Category: Cryptocurrency News

Bitcoin remains range bound in lower timeframes trading at $54,277. The first cryptocurrency by market cap records almost no gains in the daily chart, but a massive 23.9% in the 7-day chart. The general sentiment in the market has flipped bullish, as investors seem to be waiting for further appreciation in Q4, 2021, a period that usually works for the bulls. Related Reading | PepsiCo Chief Financial Officer: We Don’t Intend To Invest Cash In Bitcoin Investment firm QCP Capital believes BTC’s price recent returned to the mid $50,000 was due to a “short squeeze”. Triggered by a high number of liquidations in short positions, the big move to the upside has its origin on Chinese crypto exchanges. In addition, QCP Capital found that institutions were behind Bitcoin reclaimed of the $50,000 as evidence by the uptick in the Chicago Mercantile Exchange (CME) open interest and the increase on the premium for these derivatives versus the price of BTC in the spot market. QCP Capital claimed: The unusually large premium indicates an overwhelming amount of outright buying. Both factors combined lead us to believe that there has been large institutional buying of BTC in the past week. Additional factors seem to have worked out in favor of the Bitcoin bulls, as noted by the investment firm: the dissipation of uncertainty around Chinese real state company Evergrande, the very likely approval of a BTC ETFs based on CME Futures, BTC gaining more prestige as an investment vehicle, and others. Related Reading | TA: Bitcoin Starts Corrective Decrease, $53K Holds The Key Gonna start a thread laying out a case as to why @EricBalchunas and I are putting odds at 75% for a Bitcoin Futures ETF coming to the U.S in October. Here's where we view the odds of the ETF getting first approval 1/x pic.twitter.com/LRrzG9XLX1 — James Seyffart (@JSeyff) October 8, 2021 However, QCP Capital points out some potential obstacles that could prevent BTC from reaching its previous highs and beyond. First, the high amount of leverage in the crypto market as shown by the BTC Futures Aggregated Open Interest, 3x times more than in October 2020. In previous months, BTC’s price has taken significant downside action when the leverage in the futures sector reaches a certain point. In addition, QCP Capital said: The options market continues to indicate downside nervousness in spite of the spot rally. ETH risk reversals (RR) continue to be skewed to the downside (puts are more expensive than calls). BTC has only just turned from a persistent downside skew to neutral. What Could Work Out For The Bitcoin Bulls QCP expects some short-term bearish price action for Bitcoin. As seen below, the Tom Demark Sequential, a metric used to measure if a price move has been overextended to a certain direction, flashed a TD 13 sell signal on October 7th. A separate report by investment firm CoinShares stated that there are 3 factors lineup for more appreciation in Q4, 2021: regulation, adoption, and the macro environment. On a previous occasion, the BTC Bulls have some but not all of these 3 factors in their favor, the report claimed. About regulation, CoinShares believes the U.S. is “starting to warm to crypto” due to certain statements provided by the FED and SEC Chair, Jerome Powell and Gary Gensler, on cryptocurrencies. Related Reading | 2.1 Million Salvadorans Actively Using Chivo Wallet, El Salvador’s President Claims In addition, El Salvador’s effect on driven BTC adoption could have been underestimated. Following the launch of the Bitcoin Law many countries, such as Ukraine, Brazil, Paraguay, and others, have expressed their desire to make BTC legal tender and could drive a new wave of institutional adoptions. The firm said: From an institutional perspective, our most recent survey representing US$400bn of assets under management (AuM), highlights growing institutional participation. Average portfolio weightings in digital assets now represent 1.1% of AuM, although this varies considerably across different institutional investor types. Finally, the macro-environment factors with high inflation, rising commodity prices, worsened employment conditions, and others could continue to be a tailwind for store of value assets, such as Bitcoin (BTC). CoinShares said: (…) it is likely that bitcoin will appreciate against those currencies, even if its purchasing power were to remain stagnant.

Attempts by traditional financial institutions to censor adult content on OnlyFans have highlighted the need for decentralized platforms, according to Dfinity founder Dominic Williams.

Bitcoin and select altcoins are facing selling at higher levels, indicating that short-term traders may be booking profits after the recent rally.

submitted by /u/scott240sx [link] [comments]

Keep on going Harmony. submitted by /u/ElectricalAd4028 [link] [comments]

