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  • Ethereum Has Approached New All-Time Highs

    Ethereum Has Approached New All-Time Highs

    Key highlights:

    • Bitcoin is trading sideways, as the market is currently in a period of consolidation
    • Ethereum has approached new all-time highs in terms of price
    • According to Google Trends, the »Ethereum« search term recently recorded a new all-time high

    Bitcoin consolidates, but there’s still reasons to be optimistic

    Bulls and bears are still duking it out in the Bitcoin market, as the world’s largest cryptocurrency seems to be in a period of consolidation. However, Ethereum has been performing much better recently, outdoing Bitcoin on both the 7-day and 30-day time frames.

    An analyst from JPMorgan recently stated that if BTC fails to stay above $40,000, some investors could pack their bags and move their capital to other assets. The opinion seems to be somewhat split among analysts, as others present a more bullish outlook.

    Yves Renno, the head of trading at the popular cryptocurrency platform Wirex said that the consolidation in Bitcoin could be a positive sign. Renno stated that the recent correction is an opportunity for large investors to buy BTC, highlighting the increasing number of Bitcoin whales and a relatively low miner supply as some of the key reasons why Bitcoin is still in a positive trend. Renno predicts more volatility in the upcoming months, but in the end, he thinks Bitcoin is bullish in the mid-term.

    Ethereum has been displaying strong price action

    Ethereum’s strong performance has been helped due to its fundamentals, including the ongoing transition to Ethereum 2.0 and the upcoming Ethereum futures contracts that will be launching on the CME in February. Ethereum is also the foundation for the DeFi ecosystem, which is one of the most innovative areas in crypto today.

    Many cryptocurrencies are still far from the all-time highs that were reached in the previous bull-run of 2017, but Ethereum is an exception here. People are more interested in Ethereum than ever right now, as evidenced by Google Trends data for the »Ethereum« seartch term.

    As the biggest altcoin on the market, Ethereum’s strong performance could be a signal that a new »alt season« is around the corner. In the cryptocurrency markets an »alt season« is a period in which smaller cryptocurrencies display massive gains, outperforming Bitcoin by a significant margin.

    Polkadot is the most serious competitor to Ethereum at the moment, and its performance has been excellent as of late – the coin even flipped XRP in terms of market cap.

  • 19th January: BTC/USD Sent Down to 36,430 after Trying an Upturn to 38,000, ETH/USD Takes Ride to 1,425

    19th January: BTC/USD Sent Down to 36,430 after Trying an Upturn to 38,000, ETH/USD Takes Ride to 1,425

    Konstantin Anissimov, Executive Director at CEX.IO

    BTC/USD

    BTC/USD opened at 36,799, according to the exchange rate at CEX.IO, and was trading in a downward fashion from 02:00 to 06:00 UTC. The pair bounced to 37,280 between 06:00 and 08:00 UTC and was mainly trending sideways until 16:00 UTC. Between 16:00 and 17:00 UTC, BTC/USD attempted an upswing from 37,351 to 38,000 but was stopped midways and driven close to the open of the hourly candlestick at its close.

    As a result, a shooting star formed on the hourly timeframe and created downward momentum for BTC/USD the next few hours. A medium fall took place between 17:00 and 20:00 UTC, taking the trading pair down to the 50-period simple moving averages both on the hourly and 4-hour timeframes.

    The whole picture on the 4-hour timeframe shows a narrowing of the symmetrical triangle. According to the classic wave trading theory, a new motive trend way – bullish in this case – should follow, but considering the huge and amazingly fast price growth that ended just on 10th January, a more sizeable correction than what we have as of 19th January would be a very logical continuation. 

    Presently, the BTC/USD price is very close to the lower boundary, which may act as support for some more time. But I would recommend waiting for the price exit from this triangle in order to have a more clear understanding of what is to follow in the near term.

    ETH/USD

    ETH/USD opened the trading session of 19th January at 1,258.6, according to the exchange rate at CEX.IO, and took a sharp surge to 1,325 and the 4.236 Fibonacci retracement level at 1,324.7 between 01:00 and 02:00 UTC. The pair then spent five hours until 07:00 UTC above and below the level and attempted the second big surge of the day to 1,425.

    The second upswing happened in two phases. First, the hourly candlestick took ETH/USD from 1,325 to 1,375.2 between 07:00 and 08:00 UTC. Then the trading pair rose from 1,380 to 1,430 between 11:00 and 12:00 UTC. The whole progress was almost completely nullified during the nest hour, which started an ascending triangle going at a rather sharp angle until 18:00 UTC, with a local resistance lying at around 1,420.

