LIVE AMAs with CEO of Microstrategy Michael Saylor together with Abra’s CEO Bill Barhydt. 9/24 9AM PT
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Dogecoin’s price has dropped almost 10% following China’s statement that crypto transactions and services are illegal in the nation. As China Declares Crypto Transactions Illegal, Dogecoin Plunges Almost 10% According to a report from Bloomberg, China’s central bank has put out a statement saying that all crypto transactions and services are illegal in the country. The central bank, called The People’s Bank Of China (PBOC), has announced that the ban includes activities like derivatives trading and exchange services offered by offshore organizations. Following the news, most of the cryptos have noticed a sharp drop in their price as investors panic sell. Dogecoin’s price has tanked almost 10%. Here is a chart showing the trend in the price of the coin over the last day: DOGE’s price crashes down in response to China’s crypto ban | Source: DOGEUSD on TradingView As you can see in the above graph, Dogecoin’s price was around $0.222 before the announcement, but it dived down sharply all the way to a $0.196 bottom after. Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum Since then, DOGE has recovered a bit as its price is now around $0.202. Though, it’s not clear at the moment if that was it for the crash or if the price will move further down. Bad Month For DOGE As Coin Loses Over 36% In Value It has been a pretty bad month for Dogecoin as the crypto has seen many moves down in the period leading to a loss of over 36% in value. The below chart highlights how DOGE’s price has changed during this period: Dogecoin keeps on falling off before a significant recovery can be made | Source: DOGEUSD on TradingView During this period, DOGE has also lost significant trading volume as the coin has fallen down to the number 10 cryptocurrency in terms of market cap. Related Reading | Bitcoin.org Hacked By Scammers For A Few Minutes. Someone Sent Them 0.4 BTC Here is a table showing the top 10 coins by market capitalization: DOGE is now last in the top 10 crypto list | Source: coinmarketcap As you can see in the table, Dogecoin’s market cap has declined to just $26 billion. Although this figure is $11 billion clear of the 11th largest cryptocurrency, DOGE’s place in the top 10 list could still be in danger if the coin keeps on declining like this. The recent state of the memecoin has made some believe it could be losing steam as its daily transactions count has also dropped to levels not seen since 2017. This shows a lack of trading activity on the blockchain that hasn’t been seen since 4 years. Some others believe that the meme status of Dogecoin means it will once again explode in popularity and make a come back eventually. Featured image from Unsplash.com, charts from TradingView.com
There are very limited avenues for investment in China, especially ones which are relatively safe, real estate being clearly favoured above the rest. Evergrande isn't in isolation, with the Chinese Government being worried for years about the amount of leverage in it's largest industry by GDP. So it came out with the three lines policy,…
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The People’s Bank of China (PBOC), the country’s central bank, published a Q&A to its website which said that Chinese citizens participating in virtual currency exchange offshore is “considered illegal financial activity.” The PBOC also reiterated comments it had made in the past stressing that “financial institutions and non-bank payment institutions” cannot process crypto payments. […]
There were are A LOT of dodgy people who tried to take advantage of me when I was new to crypto, and I assume they do it regularly to other beginners too. Tough luck for them because I don't have any money to get scammed out of hahaha… Here are a few scams I've witnessed…
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RenPSG to allow charities to accept more than 45 different cryptocurrencies including Bitcoin, Ether and Dogecoin.
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Ethereum follows the general sentiment in the market and trends downwards in the daily and weekly charts. After news about a confirmed FUD on China banning crypto-related operations, a portion of the market reacted negatively and created selling pressure. This sent Bitcoin and Ethereum back to their critical support zones. At the time of writing, ETH trades at $2,842 with an 8.2% and 20.4% loss in the daily and weekly charts, respectively. Ethereum technical indicators turned red as the price retraced south of the $3,000 territory with momentum in favor of the bears. However, the Relative Strength Index (RSI) remains neutral at a 39.51 value. Related Reading | TA: Ethereum Lacking Bullish Momentum, Why ETH Holders Are Safe This could suggest a reversal in the current trend if combined with the fact that the FUD coming from China was already price-in by another portion of the market. Trader Rekt Capital commented the following on the price action and those affected by “FUD from China”: BTC investors who have been in the market for a while have heard many different iterations of FUD from China. But newer investors, unarmed with this experience, are the ones who are affected most. Their panic selling is what is fuelling this recent downside. What Could Trigger A Rebound On Ethereum? Ethereum’s recent low stands at $2,652, the price is reached at the beginning of the weak on the back on the potential default of Chinese real state company Evergrande. Thus, why ETH’s price must hold that level in case of further downside. For the bulls to have a fresh shot at reclaiming the $3,000 area, Ethereum must close the daily above $2,900. The Exponential Moving Average (EMA – 10) could be the next objective from there standing at $3,136. In the short term, strength in Bitcoin or Ethereum could push the market back to the green. The first cryptocurrency by market cap has bullish fundamentals that could benefit the entire crypto market. Related Reading | As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lower Valuation As pointed out by Glassnode founders Jan Happel and Jann Allemann, the Relative Transfer Volume Breakdown, a metric used to measure transaction volume in the market, suggest that institutions are still betting big on Bitcoin (BTC). Alleman and Happel said: Bitcoin transaction volumes continue to reflect big money moving in the space. Institutional sized capital ($1M+ transaction sizes) represent around 82% of settled volume over the past week. Note the growth in institutional size capital really kicked off since October 2020. In addition, as pseudonym trader LilMoonLambo said, banking giant JP Morgan seems more bullish on Ethereum than Bitcoin. The bank has been dabbing into crypto for a while and their estimates for ETH and BTC mini futures are optimistic for the bulls.