQuora has compiled…
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Most of the NFT market is in a downtrend, but data shows funds continuing to flow into blue-chip tier projects.
Anthony Scaramucci predicts that the next presidential candidate will be pro-crypto and that a Bitcoin ETF will happen by the end of 2022, given recent developments on Capitol Hill.
Bitcoin price bounced to the tune of 5% following yesterday’s Federal Reserve meeting. However, the move has almost fully retraced. What’s interesting about the situation, is that traders at one particular platform could have seen this coming a lot more clearly, while others might have suffered a fake out. Here is a closer look at a comparison between BTCUSD spot index price charts and BTC CME Futures that puts a spotlight on the strange discrepancy. We also shed some light on how to possibly take advantage when these instances occur. Why You Can’t Ever Sleep On Crypto Markets The crypto market never sleeps. It trades night and day, 24/7 days a week. Even stock market futures take a break for short periods. But when it comes to CME Group’s BTC futures contracts, it more closely follows the stock market’s trading hours. CME takes a break from Friday to Sunday evening. If Bitcoin price moves substantially during the time the trading desk is offline, it will leave a gap on its chart that regularly becomes a target that gets “filled” in the following days. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 Because certain spot market trading days are missing from the CME BTC futures chart, certain technical indicators can produce minor deviations. More often than not, these minor discrepancies are early signs that a fake out is coming. Need proof? In the chart below, we’ve compared the BTCUSD spot price index, BTC CME futures, and SPX futures. Bitcoin’s spot index produced a bullish crossover of the LMACD yesterday, while the CME chart remained bearish. Interestingly, the CME chart more closely mimics the popular US stock market index. BTC CME futures performs more on par with the stock market | Source: BTCUSD on TradingView.com How To Potentially Predict Bitcoin Fake Outs Using Spot Vs CME Comparison The LMACD – the logarithmic version of the Moving Average Convergence Divergence indicator – is considered a lagging indicator. For this reason, bullish or bearish crossovers are typically considered reliable signals to take or close a position. It isn’t clear if the discrepancy above happened naturally due to the missing trading days from the chart, or if something else was at play. The crossover appears to have been used as a bull trap, clearing out any last minute longs. Momentum on the daily is currently bearish again, so there is risk of continued downside until it turns up again. Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet Traders need not ditch the indicator altogether, but instead can use such discrepancies between the two indicator’s performance to try and predict when fake outs, stop runs, or other nasty moves will occur. The last time the LMACD produced a false signal on spot exchanges, yet not on the CME BTC chart, was the exact peak in November 2021. Is there a chance this latest fake out is a sign the bottom is in, or is it merely suggesting more downside ahead? The missing bullish crossover called the top in November 2021 | Source: BTCUSD on TradingView.com Bitcoin bulls must push momentum back in their favor on daily timeframes, and follow through with enough strength to force higher timeframes to follow. 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
PRESS RELEASE. StreamCoin revealed that it has secured a corporate ICO investment from blockchain consulting firm TNC IT Group. Specifically, TNC IT Group has purchased over 200 million STRM during the recently-concluded STRM public sale. The announcement came after StreamCoin revealed that it has raised more than $11.7 million during its three-month public sale, enabling […]
Ethereum exchange inflows had been on the high side for the better part of the past week. They averaged above $1 billion each day giving credence to the sell-off trend that has been experienced in the market. However, it seems there is a turn in the tide coming. As the weekend draws to a close, exchange inflows have been on the decline. This signals that the sellers are entering into a cool-off period that could potentially alter the price movement. Inflows Fall Below $1 Billion This week had opened up with alarming inflows into exchanges. Although the outflows had been enough to offset this, the rate at which investors were moving their Ethereum into exchanges was enough to be a cause of alarm. At its peak, Ethereum had seen $5.2 billion flowing into exchanges in a single day, rivaling even that of bitcoin. Related Reading | Experts Say Ethereum Will Grow 100% To Hit $5,783 By Year-End This trend would continue for the next couple of days where inflows had been lower than this peak number but remained above the $1 billion mark. That is until the midweek trading market where exchange inflows had slowed significantly and finally dropped below $1 billion. In the past 24 hours, the amount of ETH flowing into exchanges had dropped to $880 million. This signals that sellers are now taking a break from flowing the market with coins. 📊 Daily On-Chain Exchange Flow#Bitcoin $BTC➡️ $1.5B in⬅️ $1.6B out📉 Net flow: -$112.5M#Ethereum $ETH➡️ $880.5M in⬅️ $781.0M out📈 Net flow: +$99.5M#Tether (ERC20) $USDT➡️ $663.4M in⬅️ $641.6M out📈 Net flow: +$21.8Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) May 5, 2022 Nevertheless, the massive inflows had been offset by outflows. The accumulation frenzy among investors was enough to stall sellers who were trying to pull down the price, although not for the last 24 hours as outflows had been lower by inflows by $99.5 million. Will Ethereum Price Follow? Ahead of the opening of the trading day on Thursday, Ethereum’s price has not been doing well on the charts. It continues to suffer dips that have put it close to testing the $2,900 once more. It is following the general trend of the crypto market but the digital asset on its own is not doing too well according to indicators. ETH price holding above $2,900 | Source: ETHUSD on TradingView.com One of the scenarios where Ethereum continues to fall short is on the short-term trend. It is still trading below the 50-day moving average, an important point to hold if there is to be any bullish trend for the short term. The current price does not fall below this range by a large margin but is still enough to question if there is enough momentum for a recovery in the coming days. Related Reading | Institutional Investors Exit Market As Crypto Declines, New Report Reveals It is also important to note that the next significant support level for the digital asset lies at $2,824. This means that if bears are able to beat it down past $2,900 this morning, then further dips are expected before the cryptocurrency may be able to find adequate support. On the flip side of this, the first major resistance point now sits at $3,015. However, as it has proven in the last couple of days, reaching the $3,000 is a harder sell than falling to $2,800. Featured image from Token Information, chart from TradingView.com
Hello Guys!! Bitcoin price has fallen below $37k Trading comes with its own risk nearly $250M got liquidated in 4 hours. In the past 4 hours , 100k traders were liquidated. BTC : $115M ETH: $44M GMT: $6.7M APE: $6.6M LUNA: $3.69M SOL: $4.8M DOGE: $3.6M XRP: $3M Most trader got liquidated on Bitcoin followed…
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