Category: Cryptocurrency News

Solana was on rebound as the coin was seen trading above the $100 mark. At the time of writing, Solana was exchanging hands at $107.82. This token’s recovery came right after Phantom, Solana’s native wallet concluded a successful fundraising round. In recent times, as the cryptocurrency market experienced a major-sell off, Solana too hovered in the oversold zone. The bulls have resurfaced and technical outlook reflected a positive change at the time of writing. Over the last 24 hours, SOL gained close to 17%. Over the last week, SOL was trading between $84.43 and $102.27 levels respectively. The recent bullish force propelled prices to finally trade over the resistance mark of $102.27. Price Analysis: SOL/USD Four Hour Solana’s prices moved above the 20-SMA line, which meant that buyers drove the price momentum in the market. According to the technicals on the four-hour chart, indicators flashed buy signal for the coin. Trading volume of SOL also noted a major appreciation which was indicative of increased buying pressure in the market. The Relative Strength Index was parked near the 80-mark, which meant that the coin was bordering overbought conditions. A slight push from the buyers could force RSI into the overbought and overvalued zone. The coin last hovered around the 80-mark, early in the month of December. MACD displayed a bullish crossover at press time and displayed amplified green histograms. This reading pointed towards a buy signal for Solana. Continued buying pressure would push prices beyond the $107.82 mark to the next resistance mark at $131.58. Additional price ceiling for the coin stood at $156.43. It is too early to say if the bulls would continue to hold their ground in the next trading sessions as the chart also had flashed a death cross in the past recent trading sessions. A death cross occurs when short term moving average is crossed over by the long term moving average. In the above the chart 20-SMA (red) was below the 50-SMA line. A death cross is indicative of a potential sell-off. Incase of a sell-off SOL would be seen trading near the $84 price level. Related Reading | Bitcoin Stolen From Bitfinex Hack Moved For The First Time In Five Years How Has Phantom’s Fundraising Helped Solana Phantom’s announced via a blogpost about raising $109M Series B funding round along with launching an iOS Phantom App. The Series B funding round was led by Paradigm. Previously, six months ago Phantom brought home $9M from Andreessen Horowitz after concluding its Series A. This Series B funding round has so far secured $1.2M already. Solana also has plans of expanding by supporting Web3 on its blockchain and additionally introduce multi-chain features in the upcoming time. Phantom success has positively affected Solana’s investors. Solana has had multiple network issues including outages and congestion faced in recent sessions. Solana had undergone a DDos attack four times in the last couple of months. With Phantom’s intervention, Solana’s investors might just gain some more confidence helping Solana grow. Related Reading | Ethereum Price Surges 30% Over Last Week Lows, Addresses Holding Over 0.1 ETH Reach New ATH

So every scammer on Reddit uses the same M.O. They answer every post and tell you to go to some phishing website that will prompt you to "verify" your seed phrase and the end users will clean out your acct. I find it impossible to believe that every one of these dipshits is smart enough…
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PYR regained its bullish momentum after the launch of the Elysium testnet and the limited release of digital land plots in the VulcanVerse.