Despite the Ethereum burn introduced with the London hard fork, miners are still making a good amount of revenue from mining. For ETH, the balance held by miners had been dropping since 2016. This was mostly a combination of poor market conditions and miners selling their holdings to fund their mining activities. With low prices, the total dollar value of miners’ ETH holdings had dropped. This number picked back up in 2021. Following the bull run which began in 2020, the price of Ethereum has gradually recovered. And by extension, the dollar value of the miner’s ETH holdings had begun to climb. Current metrics show that the value of ETH held by miners has hit a five-year high. The last time that miners held this much value in ETH had been in 2016. Related Reading | Polygon Founder Says Ethereum Is Set To Replace Bitcoin As The Global Standard Miners’ ETH Holdings Reach New Peak Data analytics firm Sentiment published a report showing the current ETH balances of miners. According to the report, miner ETH balances currently sit at 532.75K ETH, leading to a total balance of more than $1.85 billion. #Ethereum is up to $3,480, the coin's highest price in 16 days. Notably, miner balances have continued to skyrocket. 532.75k $ETH is the largest balance held by miners since July 13, 2016. The value of these coins is $1.85B, easily an #AllTimeHigh. https://t.co/zf2g4ypqiJ pic.twitter.com/atPnYLhAgc — Santiment (@santimentfeed) October 5, 2021 ETH price balances above $3,600 | Source: ETHUSD on TradingView.com The last time ETH miner balances had reached this amount had been in July 2016, shortly after the Ethereum blockchain went live. ETH’s value has grown much higher since the report was published, putting current balance values even higher. This is the highest the value of miner ETH balances has ever been. Additionally, miners have been holding on to their bags. Refusing to sell until the market becomes more favorable. Ethereum Price Recovering To Record Levels The recent growth of ETH has contributed greatly to the increase in the value of the miner ETH balances. This, coupled with increasing hold sentiment among miners, has put miner balances on record levels. But miner balances are not the only ones experiencing a return to record levels. Ethereum price had suffered had in the bloody month of September. This had crashed the price of the digital asset down below $3,000, bottoming out at close to $2,600, a one-month low for the asset. Related Reading | Investors Expect Ethereum To Outgrow Bitcoin, According To CoinShares Survey Now, with current recovery trends, the price of ETH is set to break a new record level. ETH’s recent breakout has positioned the price of the asset well above $3,600. And indicators point to the bull rally pushing the price of the digital asset above $4,000. End-of-year predictions from market analysts have placed the asset at a $5,000 price mark, with bitcoin hitting $100K. It is still too early to tell if Ethereum will hit the price targets set for it by analysts. But the asset is now trading in the green and continues to be favored among crypto investors. ETH’s price is trading at $3,616 at the time of writing. Chart from TradingView.com

The venture seeks to utilize sustainable energy practices throughout the operation process.

As if banks aren’t making enough money with fees ($3 to use a bank machine should be criminal). I’m being charged $14.95 a month as a monthly fee for an account I forgot about. Recently got a message from the bank saying I have a negative $85 balance so they are sharing me ANOTHER $25…
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I actually approve of the scalability of the upcoming ETH2, but I'm curious as to how anyone is able to update a blockchain currency without precluding that there is an owner of the network who decides what happens to it. submitted by /u/getintheVandell [link] [comments]

Blockchain has been one of the greatest advancements we’ve witnessed in the past few decades and maybe even in history. Bitcoin creator Satoshi Nakamoto created it with a view to upend traditional financial institutions and remove the middleman from the majority of transactions. Based on a trustless system where ‘miners’ authenticate transactions through a consensus mechanism, Bitcoin revolutionized the way we use and think about money. Since then a host of technologies have been developed based on the groundwork made by the anonymous Satoshi. Now, Bitcoin, Ethereum, Binance, and many others are now household names in many places. The road to actualization has been rocky and cryptocurrency’s popularity has allowed for new developments within and outside the space. One such innovation is decentralized finance(DeFi). As crypto has gotten increasingly popular, it has also become very centralized with a few big players taking up most of the liquidity and market share. DeFi is the revolt against that. Rather than relying on centralized exchanges, it puts the power back in the hands of the individual users. In place of these intermediaries, it uses programs called smart contracts to automate these transactions and ensure trustlessness. Problems with Decentralization The problem with this decentralization is that it has become fragmented. With new projects popping all over the place, the Defi space can sometimes seem like whack-a-mole. The low barrier to entry means anyone can create a project on any blockchain and with such a plethora of choices native to multiple chains, liquidity becomes a problem. With the number of users constantly migrating into crypto to test its offerings, you would think that liquidity would be a foregone conclusion. However, the popularity of particular centralized exchanges means that they usually get the majority of the new traffic and DeFi is left short-handed. The liquidity problem now slowly begins to become more apparent. The problem is not that there is not enough liquidity but that the liquidity is not efficiently distributed. Some platforms have enough and some are constantly struggling to keep their head above water. Successful Fundraise of $3.2 Million Pontoon Finance’s liquidity mirroring protocol is addressing the liquidity fragmentation issue that hinders the mass adoption of DeFi. In order to provide a relatively better user experience, Pontoon Finance is working towards bringing cross-chain liquidity mirroring along with trustless bridges to make it easier for users to transact seamlessly across various chains. It aims to ease the interactions of users with DeFi applications and diverse blockchain networks. Through its decentralized relayer networks, it aims to make the transactions cost-effective and trustless. Names such as Amesten Capital, X21, Morning Star Ventures, Black Edge Capital, Draper Dragon Funds, Ex Network, and GenBlock are just some of the few that have thrown their backing behind the multichain liquidity project, Pontoon. That support has also been backed up with $3.2 million worth of capital as Pontoon continues its vision of making multichain liquidity a reality. Along with this, they have also gained support in the form of advisors such as Ravindra Kumar the Co-Founder of Frontier Wallet, Sandeep Nailwal the Co-Founder of the popular Polygon Network, Joel John of Ledger Prime, and others. Advanced Roadmap with Incentivized Testnet and Upcoming IDO So far Pontoon is still in its early stages. It is currently working towards auditing its smart contract code and forming strategic partnerships with credible projects in the space. Currently, it has the incentivized testnet ready which would emerge very soon and has finalized its decision to conduct its IDO on cross-chain tool suite, Hot Cross. A successful testnet is paramount for startups and showing a working prototype of your product could bolster investor confidence attracting even more investments and bolstering your project. The project will also be announcing its whitepaper shortly on its social channels. Should the IDO be successful, it could buttress the investments already received, pushing the project’s goals closer to the finish line.