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Stay updated with our hand-picked featured news, top market insights, and the most important stories from the cryptocurrency world.

  • New York Supreme Court Rejected Appeal Over Lost Funds, Gold Over Bitcoin

    New York Supreme Court Rejected Appeal Over Lost Funds, Gold Over Bitcoin

    It was reported that the New York Supreme Court rejected Bitfinex’s appeal in the ongoing dispute with over more than $850 million lost corporate and client funds.

    According to the latest crypto news, iFinex, who operates Tether and Bitfinex told that they deposited the funds to a Panama-based company but was later apprehended by Portuguese, Polish, and American authorities.

    The court also declined the argument that Tether was neither a commodity nor security.

    ‘Not even virtual currencies are above the law. We are pleased with the court’s decision, and will continue to protect the interest of investors in the marketplace’

    Attorney General Letitia James said.

    Attorney James is the one who filed a lawsuit accusing Bitfinex of using the reserves of Tether, an affiliated company, to cover up their loss to a Panamanian payment processor.

    ‘We will respect the court’s order. We have no further comment on this matter at this time’,

    Stuart Hoegner said, Bitfinex’s general counsel.

    Bitfinex is a known cryptocurrency exchange that is owned and operated by iFinex. Even before this issue, the company also lost about $400,000 in 2015 and $73 million in 2016 due to hacking schemes.

    It is also a company known as a peer-to-peer Bitcoin exchange that offers digital asset trading services around the world.

    Challenges in Running a Cryptocurrency Exchange

    There are a lot of things to consider when it comes to operating a cryptocurrency exchange. You need to consider the regulation in the country you operate in and even the level of security you can provide to your customers.

    The regulations concerning crypto can vary from being too strict or nothing at all. There are also a lot of government officials who are considering stronger anti-money laundering laws. As a matter of fact, the Crypto-Currency Act of 2020 was already introduced by Paul Gosar, a Republican from Arizona. It is a proposed bill that helps the government regulate crypto transactions.

    In addition, regulations are also always subject to change. It may also cost a lot to pay for a professional to help understand and verify AML (anti-money laundering) documentation from customers. Failing to do so may lead to expensive fines or might even cause the platform to shut down.

    An AML is a set of laws, regulations, and procedures specially designed to stop people from generating income through illegal means.

    Another challenge is maintaining consumer traffic while providing a user experience that pleases everyone. Aside from having good exchange rates, customers also want to make sure that the funds are safe from inside operators and hackers. This is also the reason why the crypto market has one of the most active customer service support.

    However, even if there are a lot of challenges to face, most cryptocurrency exchange companies are willing to take the risk because of the increasing crypto users, especially Bitcoin owners.

    The Value of Gold

    On the other hand, Michael Novogratz advised investors to own more gold than Bitcoin. Novogratz is also the one who predicted the possibility of BTC hitting the $20,000 by the end of 2020.

    ‘My sense is that Bitcoin way outperforms gold, but I would tell people to have a lot less Bitcoin than they have gold, just because of the volatility. Bitcoin is still hard to buy. If it was easier to buy, it would be a lot higher. And there are more and more people making it easier to buy: funds being set up, custodies being done, at one point we’ll get an ETF’,

    Novogratz said.

    He also stated that Bitcoin is still in the early adoption cycle which makes it difficult to obtain. But if more digital currency tools are introduced in the market, there is a big possibility for mass adoption to crypto.

    Amidst the COVID-19 outbreak, the value of gold broke its $1,800 threshold. It is also the highest recorded price since 2011. The spike in the value of gold is said to be the result of economic fear because of the pandemic.

    Mining Investment

    It was also reported that small companies who are planning to invest in mining equipment might totally result in a positive outcome. Even after the Bitcoin halving event, the miners are indicating an optimistic look for the crypto industry.

    ‘Mining is a business that is absolute in the key numbers, so it’s simply a question of assessing profitability on an ongoing basis. While difficulty and hash rate is variable and closely related, we can assume that both will increase over time. If the Bitcoin price rises significantly, we can also be quite confident that they will rise much faster’,

    Jason Deane said, an advisor and financial analyst.

    ‘It all comes down to cost and protecting position — if you can secure power that ensures your breakeven is very low, say $6,000 or less per Bitcoin, then you have good insurance against whatever comes next’,

    he added.

  • Top 3 Coins to Watch – Week 36

    Top 3 Coins to Watch – Week 36

    Summer has officially come to an end and Week 36 is already in full swing. This means that it is time for our already established weekly article on Top 3 coins to watch. Get ready because we think that an interesting week is ahead of us.

    1. Synthetix Network Token (SNX) 

    Synthetix is an upgraded version of the Havven protocol, which is a decentralised payment network and nUSD stablecoin issuer that aims to allow anyone to transact using a stable cryptocurrency. Synthetix on the other hand strives to offer much more. The SNX token will act as a collateral asset to back several synthetic assets, such as stablecoins pegged to the price of various fiat currencies, precious metals, and other cryptocurrencies.