Hey everyone! So basically I was transferring 0,01665ETH from my Crypto.com to Coinbase Coinbase wallet and just paid a ridiculous miner fee of 0.005 ETH When I try to exchange this ETH to some other coins I get fee estimate of up to 0.05 ETH. Whats going on? Are the fees really so high? …
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Bitcoin started rising with the news El Salvador rejected the IMF request to drain BTC as a currency. In response, Bitcoin grew to a 14-day high price level, adding more than a quarter trillion US dollars into the crypto market. Price tendency follows the pathetic month for cryptocurrency since March 2020. At that time, Bitcoin reached a price level of $5,000 due to panic selling off after the Covid-19 pandemic threat. After that, Bitcoin raised and achieved its all-time high price level of $69,000 in November 2021.  But soon after that, Bitcoin started a downward journey, coming to the seven-month low of $33,000 on January 24, 2022. However, on the same day, Bitcoin began an upward trend and gradually achieved a price level of $39,000 on Tuesday, February 01, 2022, showing positive crypto market growth. Bitcoin price retrieval started after El Salvador declined IMF request to withdraw Bitcoin as a medium of exchange. El Salvador is the first country to do so in the world after many months.   El Salvador Reaction After IMF Call To Ditch Bitcoin The decision to adopt Bitcoin as an official currency was met with fierce resistance from many governments, but it looks like El Salvador is taking a different approach. Treasury Minister Alejandro Zelaya says that his country sees cryptocurrencies not just for financial transactions and investments but also embracing this new technological advancement. In a local TV interview, he added by referring to AP report; “Countries are sovereign nations, and they take sovereign decisions about public policy. No international organization is going to make us do anything, anything at all.” IMF reported many risks involved regarding consumer protection, financial stability, and financial integrity as reasons for not adopting Bitcoin. In addition, IMF added there is high crypto price fluctuation, and criminals can misuse it for their illegal activities.  IMF had already warned El Salvador that its involvement in Crypto could cause hindrance from getting borrowing from international institutions. Marcus Sotiriou, a British digital currency analyst at GlobalBlock, said; “It seems that El Salvador may not need the coercive loans from the IMF any longer by issuing the innovative the Bitcoin Bond. This bond allows them to raise funds to set up mining infrastructure.” A continuous worldwide crypto acceptance and day by rumors that Latin American countries are accepting Bitcoin as an official exchange source are significant concerns of IMF.  The president of El Salvador, Nayib Bukele, shared a meme from The Simpsons on Twitter. Its caption read “I see you IMF,” and he responded with laughter at its parody nature in his own words.    Featured image from Flickr, chart from TradingView.com  

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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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Bitcoin has outperformed all crypto Market Cap-Weighted Indexes in January as traders turn to less risky assets amidst fear over the Federal Reserve tightening, thus the king of digital assets claims its position as crypto’s safe heaven. Related Reading | Bitcoin Begins To Form A Bottom? Why $40K Is The Next Target  Bitcoin As a Crypto Safe Haven The thought of Bitcoin (BTC) being a safe haven asset is quite popular, but it opposes the critics who claim BTC –and all crypto assets–  is too risky, volatile, and speculative to become a safe haven. However, inside the crypto market it remains the less risky asset. January was a very volatile month for the crypto market amidst the investors fear over The Federal Reserve (FED) hawkish moves, but an Arcane Research report shed light on how Bitcoin outperformed the other crypto indexes in the market during the bloodshed, thus maintaining its image as the less risky crypto asset to investors, especially during times of high volatility and uncertainty. As traders take a more conservative position and look away from the most speculative assets, the Arcane report highlights how all crypto indexes saw losses between 20% and 31% this past month. However, like the following charts show, BTC outperformed all altcoins conserving the highest crypto market cap and counting less losses. Meanwhile, the Small Cap Index fell the hardest, showing how the crypto market shifted amidst the traders’ conservatory tendency.   This gets us back to the “BTC as a crypto safe haven” belief, since the digital coin remains the least risky crypto asset to investors, who lean on it in times of turmoil. On the other hand, the market sentiment is carefully improving “with the Fear and Greed Index now ‘only’ signaling ‘fear’ after a sustained period of ‘extreme fear’”. This could mean a better landscape for altcoins as traders’ position might turn around to the less “boring” assets. At the moment of writing, Bitcoin trades at $38,545, up 0.98% in the last 24 hours. What Studies Have Said Over The Years Beyond the crypto market, some studies had predicted that “Investors in the US may cautiously use bitcoin as a hedge against uncertainties.” A study from 2019 that assessed whether Bitcoin could be a hedge at the intraday level gave results that indicated that “Bitcoin can be deemed a hedge at various periods of time” as well as a “diversifier for currency investors.” Furthermore, their results from a non-temporal threshold analysis revealed that “Bitcoin is a safe haven during high and extreme periods of market turmoil for the CAD, CHF and GBP, but fails to act as a safe haven for the other currencies.” Then in 2020, other experts concluded the following: Based on the WHO COVID-19 pandemic proclamation on March 11, 2020, we test the Bitcoin and Ethereum as safe-havens for stocks. Our dynamic correlations and regressions results show that Bitcoin and Ethereum, as the two major cryptocurrencies, display short-term safe-haven characteristics for stocks. However, other research carried out in the same year had opposing conclusions, coming to deny the digital coin as a safe haven: “During the period under consideration, we find that the S&P 500 and Bitcoin move in lockstep, resulting in increased downside risk for an investor with an allocation to Bitcoin.” As the international political and economic panorama evolves with high uncertainties this year, new data to come will most likely be relevant when making a case about how the crypto market reacts and which digital coins can become the most useful tools. Related Reading | TA: Bitcoin Near Crucial Juncture: Why BTC Could Surge Further