    The exit from the triangle happened at the start of the 18th hourly candlestick. The price went sharply down, leading to a growing selling momentum. In one hour, the pair eventually slipped to 1,368.1. In the hour between 19:00 and 20:00 UTC, the pair made and up-and-down swing, finishing slightly below the open with considerable upper and lower wicks. A slight bounce between 20:00 and 21:00 UTC took the pair to 1,386.3.

    Such massive bullish price action of ETH/USD against a backdrop of overall flat price action in BTC/USD may be a sign of Ethereum’s growing independence in market terms. The coming technological evolution of Ethereum called Serenity may be the key factor that is attracting more long-term interest to Ether as a financial asset. 

    Another explanation of this sudden growth could be a delayed demand for Ethereum as it was growing very modestly amid Bitcoin wild growth in November – December 2020. What we are seeing now, may be an attempt to close this gap.

    As for the near-term market expectations for ETH/USD, it will be reasonable to expect some selling stimulus around 1,420 and buying stimulus at 1,325. In the current situation, trading ETH/USD should be done with caution as there is yet no clear understanding of how fundamental the reasons behind Ethereum’s sudden growth are. And it is still highly advisable for Ethereum traders to still keep an eye on BTC/USD as it is going to continue to affect the ETH/USD cross rate.

  • Top 3 Coins to Watch – Week 3

    Top 3 Coins to Watch – Week 3

    Judging by the first two weeks we cannot say that the cryptocurrency market has cooled off yet. Yes, Bitcoin does seem to have entered a period of mostly sideways trading with relatively high volatility, but other projects are pulling the space forward now. Just recently, Ethereum stepped into the limelight of the community’s attention by setting its new ATH price. But besides Ethereum, which is definitely worth keeping an eye on, there are many other cryptocurrency projects, that are looking to benefit from significant updates and the increased attention that comes with these upgrades. This week’s selection features three such projects.

    1. Curve (CRV)

    Curve is a protocol and a platform focused on providing a simple and easy-to-use way to swap certain Ethereum-based assets. The Curve DAO Token is the platform’s native token as well as its governance token. In addition, users providing liquidity to CurveFinance receive their rewards payed out in CRV.

    Buy/Sell CRV

    CRV is one of the Most profitable Cryptos of the past 7 days

    Ever since the beginning of the year the price of DeFi cryptocurrencies has been growing alongside the general cryptocurrency market. However, the Curve DAO Token (CRV) has been largely left out of this rally, at least until the end of the previous week, when the CRV rally started gaining momentum. The token’s price is up by more than 130% in the past seven days with a largest surge of over 50% seen on January 17. This makes CRV the best performing crypto in the past seven days in the top 100 by market capitalization. The late wake up is largely attributed to the fact that Curve recently added several new trading pairs, such as the ETH/stETH, and ETH/Aave’s interest-bearing assets, and established a collaboration with Yearn.finance that will allow any user to deploy trading pools for more esoteric and long-tail assets. Last but not least, CRV’s surge resembles the fact what yield farmers are earning more on Curve now. The fact that already $2.15 billion worth of capital is locked in Curve indirectly supports this statement. The token has been trading sideways in the past day, but it will be definitely interesting to further observe the price action following such a massive surge.

    Hedera Hashgraph (HBAR)

    Hedera Hashgraph aims to develop the world’s first mass-adopted public distributed ledger that will be able to support a vast array of applications. Using their hashgraph technology, users will be able to easily develop globally decentralized applications using and deploy them on the blockchain.

    Buy/Sell HBAR

    Hedera Hashgraph Testnet V0.11.0 Release Scheduled for January 21   

    As recently announced by the Hedera team, the testnet upgrade to version v0.11.0 is scheduled to take place on January 21 at 18:00 UTC. The new version will feature updated versions (v5) of all file formats for record streams, record stream signatures, event streams, and event stream signatures. All interested community members, but especially HBAR holders, should follow the testnet upgrade status here and are advised to read through the upgrade release notes, when they become available.

    TomoChain (TOMO)

    TomoChain is an Ethereum codebase-based blockchain that supports all EVM-compatible smart-contracts, protocols, as well as atomic cross-chain token transfers. TomoChain utilizes a Proof of Stake Voting (POSV) consensus with 150 Masternode that grant very low fees and instant transactions while maintaining security at the same time. In the future, the team aims to introduce sharding, EVM parallelization, and generation of private chains.

    Buy/Sell TOMO

    Zorro Upgrade Release Estimated for January 22

    The TomoChain team has announced that their Zorro mainnet upgrade is scheduled to take place at block number 30,915,660, which is estimated to be proposed sometime on January 22. For a more accurate estimation you should refer to the official countdown. The upgrade will bring improvements to the Ethereum Virtual Machine (EVM) and Solidity functionality, as well as the integration of TomoP mainnet code and an adjustment to the cancellation fees on TomoX based DEXs. The developers urge all TomoChain nodes and masternodes to upgrade their software to v2.3.0 by January 22. More information about the Zorro upgrade can be found in the project’s official blog post.