    Buy/Sell SNX

    Pollux Upgrade Took Place on August 31 

    The Synthetix team deployed the Pollux upgrade on August 31 at 9pm UTC.  The upgrade features improvements to several features, such as the trading and volume incentive system, staking rewards contracts, and flexible contract storage. In addition, the upgrade includes an integration of the ChainLink’s oracle. During the mainnet upgrade users were unable to transfer SNX or Synths or access Mintr and Synthetix.Exchange. The process took several hours to complete. Just recently, the project announced successful upgrade roll-out on Twitter. You can read more about the features that the Pollux upgrade brought here. 

    2. Just (JST) 

    JUST is a decentralized lending platform that allows users to stake their Tron (TRX) tokens. Stakers are rewarded with the USDJ stablecoin for locking their TRX into the JUST’s CDP portal.

    Buy/Sell JST

    The project was launched by famous Chinese crypto entrepreneur Justin Sun, who is best known for his position as the founder and CEO of the TRON blockchain project. The 28-year old entrepreneur, who started out his crypto journey as an employee of Ripple, often faces criticism for his aggressive promotion of TRON on social media. Furthermore, Sun recently launched a DeFi meme coin named after himself ($SUN), which he proudly announced to his 2.1 million Twitter followers:

    Justin Sun Announces USDJ & JST Yield Farming

    According to Justin Sun, the USDJ and JST yield farming feature has gone live on August 31. The Tron network is apparently setting sail into the DeFi space as they also launched the JUSTswap platform, an alternative to the popular DeFi exchange Uniswap, on August 17. JUST now aims to enter DeFi lending, acting similarly to MakerDAO. The launch of yield farming will grant increased attention and trading activity to both the USDJ stablecoin and the JST token.

    3. Polkadot (DOT)

    Polkadot is a blockchain solution that allows multiple specialized blockchains called parachains to run at the same time and interoperate, granting economic and transactional scalability.

    Buy/Sell DOT

    Polkadot Surges to 5th Place by Market Capitalization

    The Polkadot’s cryptocurrency (DOT) underwent a redenomination process on August 21, 2020. The community voted in favour of changing the number of Plancks (Polkadot equivalent of Satoshis in BTC) that constitute one full DOT. Before the redenomination 1 DOT was made of 10^12 Planck, while now 10^10 Plancks make 1 DOT. It is also worth noting that the token only became transferable on August 18. Prior to that date the token was being offered as an IOU document. Naturally, the August 21 100:1 split caused quite some confusion on the market as some exchanges including the renowned Kraken and Binance immediately switched to the new denomination and slashed the price of the DOT to 1/100 of what it was before, while others who continued to offer DOT IOU were still selling it for around $300. Soon after DOT trading commenced at the starting price of $3, the coin doubled its price, launching the Polkadot project to the top 10 cryptocurrencies by market capitalization. The project currently ranks 5th, just after XRP and right before LINK, with its $5.5 billion market capitalization. The question arises, will DOT manage to cement its place among the top 5 cryptocurrencies? In any case, we believe that it is worth keeping an eye on this project.

  • Bitcoin, Ethereum & Ripple Price Analysis; Bearish Momentum Creeps Into Top 3 Ranked Coins – Is The Entire Market Declining Now?

    Bitcoin, Ethereum & Ripple Price Analysis; Bearish Momentum Creeps Into Top 3 Ranked Coins – Is The Entire Market Declining Now?

    Key Highlights

    • Bitcoin dropped by 5.57% this week as the coin reached $11,500.
    • Ethereum saw a 8.8% price decline this week as it reached $390 today.
    • XRP dropped by 9% over the past week as it reached the $0.28 level.

    BITCOIN PRICE ANALYSIS

    What has been going on?

    Taking a look at the daily chart above, we can see that Bitcoin had penetrated above a symmetrical triangle toward the end of July as it surged above the $9,200 level. The coin continued higher to reach the $11,800 level in August.

    As August progressed, we can see that Bitcoin was trading within a rising price channel. The coin continued to trade within this price channel as it reached the August high of $12,471 as it reached the resistance at a 1.414 Fib Extension level.

    From there, Bitcoin rolled over and started to head lower. It broke beneath the rising price channel at the end of last week but found support at a parallel trend line. Bitcoin traded above this trend line over the past 3-days but broke beneath here today as it crashed beneath the $11,600 support (.236 Fib Retracement) to reach $11,500.

    BTC price short term prediction: NEUTRAL

    The break beneath the rising trend line has turned Bitcoin into a neutral trading condition in the short term. The coin would now have to break above $12,000 to turn bullish again. A break beneath $11,000 is likely to turn Bitcoin bearish.

    If the sellers continue to drive Bitcoin beneath $11,500, the first level of support lies at $11,368 (downside 1.272 Fib Extension). This is followed by added support at $11,244 (downside 1.414 Fib Extension) and $11,080 (.382 Fib Retracement).

