Category: Cryptocurrency News

KPMG’s Head of Metaverse Alyse Sue believes the tech included in Apple’s mixed reality headset could shift the way users interact and experience the metaverse.

Bitcoin price is again moving lower toward the $29,200 level. BTC must surpass $30,500 to attempt a fresh increase in the near term. Bitcoin is showing bearish signs and trading well below the $30,500 zone. The price is trading below $30,300 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it stays below the $30,500 resistance. Bitcoin Price Extends Decline Bitcoin price attempted a fresh increase above the $30,250 level but failed to gain bullish momentum. BTC stayed below the key $30,500 resistance zone. A high was formed near $30,447 before the price dropped below $30,000. It traded to a new weekly low at $29,669 and is currently correcting losses. It broke the 50% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low. The price was able to climb above the $30,000 level. Bitcoin price is now trading below $30,300 and the 100 hourly Simple moving average. Immediate resistance is near the $30,200 level. There is also a key bearish trend line forming with resistance near $30,200 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $30,447 swing high to the $29,669 low. The first major resistance is near $30,265. The main resistance is now forming near the $30,450 and $30,500 levels. A close above the $30,500 level might start a fresh increase. Source: BTCUSD on TradingView.com The next major resistance is near the $30,850 level. Any more gains could open the doors for a move toward the $31,500 resistance zone. More Losses in BTC? If Bitcoin fails to clear the $30,500 resistance, it could continue to move down. Immediate support on the downside is near the $29,850 level. The next major support is near the $29,550 level, below which there could be a drop toward the $29,200 support zone. Any more losses might send the price toward the $28,750 level in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $29,850, followed by $29,200. Major Resistance Levels – $30,200, $30,265, and $30,500.

Memes found to be non-compliant with financial promotion rules could carry up to two years in jail under a proposal from the FCA.

While most crypto market watchers remain focused on Bitcoin’s ongoing struggle with $31,000, Ethereum recently closed above the psychologically important $2000 level for the first time in weeks. Now poised to close lower for four straight days, let’s take an evidence-based approach and determine whether four consecutive days lower for Ether is historically bullish or bearish going forward. Let’s dive in! Ethereum’s Close Above $2000 Followed By Pullback After closing at an impressive multi-week high and back above the $2000 level on July 13th, Ether has pulled back for four consecutive sessions, one of the conditions we’ll test momentarily. To better add context to the test, we’ll also add two more conditions requiring that [1] Ether is above its 200ma and that [2] its 200ma is rising. Why? The 200ma and its slope both act as simple filters to help determine market regime. For example, this latest four day pullback in Ether occurs in an improving market in which ETH is above the rising 200ma. If the current four day pullback were occurring in a down trending market regime, we would require that ETH be below its declining 200ma. Ethereum Daily Chart  | ETHUSD on TradingView.com What does this pullback in Ethereum suggest for its price? To find out, we’ll look at all signals since inception, and also compare those signals to a simple “buy and hold” approach. This will provide us with a baseline to better understand today’s test results. Related Reading: Ethereum Price Breaks $2,000 As The Bulls Take Over Crypto Market Four Days Down Compared To Buy And Hold The holding time graphic below shows historical results for Ether’s current technical setup on top with a simple “buy and hold” approach on the bottom. In other words, we’ll show hypothetical results using various holding times solely for when Ethereum has closed lower for four straight days while above its rising 200ma on top. The bottom results will act as a baseline, assuming a hypothetical purchase of ETHUSD with no conditions whatsoever and an exit n-days later. Average Trade Comparison  | SOURCE: REKTelligence, Tableau While both approaches show positive average trade results over every exit we tested from 7 days through 90 days, our baseline “buy and hold” actually outperforms the current technical setup of four days down. The single exception is the “exit in 90 days” in which the current setup slightly outpaces the historical average “buy and hold” trade, beating it 62.1% to 59.4%. But while the average trade statistic remains important, it does not always tell the whole story. When looking at a comparison of the largest hypothetical losses for both approaches using the same conditions described earlier, note that the largest losses (i.e., worst trades) for the current four days down setup are far lower than for a simple “buy and hold” approach. This largest loss comparison indicates that while the current setup may not beat “buy and hold” in terms of average trade, Ethereum may currently have a lower than usual risk exposure – something most experienced traders will appreciate. Largest Loss Comparison  | SOURCE: REKTelligence, Tableau Related Reading: Tradecurve Unique Set Of Features Has Ethereum Holders Excited While the past doesn’t predict future, based on our analysis, Ethereum looks poised for potential upside mostly in line with typical “buy and hold” expectations. In other words, not overly exciting and apparently lacking any meaningful edge at the moment. That said, risk also appears lower than usual relative to the “buy and hold” largest loss stats. Traders take note. Ethereum may now be offering its typical return profile based on its current technical setup, but with a lower overall risk exposure. DB the Quant is the author of the REKTelligence Report newsletter on Substack. Follow @REKTelligence on Twitter for evidence-based crypto market research and analysis. Important Note: This content is strictly educational in nature and should not be considered investment advice. Featured images created with Tableau. Charts from TradingView.com.

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As one of the biggest stablecoins, USDC is one of the major players in the crypto industry. However, the stablecoins have seen better days, as the stablecoin has seen its market cap drop drastically over the past few months. Related Reading: 29% Of Bitcoin’s Circulating Supply Is Now Presumed Lost Forever The second-largest stablecoin has seen its market cap drop by over $1.4 billion in just the last few days thanks to a surge in redemptions.  $1.4 Billion Redeemed In One Week The stablecoin market was rocked this week by a massive redemption of USDC. According to Circle and data obtained from Coinmarketcap, the supply of USDC decreased by $1.4 billion in just seven days as Circle’s rate of token burning outnumbered the rate of new token creations. This led to a market cap drop from $27.4 billion to $26.9 billion in a 7-day timeframe. This comes as the overall supply of USDC has been on a steep decline since the beginning of the year, plummeting from $45 billion to its present level of $26 billion. The worst drop in USDC’s market cap this year came during the height of Silicon Valley Bank’s shutdown.  USDC market cap plunges | Source: Glassnode According to Nansen, Circle burned $1.6 billion in USDC in a single day. During this period, Circle’s market cap fell by more than $10 billion. This came as investors rushed to redeem USDC due to Circle having cash reserves in the failed bank. What Does This Mean For USDC? The rush to redeem USDC over the course of the past year has prompted doubts about the reserves underpinning the stablecoin. But the stablecoin market appears to be doing just fine in terms of maintaining its peg to the US dollar. Circle also maintains that the USDC cryptocurrency is backed 1:1 by cash and other monetary equivalents.  USDC market cap sitting at $27.25 billion | Source: Market Cap USDC on Tradingview.com In March of this year, Circle switched to short-term maturity bonds. This means that the USDC reserve is now held 80% in short-dated US treasuries and 20% in cash deposits within the US banking system. Given this, there are worries among investors as redemptions at this scale could strain the reserves if they’re invested in less liquid assets. This would explain the high volume of redemptions over this time. Related Reading: XRP Crosses 1 Million Trades Per Minute Following Court Ruling The cryptocurrency market is known for its volatility, but stablecoins have become one of the backbones of the industry due to their ability to offer more stability. Overall, most of the stablecoin market remains split between USDT and USDC, making up more than 83% of the total stablecoin market cap.  For now, USDT has the higher momentum. While USDC’s market cap has slipped throughout the year, data shows USDT has added over $15 billion to its market cap. Featured image from Cryptonomist, chart from Tradingview.com