Category: Cryptocurrency News

LINA, WRX and STORJ led altcoins higher even as Bitcoin bulls encounter resistance at the $40,000 level.

I'm going to irritate all of you and Say ADA. I prefer their Research – based project, and like that they are taking their time to do things right. I believe they will fly very soon. I'd bet all 5k on ADA all day. Edit: some real gems in here. Worth a read! submitted…
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Bitcoin has been rejected several times after a push north of the $40,000 mark. At the time of writing, BTC trades at $36,621 with a 3.2% profit in the daily and a 31.9% in the weekly chart. The sentiment is growing bullish, as Bitcoin continues to tackle the important resistance at key levels. In addition, data from CryptoQuant points towards bullish indicators. Despite an increase in BTC inflows to exchange platforms, most of the selling seems to be absorbed by strong buyers. As a consequence, the Bitcoin spot reserves on exchanges are on a downtrend, as the chart below shows. CryptoQuant claims that this is the “highest outflow level” since Bitcoin has been testing the lows of its current range, around $29,000, and the high levels at $40,000. Therefore, it is possible to assume that BTC’s price could find enough support for a fresh leg-up into previous highs. On the first pullback after breaking through $30,000 earlier in the year, there was the same peak in outflow volume on the exchanges. We need to see as price breaks new resistance up to the last historial top (…) This data also suggests that the price could reclaim the previous high without “great demand”, CryptoQuant said. There were similar BTC outflows in mid-July, but the report attributed it to an internal transaction. The recent spike is even higher than the previous outflow indicating Clearly big players capitulating to liquidity from the bears who were betting on a break of support at $30,000. Bitcoin To See $50,000 In The Coming Weeks? A separate report by QCP Capital highlighted that the recent bullish price action occurred despite e-commerce giant Amazon denied the rumors on their alleged crypto payments program. In addition to the high BTC outflows, there has been a spike of flow in the options market. This spike was recorded during the days before the big rally that took BTC from the low $30,000 to its current levels. As QCP Capital said, there was a wave of call buying with over 2,000 BTC place at 42,000 and 44,000 strikes with 3-week expiries. In other words, some investors could be betting on more appreciation for the coming weeks. This could be additional fuel for Bitcoin to break out from its current pattern. QCP Capital added: However, the vol market reacted quite differently this time round with signs of stress to the topside. Unlike the previous rally which only saw front end vols spike while the back-end remained stable, this time back-end vols moved higher tandem with the spike in front-end vols. For the short term, the firm predicts more resistance in the current levels with a potential TD 9 sell signal for July 29th. During the weekend, the end of the month options expiring could push Bitcoin to the $40,000 and $42,000. If this is the case, QCP Capital expects these levels to hold with a potential extension to the $50,000.

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The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by tax dodgers in the form of digital coins will no longer evade seizure […]

This is for those interested in this matter, or for people holding a lot of crypto that value their privacy and security. I describe how you can be targeted through a dusting attack in three scenarios: Criminals already have your personal data You end up owning stolen funds You are targeted with a phising attack…
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Ethereum network continues to record increasing support as launch draws nearer with each passing day. The network has now successfully crossed 200,000 validators meaning there are now over 200,000 validator nodes running ahead of the ETH 2.0 launch and counting. The amount of staked ETH now stands at over 6.6 million coins staked, totally over $14 billion worth of ETH currently staked in the network. Over 20,000 validators were added to the network in the span of a month, taking the validators number from 180,000 to over 200,000. With this has come an increasing number of ETH staked on the network. More and more investors continue to stake their coins in anticipation of the upgrade to ETH 2.0, which will come bearing rewards for the validators. Related Reading | Ethereum EIP-3675 For ETH 2.0 Upgrade Launches On GitHub At this point, the amount of staked ETH now totals over 5% of the entire circulating supply of ETH. With a current annual APY of 6.1% on staked ETH on the Ethereum network. Move To Proof Of Stake The move of the Ethereum network from proof of work to proof of stake has been a hot topic in the crypto space since the project was announced. Although the project continues to require more time to complete than was initially speculated by Ethereum CEO Vitalik Buterin. The move has had numerous delays, most of which are attributed to personnel working on the upgrade and not technical problems, according to the CEO. ETH price tests $2,300 resistance point | Source: ETHUSD on TradingView.com Ethereum still currently operates on a proof of work mechanism, but the move to proof of stake would see the network requiring less electricity to mine coins and making the hassle of mining much less than it currently is. The reduced electricity consumption will address the environmental pollution problem of mining, which has long been a bone of contention in the mining industry. Recently, the EIP-3675 was formalized as an improvement proposal, which sets the stage for “The Merge.” This comes just before the scheduled London Hard Fork that is meant to take place about a week from now on August 4th. The hard fork will see gas fees being burned as the current system is switched out for a new and better one. Ethereum Price Reactions The price of Ethereum continues to see increasing improvement as ETH 2.0 breaks the 200,000 validator milestone. Over the weekend, the price of Ethereum grew over 10% as the market witnessed a tremendous run. Giving ETH a much-needed momentum push to break the $2,000 price level and continue an upwards movement. Related Reading | Ethereum Price Could Go Up Over 860% To Break $10,000, Crypto Analyst More validators are expected to hop onto the Ethereum network. And as the amount of ETH mined in each block is reduced due to the fee burn structure of the ETH 2.0 upgrade, the amount of forecasted circulating ETH will be less. Hence the new deflationary nature of the network will introduce scarcity, thereby increasing the value of the coins mined. Ethereum is now comfortably trading above $2,000 and continues to see upward momentum as the price continues to test the $2,300 resistance point. Featured image from Blockchain News, chart from TradingView.com