    If the sellers continue to drive Bitcoin beneath $11,000, support is then expected at $10,800, $10,645 (.5 Fib Retracement), $10,400, and $10,200 (.618 Fib Retracement & 100-days EMA).

    Where is the resistance toward the upside?

    On the other side, if the buyers regroup and push higher, the first level of resistance lies at $11,600. This is followed by resistance at $11,800, $12,000, $12,126 (1.272 Fib Extension), and $12,471 (1.414 Fib Extension).

    What are the technical indicators showing?

    The RSI has also dropped beneath the mid-line to indicate the sellers are in control of the market momentum. Luckily, the Stochastic RSI is oversold and is primed for a bullish crossover signal which should put an end to the downtrend.

    Buy/Sell BTC

    ETHEREUM PRICE ANALYSIS

    What has been going on?

    Looking at ETH/USD above, we can see that the coin surged to a 2-year high during mid-August 2020 as the coin reached $438 (August 2018 High). From there, Etheruem started to roll over as it headed lower over these past 2-weeks.

    The coin initial found support around $410 but eventually went on to push beneath here as it headed lower to reach $390. It bounced from this support yesterday to break above $400 but failed to pass $408. Ethereum has since headed back beneath $400 to trade at $391 again.

    ETH price short term prediction: BULLISH

    Etheruem still remains bullish at this time. The coin would have to break beneath $360 to turn neutral and further beneath $310 to turn bearish.

    If the sellers push lower, the first level of support lies at $390. This is followed by added support at $380, $361 (.382 Fib Retracement), $335 (.5 Fib Retracement), and $310 (.618 Fib Retracement).

    Where is the resistance toward the upside?

    On the other side, the first level of resistance lies at $400. This is followed by resistance at $420 and $438. Above $438, resistance can be expected at $460 (bearish .5 Fib Retracement) $474 (1.414 Fib Exnteison), $490, and $500.

    What are the technical indicators showing?

    Likewise, the RSI has dipped beneath the 50 line as the sellers take charge of the market momentum.

    Buy/Sell ETH

    RIPPLE PRICE ANALYSIS

    What has been going on?

    XRP had surged as high as $0.3177 during August 2020. It was unable to overcome this resistance after numerous attempts to break above it. This caused XRP to roll over and head lower over the past few days. However, we can see that strong support has been found at the $0.28 level.

    XRP price short term prediction: BULLISH

    XRP is bullish right now but the resistance at $0.317 will need to be broken fairly soon. The coin would need to fall beneath $0.27 to turn neutral and further beneath $0.24 to turn bearish.

    If the sellers do push lower, the first level of support is expected at $0.28. This is followed by added support at $0.27 (.382 Fib Retracement), $0.26, and $0.25 (.5 Fib Retracement). Beneath this, added support is then expected at $0.24 (100-day EMA), $0.23 (.618 Fib Retacement & 200-days EMA), and $0.218.

    Where is the resistance toward the upside?

    On the other side, if the buyers push higher, the first level of strong resistance lies at $0.3. This is followed by added resistance at $0.317 (bearish .886 Fib Retracement), $0.337, and $0.35.

    If the bulls can break $0.35, resistance then lies at $0.361, $0.367 (1.272 Fib Extension), and $0.378.

    What are the technical indicators showing?

    The RSI has also penetrated beneath the mid-line her which suggests that the bears are in charge of the market momentum. If the RSI continues to drop, the bearish pressure will increase and is likely to cause Ripple to drop beneath the current $0.28 support and head lower.

    Buy/Sell XRP
  • Top 3 Coins to Watch – Week 35

    Top 3 Coins to Watch – Week 35

    Looking away from the price performance of various cryptocurrencies we can say that Week 34 could hardly end on a better note, as the International Monetary Fund (IMF) tweeted an explanatory video on cryptocurrencies and called the distributed ledger technology (DLT) a “potential next step in the evolution of money”. Nevertheless, Week 35 is already in full swing and this means that we have prepared another selection of top three coins to watch. Here is this week’s list.

    1. Kava (KAVA)

    Developed by Kava Labs the Kava platform is one of the first cross-blockchain DeFi platforms. Users of the Kava app can collateralize their crypto assets in the platform’s multi collateral CDP system to earn rewards/interest. The Kava protocol utilizes the Tendermint consensus and the network currently has more than 100 validators. KAVA token is the platform’s native token with a total supply of 100,000,000 tokens. The two main use cases of the token include governance and staking/validation.

    Buy/Sell KAVA

    Kava 4 Gateway Testnet to Add Support for Binance USD and Bitcoin

    The launch of Kava 4 Gateway Testnet is approaching fast. The aforementioned testnet, which is scheduled to go live on August 27 at 14:00 UTC, will add the support for Binance USD (BUSD) and Bitcoin (BTC) along with several other improvements to the Binance-bridge. Should the testnet launch turn out to be successful, the Kava platform, which currently only supports Tether (USDT) and USD Coin (USDC), will soon be able to support a wider selection of digital assets.

