Category: Cryptocurrency News

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In this episode of NewsBTC’s daily technical analysis videos, we examine the recent resilience in Bitcoin compared to traditional assets like gold, oil, and the S&P 500. We also compare BTC to the DXY Dollar Currency Index and past crypto bear market bottoms. Take a look at the video below: VIDEO: Bitcoin Price Analysis (BTCUSD): September 26, 2022 After last Friday’s market close and extreme bearish sentiment last week following the Fed meeting, most investors and traders braced for a very bloody Monday open. But Bitcoin continues to show resilience compared to other markets. In this video, we put BTC head-to-head with traditional markets and more. Related Reading: Can Bitcoin Withstand Continued Dollar Strength? | BTCUSD September 22, 2022 Comparing Bitcoin With Gold, Oil, S&P 500, And DXY Here we can see that Bitcoin peaked before other asset classes, and has held up better in recent days compared to gold, oil, and the S&P 500. Considering how strong the dollar has been, Bitcoin standing up this strong here is significant. Through the DXY comparison, we can also see that BTC held up well against the USD side of its trading pair compared to other top world currencies like the pound, euro, and yen that make up the DXY index. BTC compared to other asset classes | Source: BTCUSD on TradingView.com Bottom Signals Stack Up As Former Resistance Holds As Support Last night we also had a weekly close in Bitcoin, which has caused the Relative Strength Index-based moving average to slightly turn upward. In the past, this was all that was necessary to change the tide in the overall trend from bear to bull. Weekly momentum continues to get shockingly close to a bullish crossover. The repeated failure to cross bullish, yet no new lows being made is also notable. Price continues to grind and test former all-time high resistance turned support.  Several weekly indicators could suggest the bottom is in | Source: BTCUSD on TradingView.com Related Reading: Bitcoin Reacts To 75 Basis Point Fed Rate Hike | BTCUSD September 21, 2022 The Return Of Adam & Eve In Crypto Market Bitcoin price action could be working on forming an Adam and Eve double bottom. The same bottom formation put in the 2018 bear market bottom.  The lead into the pattern, volume trend, and various conditions of validating the formation are present, and the only thing that is missing is confirmation with a close above $25K. Is the Bitcoin forming an Adam and Eve bottom? | Source: BTCUSD on TradingView.com How Far Will The Unstoppable Dollar Trend Extend? A bottom being in has more to do with the dollar at this point, but even the DXY is showing some signs of being overextended. The DXY has essentially went completely vertical. Such trends aren’t sustainable at this angle, and are bound to correct sharply.  Superimposing Bitcoin behind the DXY and the DXY behind the 2017 BTCUSD chart could provide some clues to what might happen next. On the right, the DXY made a higher high, before collapsing. The DXY bottom turned out to be the top in the 2017 Bitcoin bull run. Looking at the DXY chart with BTC behind it, the same sort of higher high setup ultimately resulted in a rejection and breakdown. The first level of support was swept, and at the second level, a bottom was found. If the anti-correlation continues between the dollar and Bitcoin, then if the DXY tops out, the next crypto bull run could follow. Is the DXY forming an ending diagonal? | Source: BTCUSD on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. 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

The top collectible recently sold for 6 ETH on OpenSea.

OK Polkadot (DOT) – which is seen to be on a winning streak in terms of social media metrics and development activity  – has been on a retreat recently. DOT social media metrics nosedives  Polkadot’s decline in developer activity could leave a bad taste in the mouth of investors DOT’s NFT volume off to as high as 1.64 million on September 24  Is this sudden drop in both metrics just a temporary hiccup or could be a warning signal to investors? Judging by the chart below, DOT price was seen to have nosedived in terms of development activity in the past few days. It’s surprising as Polkadot has been outpacing other cryptocurrencies over the past week but seems to be losing steam now. Related Reading: Algorand: ALGO Price All Go With Nearly 30% Rally In Last 7 Days DOT Social Volume Down, Bearish Movement Looms The reduction in terms of development activity hints at the lack of developers working on Github. Evidently, this lack of development activity could leave a negative impression on investors. DOT’s social volume has capsized which could likely trigger an enhanced bearish movement. Notably, there is also a drop in DOT’s social media engagement in the past few days. The social metrics of Polkadot are seen to have nosedived by 12.6% as seen in the past month. More so, its weighted sentiment has also dropped below 0. These on-chain metrics show the increasingly negative sentiment circling DOT. Despite DOT looking intensely bearish, the crypto has seen a massive improvement in terms of NFT. With that being said, DOT’s NFT volume has grown a lot from $364,250 as spotted on August 26 to as high as $1.64 million on September 24. According to CoinMarketCap, DOT price has spiked by 4.17% or trading at $6.50 as of press time. Chart: Santiment Polkadot Collaborates With Tether, Others Polkadot is also ramping up in terms of collaborations such as with Tether. On September 23, Tether announced that they will be rolling out USDT right on Polkadot. These collaborations are in pursuit of the legalization of DOT’s operations. More so, Polkadot also recently adopted Chainlink allowing Polkadot projects to employ the data price feed of Chainlink. On the other hand, even if these collaborations are bound to fuel growth and scalability for DOT, still the price could go down in the short term. On the brighter side, DOT’s declining volume which has dropped by 82.34% in the past week signifies that DOT’s price could be bound for immediate recovery. Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders Are Making Profit DOT total market cap at $7.28 billion on the daily chart | Source: TradingView.com Featured image from Cryptopolitan, Chart: TradingView.com