Is this the calm before the storm? Bitcoin volatility is seldom this steady. After a tumultuous downturn that had the whole market upside down, bitcoin’s fiat price is relatively flat. Everyone can breathe and rest, for a while at least. What does this mean and how long will it last, though? That’s what we’re here to explore.  Related Reading | Dwindling Bitcoin Volatility Could Lead To Decisive Move It’s no secret that the market was expecting a hike in the interest rates, and thus people were selling risky assets. However, the powers that be postponed the increase, and, well, the market calmed down. During this downturn, though, Bitcoin proved once again that the market considers it the least risky asset in the cryptocurrency space. Everyone bled, but Bitcoin considerably less so. In any case, back to volatility, Arcane Research’s The Weekly Update has the scoop:  “Bitcoin’s 7-day volatility is now at the lowest level since November 2020. Together with the trading volume, the volatility exploded last week when bitcoin dropped below $40,000. After bottoming at $33,500, the bitcoin price has been slowly grinding upwards, and it looks like the market has released sufficient pressure for now. Still, we might see new volatility peaks soon as bitcoin trades closer to several key resistance and support levels that might be catalysts for increased volatility.” The pressure is off, but, the steadiness might not last. If there’s one thing we can count on in regards to bitcoin is this: volatility will return sooner than later, for better or worst.  BTC/ USD Volatility | Source: Arcane Research’s The Weekly Update What Are The Resistance And Support Levels? Bitcoin “has been slowly grinding upwards,” and it’s getting close to that magical number 40. Again, The Weekly Update: “$40,000 is a key resistance level. With BTC’s slow grind upwards lately, we could see BTC testing this resistance level shortly. A breakthrough would be a relief for the bulls and could signal a trend reversal.” On the other hand, if things go south and the market starts bleeding again, there’s another number that we have to be aware of: “Towards the downside, $32,500 acted as support during the initial sell-off, but $29,000 remains as the most critical support level. A breakout below $29,000 would be unsettling, which could cause havoc in the market.” If Bitcoin touches 40 or 29, the boat might start to rock. Fasten your seatbelts and be sure to wear a life jacket. BTC price chart for 02/01/2022 on Bitstamp | Source: BTC/USD on TradingView.com What Causes Bitcoin Volatility? The short answer is supply and demand. However, since the Bitcoin economy is still small compared to the world’s, several factors can upset or propel the price. From any kind of news to influencers’ opinions to regulation talk or concrete action to whales dumping on the market to interest rates hike rumors. Anything. Also, take this Investopedia insight into account: “Bitcoin has only been around for a short time—it is still in the price discovery phase. This means that prices will continue to change as investors, users, and governments work through the initial growing pains and concerns until prices stabilize—if a stable point can be reached.” Related Reading | This Bitcoin Volatility Index Pattern Suggests A Short Squeeze May Be Near Yes, Bitcoin is the largest cryptocurrency by far and Fidelity thinks it “should be considered first and separate from all other digital assets that have come after it.” However, the asset is still a wild teenager. Expect volatility and learn how to deal with it. It’s going to be a bumpy ride. Featured Image by Pexels on Pixabay | Charts by TradingView