    2. Perlin (PERL)

    Perlin ais a scalable DAG-based solution that lend a helping hand to the developers of decentralized applications (dApps) that require a significant amount of computing resources and disk space. The Perlin protocol can power any application with 31,000+ transactions per second, achieving block finality in 0-4 second at the same time.

    Buy/Sell PERL

    Perlin Will Upgrade its Smart Contracts and Conduct a Token Swap

    Perlin is set to upgrade its smart contracts on August 24. The upgraded version of Perlin will feature DAO functionalities, introduce an inflationary monetary policy and programmable incentives as well as increase the maximum amount of PERL decimal places from 9 to 18. To make the protocol more suitable for the needs of the rising DeFi sector, the developers will also remove the currently included pause function. As a result of the smart contract upgrade, PERL holders will have to swap their tokens for new PERL token through the PerlinX interface at a ratio of 1:1. Holders will be able to claim the new PERL tokens until November 30. PERL held on Binance account will be swapped automatically, the popular cryptocurrency exchange announced. If you are a PERL holder or you simply want to know more about the upgrade/token swap, click here.

    3. Tezos (XTZ)

    Launched in September 2018, following an initial coin offering that raised $232 million in 2017, Tezos is a cryptocurrency project that utilizes a proof-of-stake consensus model. The Tezos protocol has three main layers: the network layer, the transaction layer, and the consensus layer. Tezos also features an on-chain governance system allowing holders to take part in the decision-making process. What makes Tezos blockchain stand out among other similar blockchains is its ability to implement major upgrades without having to undergo a hard fork.

    Buy/Sell XTZ

    XTZ is Looking to Challenge the $4 Price Tag Again

    The inclusion of Tezos on this week’s list of top coins to watch is based more on the past price movement of XTZ, rather than news related to the protocol upgrades or anything similar. XTZ price has shown increased volatility over the last week. Despite dropping from over $4.10 at the start of the week to as low as $3.30 on August 22, the coin, which is trading for $3.75 at the time of writing (up by 7.8% in the past 24 hours), looks set to challenge the $4.00 price level again. Furthermore, the price of XTZ has spiked to highs just shy of $4.50 on August 12 and August 13. Can XTZ reclaim this position this week?

  • Bitcoin Price Analysis – Bitcoin Rolls Over Beneath $12,000 But Remains In Short Term Ascending Price Channel

    Bitcoin Price Analysis – Bitcoin Rolls Over Beneath $12,000 But Remains In Short Term Ascending Price Channel

    Key Highlights

    • Bitcoin dropped by a sharp 3% over the past 24 hours of trading as the coin drops beneath $12,000 to reach $11,835.
    • Despite the recent price drop, the downside is limited to the lower boundary of the current ascending price channel.
    • Interestingly, flood warnings in China caused the Bitcoin Hashrate to drop yesterday.

    Bitcoin fell by a sharp 3% over the past 24 hours of trading as the coin rolled over from $12,400 to break beneath $12,000 as it reaches $11,800. Prior to this, Bitcoin had jumped above the resistance at $12,000 to reach as high as $12,471 (1.414 Fib Extension level). This resistance is further bolstered by the upper boundary of a short term rising price channel.

    It was unable to overcome this resistance, which led to Bitcoin rolling over and falling today.

    Interestingly, the Bitcoin hash rate dropped by around 10-15 exahashes over the past 24 hours;

    The hash rate is provided by the miners who provide computational resources to unlock Bitcoin blocks, facilitate Bitcoin transactions, and release new BTC into circulation. The hash rate offers security to the Bitcoin network, and any substantial fall in the hash rate is likely to cause widespread panic in the Bitcoin community.

    From the chart above, we can see that the EH/s level dropped from 140.7 EH/s to beneath 108 EH/s – quite a significant drop. As it turns out, this is primarily due to the problem of mining centralization in China. Reports have estimated that over two-thirds of the entire Bitcoin mining power comes from China – concentrated in rural areas where the electricity is exceptionally cheap.

    The cost of mining is substantial, and the costs can be reduced if electricity prices are lower. This is why we see a large proportion of the mining for Bitcoin in China. Although this has been an issue since the early days of Bitcoin, it has never really caused a problem as Chinese miners conduct their operations for profit, making them extremely reliable. 

    However, the recent drop in hash rate is mostly a result of mining centralization in China. Yesterday, there was a weather warning due to heavy rain, which caused power stations in rural areas to cut off their power to avoid the risk of flooding. This caused the EH/s to drop aggressively – resulting in Bitcoin rolling over and falling beneath $12,000.

    Despite the recent price drop, the market still remains in a bullish trading channel.

    Quickly taking a look at the order books, we can see that there is quite some buy support leading to $11,700. However, on the same token, there is strong resistance to overcome before we reach $12,000.

    Buy/Sell BTC

    Bitcoin Price Analysis

    BTC/USD – 1 DAY CHART – MEDIUM TERM

    What has been going on?

    Taking a look at the daily chart above, we can see that Bitcoin had rolled over from the resistance at the upper boundary of the price channel on Monday. Yesterday, the coin dropped lower from this level as it broke beneath $12,000, and the price fall continued today as it reached support at the lower boundary of the channel.