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I have experienced the brunt of gas fees for the past few years and just wondering when it will go back to normal. I remember it was many times worst a year ago but they’re still pretty high now and the eth merge I guess doesn’t even have anything to do with gas fees. When…
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Bitcoin and altcoins appear to be ignoring the headline of the U.S. dollar index soaring to a 20-year high as the British pound plummets to a record-low against DXY.

Is there a reason for this behavior? Assuming the count is correct that is. September 23, 2022: 14,271 September 25, 2022: 8,433 Spiking from around 9 – 10k the month before Source: https://etherscan.io/nodetracker# submitted by /u/Kristkind [link] [comments]

Testnet Launch on Polygon Now Live Decentralized exchanges (DEXs) have been able to clinch a large market share from centralized exchanges (CEXs), especially with the creation of more than 20,000 tokens, all with varying degrees of liquidity. However, one area where DEXs is still lacking is in the margin trading domain. Where centralized exchanges command more than $200 billion in margin trading volume daily, DEXs fall short with only a tiny fraction of this volume. EasyFi, a universal Layer 2 multi-chain lending protocol, is taking steps to add value to the DeFi space via their protocol. It has announced a new product called “Electric”, that allows DeFi users to be able to carry out margin trades outside the confines of a centralized exchange using its lending protocol. Extending the Lending Strategy “Electric” is only the latest in EasyFi’s vision of getting DeFi users to #DoMoreWithDeFi. The launch of Electric brings to fore the next step in their lending strategy. This will allow users to obtain short-term loans and use them to carry out margin trading activities. All of this happens on publicly sourced liquidity that is available on different automated market makers (AMMs). Electric users will be able to trade with the most liquid decentralized exchanges and AMMs through collaborations that are being explored by the EasyFi team. Lenders of the liquidity pools can invest smartly by being provided a calculated risk-reward ratio. Since dedicated pools are created for each asset pair, lenders are able to understand the risk-reward associated with each investment right from the start. Perhaps the most important of these is the user interface of Electric. Like any decentralized finance protocol, ease of use is important to give users a seamless experience. Electric is designed with the same simple, intuitive, and user-friendly interfaces that have come to be associated with EasyFi products. The Electric Litepaper has also been published to showcase the idea, motivation & concept behind Electric, its workings, a step-by-step guide & some core concepts within EasyFi’s new product for MarginTrading on DEXs. What To Expect Electric carries a lot of promise for the decentralized finance space. To this end, the EasyFi team has outlined some things that users can expect from the product. Diverse Trading Pairs One avenue that centralized exchanges continue to dominate is the diverse range of trading pairs that traders are able to choose from. Electric is expected to have different trading pairs that will be based on isolated and independent lending pools available to the traders. To begin with, the number of tokens to test on will be small, but as time goes on, these will be expanded and will include both volatile and stable assets. Margin Markets/Interest Traders who wish to take part in the margin trading markets will have to deposit collateral to Electric at first. Additionally, lenders can earn high yields when they deposit assets directly into the lending pools. They earn from the interest paid by leveraged traders, as well as other rewards which will be available only to lenders through exclusive programs. Lending Pools On Multiple Chains Electric will be a multi-chain margin trading product. It will start on Polygon first and then expand to other chains including BSC and other networks. Community-Centered Eventually, once Electric goes mainnet and EasyFi launches its DAO, the community will take charge of the decision-making – such as adding new lending collaterals, setting default interest rates, adding new margin trading pairs, and establishing risk parameters and more. Getting Ready For Take-off Electric has now been launched on the Polygon Mumbai Testnet. It has made a connection to the QuickSwap Testnet to provide a DEX integration to complete the trading process. This way, the community can test out the protocol before it launches on the mainnet. EasyFi also plans to partner with other DEXs to integrate them into Electric. For now, community members can test out leveraged trading on the Electric testnet version starting with a test asset, xUSDC. Many other tokens and blockchains are planned to be added during the course of the testing period.