    Let us take a look at the 4HR chart for a clearer perspective of what is going on;

    BTC/USD – 4HR CHART – SHORT TERM

    What has been going on?

    Looking at the 4-hour chart above, we can see how Bitcoin failed to overcome the resistance at the upper boundary of the channel – which is the 1.414 Fib Extension resistance. It rolled over to drop beneath $12,000 and reached the support at the .236 Fib Retracement at $11,600. 

    The buyers are defending this level aggressively to keep the market within the trading channel.


    You may notice that there is another parallel line beneath the trading channel. This is a duplicate of the same slope at a lower level. You can see that Bitcoin has spiked into this duplicate slope several times during August 2020. If we break beneath the lower boundary, then this duplicate should act as the final boundary of support. If this second slope is broken, Bitcoin is likely to head back beneath $11,000.

    Bitcoin price short-term prediction: BULLISH

    Bitcoin still remains bullish if we stay in the confines of this price channel. A drop beneath the duplicate boundary would cause BTC to turn neutral, and a further collapse beneath $10,645 would put Bitcoin in danger of becoming bearish again.

    If the sellers do push lower, the original lower boundary of the price channel should provide the first level of support. This is followed by added support at $11,613 (.236 Fib Retracement) and then the duplicated slope.

    If we break beneath this duplicated slope, support lies at $11,400, $11,080 (.382 Fib Retracement), and $11,000.

    Beneath $11,000, support is then found at $10,645 (.5 Fib Retracement), $10,400, and $10,200 (.618 Fib Retracement).

    Where Is The Resistance Toward The Upside?

    On the other side, if the bulls can regroup and push BTC back above $12,000, resistance lies at $12,126 (1.272 Fib Extension), $12,352, and $12,471 (1.414 Fib Extension & upper boundary of the channel).

    If the bulls can push above the upper boundary of the price channel, resistance lies at $12,600, $12,841 (1.272 Fib Extension), and $13,000.  

    What Are The Technical Indicators Showing?

    The RSI has dropped well beneath the 50-line on the 4HR chart to indicate that the sellers are in charge of the market momentum. Luckily, the 4HR Stochastic RSI is in oversold conditions and is primed for a bullish crossover signal, which should send the market higher.

    Bitcoin forecast.

    Not much has changed since the forecast from yesterday. Remember the two options I provided?;

    Well, it seems that we are following the slower price increase in the channel. So long as we can remain in this price channel, we do not have too much to worry about in the short term. A break beneath $11,000, on the other hand, would be quite disastrous for Bitcoin in the short term.

    Buy/Sell BTC
  • Top 3 Coins to Watch – Week 34

    Top 3 Coins to Watch – Week 34

    It’s already Week 34 of 2020 and we are back with another selection of top 3 cryptocurrency projects that have the greatest potential for major product improvements and/or price movements. This week, the world’s first crypto tops our list again.

    coins-to-watch-week-34-bitcoin

    1. Bitcoin (BTC)

    Although we believe that Bitcoin doesn’t need much introduction, here is a quick summary of important information. The world’s pioneer cryptocurrency was launched by a pseudonymous figure named Satoshi Nakamoto in 2009 and has a capped supply of 21 million coins. The decreasing miner block rewards makes the cryptocurrency scarcer with time, ensuring a deflationary nature.

    Buy/Sell BTC

    Several reasons to Why You Should Keep an Eye on Bitcoin this Week

    Bitcoin has challenged the $12,000 resistance level three times in a month. A few times the price even went past $12,000, at least on some exchanges, but the price increase was short-lived, and Bitcoin always quickly returned to sub $12,000 levels. On August 17, however, Bitcoin surged above $12,000 with greater confidence, indicating a higher likelihood that the price will stay in this range for a longer period. Furthermore, the price of Bitcoin has et a new high in more than a year by surpassing its valuation from July 10, 2019.

    Nevertheless, Bitcoin dominance is lower that what we are used to. In fact, the growing popularity of altcoins, especially those from the DeFi sector has pushed BTC dominance under 60%. With BTC dominance currently at 58.3%, Bitcoin’s market share has reached the lowest percentage since June 2019. However, if (or should we say when), the altcoin season comes to an end, investors will likely flee to stablecoins (USDT) and Bitcoin. Even in case of an overall bearish market, Bitcoin would probably lose some of its USD denominated value, but it would strengthen its position among other cryptocurrency and again increase its dominance. Some analysts believe that such a readjustment might even be a necessary step before Bitcoin can reach towards a new ATH price.

    Another argument indicating that the bullish trend might continue over the course of a few more weeks is the correlation with traditional markets. While Bitcoin’s price has been largely independent prior to March 2020, it has since been showing a higher correlation with the S&P 500 index, gold and stock markets in general. And the stock market is not cooling off just yet, in fact many indexes are nearing their ATHs, likely due to trillions of USD being pumped into the system by governments all over the world.

    Furthermore, Bitcoin is getting recognized as a great hedge against inflation by individual investors as well as several big players in the financial industry.

    According to TradingView, Bitcoin and Tesla’s Stock (TSLA) are two of the most viewed assets by the US investors and cryptocurrencies are especially popular in the West Coast states of California, Washington, and Oregon. A similar insight was shared by Binance CEO Changpeng Zhao, who tweeted:

    Naturally, investors are not only viewing the assets, but many of them who are taking an interest into Bitcoin are also investing. Grayscale, the biggest cryptocurrency asset manager, has recently aired a TV commercial advertising its cryptocurrency products. The 30-second  TV ad reportedly resulted in more than $217 million poured into Grayscale’s Crypto Trusts.

    Even the very vocal Bitcoin critic and a well-known investor Warren Buffet appears to have shifted his investment strategy. After years of downplaying the value of gold, Bitcoin and other stores of value, while boasting about the banks’ future prospects at the same time, he has gone completely against his investment mindset in Q2, as his Berkshire Hathaway has sold pretty much all of its bank stocks and increased its exposure to gold.

    Given the trillions that have been printed as a result of the COVID-19 pandemic, his analysts must have figured out the obvious – that the inflation is inevitable. Then someone from his team likely suggested that gold is a great inflation hedge asset to put in your portfolio, so that is what Buffett did, despite it being completely against his values. Anthony Pompliano  wrote:

    “In fact, the most technologically innovative business that Berkshire is invested in (Apple) has been their best performer — shocker! When your portfolio is being crushed this bad, it forces people to re-evaluate their strongest held beliefs.”

    But guess which other asset is a hedge against inflation? Yep, you guessed it – Bitcoin! Just ask Paul Tudor Jones, Pompliano noted:

    “Warren Buffett and Berkshire Hathaway have chosen to gain exposure to gold in the face of potential inflation and Paul Tudor Jones chose to get exposure to Bitcoin because it is likely to be the “fastest horse.” So what exactly is the difference between gold investors and Bitcoin holders?”

    Last but not least, business intelligence company MicroStrategy has recently announced that it had invested $250 million into Bitcoin as a hedge considering the current macroeconomic landscape. The firm cited financial stimulus programs and quantitative easing as some of the factors that led to its big bet on BTC.

    coins-to-watch-week-34-tron

    2. Tron (TRX)

    TRON is a project that aims to develop a free content entertainment platform that would utilize the blockchain and distributed storage technology. TRON users are able to easily publish, store, and own data, while subscription and content distribution is handled by the decentralized system.

    Buy/Sell TRX

    TRON to Launch JustSwap DEX This Week

    This week, the Tron Foundation is set to strengthen its push into DeFi waters with the launch of its JustSwap DEX on August 18. JustSwap will feature TRC20 token trading while also allowing users to earn trading fees and mining rewards. Additionally, TRX holders will be able to take out USDJ loans using their TRX tokens as a collateral. The roll-out of the JustSwap DEX is a very important event for the TRON network that could have significant effects on its ecosystem.

    coins-to-watch-week-34-swipe

    3. Swipe (SXP)

    Swipe is a crypto debit card issuer that allows its users to easily spent their cryptocurrencies for everyday purchases. The Swipe Token is the project’s utility token.

    Buy/Sell SXP

    Multiple Airdrops Scheduled for This Week

    SXP holders will be able to benefit from a Swipe Governance Token (SGV) airdrop that is scheduled for this week. The Swipe’s team will distribute 1 SGV for every 100 SXP owned on August 17, 00:00 UTC.

    The airdrops go both ways, though. Following an acquisition by Binance, the company is also going be airdropping $16,000,000 worth of SXP Tokens to holders of the exchange’s native BNB token. The tokens will be delivered on a weekly basis with the first batch of 4,000,000 SXP going out to BNB holders who keep their tokens on Binance already on August 17. Binance describes the details of the airdrop program here. Additionally, Swipe has recently conducted its 2nd quarterly token burn, which saw 215,817 SXP tokens ($396,120) destroyed.

  • Top 3 Coins to Watch – Week 33

    Top 3 Coins to Watch – Week 33

    Several cryptocurrency projects are set to meet their developmental milestones this week, thereby looking to increase the usability, security, adoption and, finally, valuation of their respective tokens. With the hype over Ethereum 2.0 cooling off a bit, this week’s selection of top 3 coins to watch focuses on trading and data oracle associated tokens.

    1. ChainLink (LINK)

    ChainLink is a distributed ledger technology (DLT) company focusing on providing input and output data for smart contracts, as they cannot connect to real world data on their own. ChainLink provides a reliable and end-to-end secured connection to external data by establishing its own price oracles and data oracles. Oracles are the data that is fed into a smart contract from a source outside the contract and they are crucial for contract’s operation.

    Buy/Sell LINK

    LINK Skyrockets After Being Called a “Pump-and-Dump” Scheme

    Despite the fact that Zeus Capital called ChainLink a fraud, saying it is the “Wirecard of Crypto” in July, LINK has managed to defy the general downtrend, that has prevailed in the crypto markets over the weekend.

    Even more, ChainLink is currently trading at $13.6, with the price up by 6.3% in the past 24 hours. The 7-day price growth of almost 60% is even more astonishing. In addition, LINK set its new all-time high of $14.25 on August 9. If LINK will be able sustain this growth, the cryptocurrency will overtake Bitcoin Cash and become the 5th largest crypto by the end of this month. Some say that the LINK price rally was triggered by the project’s supporters in response to the accusations made by Zeus Capital.

    2. Switcheo (SWTH)

    Switcheo Network is a decentralized exchange (DEX) platform, which aims to provide a top-notch trading experience, while remaining trustless and completely decentralized at the same time. The DEX that supports the trading of Ethereum, NEO, and EOS-based digital assets is currently entrusted by roughly 43,000 traders.

    Buy/Sell SWTH

    The Launch of Switcheo TradeHub Will Bring SWTH Staking

    Switcheo Network is preparing to roll-out SWTH staking in its TradeHub feature, that is scheduled to go live on August 12. The rewards system, which is set to incentivise early staking, will allow holders who join a staking pool or delegate their SWTH to a validator node in Week 0 to benefit from the 1.92% weekly reward. You can read more about the SWTH staking process and the reward system here.

    3. Digitex Futures (DGTX)

    Digitex Futures Exchange is the world’s first high-liquidity zero-fee futures trading platform. The exchange allows users to buy and sell futures contracts on various digital assets, commodities and financial instruments using the native DGTX token. The potential profits or loses of the trades are also accounted in DGTX, which is where the token’s value derives from.

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    Digitex’s Next Update Will Allow the Use of Automated Trading Algorithms

    While not a lot of time has passed since Digitex’s public launch earlier this year, the team is already looking to deploy additional improvements to their platform. In a upgrade, scheduled for this week, Digitex plans to integrate their new trading API that will allow users to trade using automatic trading algorithms, more commonly referred as “trading bots”. In addition, the futured exchange plans to launch the ETH/USD futures market this month and expand their products to traditional futures such as oil, gold, and the S&P 500 futures later in Q3. The project’s roadmap for the rest of 2020 is outlined here.

  • Bitcoin Price Analysis – Bitcoin Bulls Reawaken After Short Retracement. Will We Break $12,000 Next?

    Bitcoin Price Analysis – Bitcoin Bulls Reawaken After Short Retracement. Will We Break $12,000 Next?

    Key Highlights

    • Bitcoin saw a further 3.88% price increase today as the coin reached $11,575.
    • The cryptocurrency has been bullish ever since it managed to break above its previous consolidation phase in July 2020.
    • The buyers have defended $11,000 over the weekend and set sights for $12,000.

    Bitcoin saw another 3.88% price increase today as the coin managed to reach $11,575. Bitcoin has been surging ever since it broke above the symmetrical triangle in July 2020. Prior to this, it had been in a phase of consolidation for around 2-months as it failed to break above or below the triangle.

    After breaking above, BTC went on a rampage higher to close the month at a price of $11,358.

    The bullish push higher continued in August as BTC reached a high of $12,126 (1.272 Fib Extension) at the start of the month. The volatility on this day also caused BTC to spike as low as $10,500, however, the bulls quickly grouped up and pushed BTC back above $11,000 and defended the level.

    BTC Pushed higher from $11,000 today as it trades at $11,518 right now.
    The demand for Bitcoin is extremely apparent right now, especially when we consider the fact that the number of new entities within the market which reached the highest level since late-2017. Remember, this was the bull run in which Bitcoin reached its all-time highs;

    This is exciting for Bitcoin as it could be setting up for another explosive bullish run higher toward $13,000 and beyond.

    In other news, it appears that Putin, the president of Russia, has signed the first crypto bill law for “On digital Assets” to make cryptocurrency officially legal in Russia. This law will make all crypto trading legal in Russia but it will not allow crypto to be used as a payment method. The law is expected to come into force on the 1st of January 2020.

    This is great news for Bitcoin as it should help to bring in further investors. The Bitcoin transaction activity has also increased during the lockdown in Russia as the nation becomes the largest market for LocalBitcoins.com.

    Taking a look at the Bitcoin search trend, we can see that there is a spike in BTC searches that almost match the hype generated from the previous BTC block halving event;

    This shows that the recent price increase for Bitcoin has brought it back into the forefront of people’s minds as they search to find out what has been occurring with Bitcoin. As the price for Bitcoin continues to increase, we can expect these search trends to continue further as more people start to hope they can cash in on the epic Bitcoin price increases. The best thing about this is the fact that these searches will spill into the altcoin world as some users might feel they have already missed the BTC increase.

    Lastly, the cryptocurrency mobile payment app Cash App recently released its quarterly revenues. In Q2 2020, Cash App recorded its largest quarterly growth as the company turned over $1.92 billion in revenue;

    What is interesting to note is that half of this revenue is actually generated from the company’s Bitcoin trading service in which it generated $875 million of Bitcoin revenue in which $17 million were profit.

    The release of this quarterly statement has caused Square Shares (SQ) to increase by around $20 each.

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    Bitcoin Coin Price Analysis

    BTC/USD – 1 DAY CHART – MEDIUM TERM

    What has been going on?

    Taking a look at the daily chart above for Bitcoin, we can clearly see the breakout of the symmetrical triangle in July. After breaking above, Bitcoin went on to rampage higher as it reached as high as $12,126 in August when it ran into the resistance at a 1.272 Fibonacci Extension level.

    Bitcoin dropped into the support at $11,000 during the first few days of August but the bulls managed to defend the area very well. Bitcoin rebounded from this support today as it reached $11,518.

    Bitcoin price short-term prediction: BULLISH

    After breaking above the consolidation last month, Bitcoin is most certainly bullish in the short term. The coin would have to drop beneath $10,000 to turn neutral and further beneath $8,250 to be in danger of turning bearish in the short term.

    If the sellers do push lower, the first level of support lies at $11,358 (.236 Fib Retracement). Beneath this, support lies at $11,000, $10,877 (.382 Fib Retracement), $10,488 (.4 Fib Retracement), and $10,000.

    Where Is The Resistance Toward The Upside?

    On the other side, if the buyers continue to push BTC higher, the first level of resistance is expected at $11,610. This is then followed by added resistance at $12,000.

    If the bulls continue to push further above $12,000, resistance is then expected at $12,126 (1.272 Fib Extension), $12,400, and $12,471 (1.618 Fib Extension). This is then followed with resistance at $12,606, $12,800, and $13,000.

    If the bulls can drive BTC above $13,000, resistance is then found at $13,332, $12,475, $12,600, and $14,000.

    What Are The Technical Indicators Showing?

    The RSI dropped from overbought conditions earlier in the week. However, it still remains above the 50 line to indicate that the bulls are still in complete control of the market momentum right now. Additionally, the Stochastic RSI produced a bearish crossover signal a few days ago which resulted in Bitcoin falling into $11,000.

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  • Bitcoin Remains on the Same Spot as it Tests Resistance Level Again

    Bitcoin Remains on the Same Spot as it Tests Resistance Level Again

    Key Highlights:

    • Bitcoin still trying to propel through $10,000
    • A clear candlestick above $245 could signal a rally for Ethereum
    • Low-cap altcoins have stolen the spotlight

    Bitcoin has continued to move rapidly without a clear upward or downward movement with the price not yet showing clear signs of stability. The height of the stagnation of the leading digital asset was seen after it stood at $9,000 most of the time. On that same day, Bitcoin was selling at around $9,250 in the morning, and a little while later, its price witnessed a decline to trade at $9,100. Towards the end of the day, the most valuable digital asset saw a major bull run that recovered the losses it suffered earlier.

    Bitcoin sees a slight decline to close up the day.

    Thankfully, the buying pressure that was much needed was felt as the coin registered a 0.13% profit to cap off the day. Removing the fact that Bitcoin has witnessed a massive price deduction as the year progressed, it is still currently showing no signs of abating as it has been trading in the downward level. As a result of the pattern around it, if the crypto suffers a decline, it records a quick surge and goes directly back to make a downward trend. 

    For months now, Bitcoin has failed several times to break above the resistance level, which it tried again recently. If enough buyers troop into the Bitcoin market, it would page way for the king crypto to successfully break into the $10,000 mark. If the coin falls yet again to break above the resistance mark, then it would witness another price decline that could push it back. If it fails to break the news resistance level set at $9,300, it could further make a decline to move to around $8,600. 

    Ethereum witness decline as altcoins witness surge

    Bitcoin is not the only asset going through times as Ethereum is also going through a little spasm of low volatility. Like the way Bitcoin witnessed a small decline at the beginning of the market day on July 14, Ethereum also witnessed a 1.09% decline to begin the day as it hurried from $239 to $237. A massive buy of the second-largest digital asset saw it record a quick surge to gain around 2.11% to trade at $242. To finish the day, Ethereum quickly underwent a rapid price correction to close the day at $240.

    Talking from a technical perspective, the price action that has been seen in recent days has forced a squeeze of the Bollinger bands. If past events are anything to go by, squeezes mean that there is a present stagnation in the market, and following this would be a massive break out. As it stands now, the price movement of Ethereum is currently unknown, but the lower and upper trade zone is a no go area. The obstacles are currently around the $245 and the $247 mark, respectively, and it is only the candlestick that would show the direction of the price movement.

    Top 3 Coins to Watch this Week >

    Smaller altcoins are the kings of the show as they have posted rapid upward price movements over the weekend. With Bitcoin and Ethereum currently showing relatively slow progress, altcoins have been gaining massive profits since the beginning of the month. Although investors are currently enjoying the profit from the altcoins, a long term price movement has gotten them extremely worried. Experts have said that if investors are patient, Bitcoin and Ethereum will enjoy in the long run.