  • How Cryptocurrencies will boost the overall sportsbook scene

    How Cryptocurrencies will boost the overall sportsbook scene

    It only seems like yesterday that casinos and also sports betting sites started accepting cryptocurrencies from their players. The new payment method is not offered by many casinos, but it would be a lie for us to see that new betting sites are not emerging daily. The good news is that we have seen ample new Bitcoin betting sites setting up shop online, and also offering a good vast selection of crypto currencies being offered.  Apart from this, many online betting and sports sites also lure players and shower them with rewards and promotions if they deposit and use Bitcoins as their main payment method when playing at the said site. 

    If we look back to the history of cryptocurrencies, it definitely did not have a good start. When someone used to mention the term cryptocurrencies, our mind would definitely delve away to illegal sites, the black market and even the dark net. This has all changed with the introduction of sports betting sites that started accepting wagers in cryptocurrencies. These sites started to be referred to as Bitcoin betting sites, where you the player can sign up, choose cryptocurrencies as your main payment methods, wager in and play. If there was a stigma before tied to cryptocurrencies , you can thank both online casinos and sports betting sites for actually and really breaking this stigma. 

    Of course, cryptocurrencies also had a bad reputation at times in the gambling scene. Some Bitcoin betting sites used advanced blockchain technologies to start accepting wagers from places that gambling was still deemed as illegal.  If we lookback, we smile and think that we now live in a day and age where you will raise an eyebrow if cryptocurrencies are not accepted by major betting sites that include both casinos

    Fact: Sportsbook operators prefer it when you deposit with cryptocurrencies

    Did you know that all Bitcon betting sites prefer it when you deposit and play using Bitcoin.  Wondered why? Let us tell you just why. It is a known fact that fees and deposits done via this payment method are not enforced much by regulators. When it comes to you having e-wallets, we all know the frustrations that they pose, the hidden charges to receive and get you money and if you secure a win, a % of that win is taken away by the payment provider. This is not the deal when it comes to cryptocurrencies, and many casinos and sports betting sites have taken full advantage of such measures and laws. When you use an e-wallet at Bitcoin betting sites, you will surely have experienced delays also, something that does not exist in the crypto world. Apart from this privacy plays a massive role, as some e-wallets would also for verification, statements and even a video call to verify you. This is not the norm for Bitcoin betting sites. 

    Banking institutions do not have a way or means to regulate crypto transactions, and hence there is no actual enforcement. This fact allows Bitcoin betting sites to freely give you a better return on your deposits. This is how campaigns are formed and how such payment methods can award you better. In the meantime, we all know that some of the most prominent sports betting sites do not accept specific e-wallets, this all stems from inconsistent processes, customer feedback and also high fees that need to be paid. 

    With the introduction of cryptocurrencies, the gambling world took a new shape, a way that made gambling more attractive to many players worldwide. It was a new world also for many gambling sites as they morphed into becoming Bitcoin betting sites. There are also some sites that only accept Bitcoins and other cryptocurrencies nowadays, would you believe that?

    The Gambling Commission and beyond

    We all know that if you hold an MGA or a UKGC license, you would need to declare your annual turnover, and of course you would need to pay a % of the amount you make. The good news is, that if you have cryptocurrency as your main payment provider, you are not regulated by the UKGC. Possibly this is the reason that many Bitci[oin betting sites will give you a better bonus if you deposit using digital currencies. This is the future of online gambling and sports betting, but how long will it be until gambling license institutions will start implementing restrictions and also fees on using such payment methods?

    If the world of sports and online casinos continues to flourish the way it is, we will have more Bitcoin casinos and sites soon. Will this be a grey area?  Actually no, and funnily enough you will also find other sites that accept Bitcoins as their main currency. Is this the future of sports and online gambling?

  • How Do You Defend Against Inflation? Bitcoin or Gold?

    How Do You Defend Against Inflation? Bitcoin or Gold?

    Key highlights:

    • The global pandemic has produced a tailwind for the Bitcoin market
    • Investors are flocking to safe havens like Bitcoin and gold due to quantitative easing policies

    COVID-19 shocked the world in 2020, and governments responded to the pandemic by printing more money. Governments around the world have already deployed stimulus packages, and additional measures are on the way. Now, many experts are worried about the consequences of the quantitative easing policy in the post-pandemic world. 

    The situation has forced many investors to seek safe-havens to protect against the potential devaluation of currencies. Bitcoin and gold are two safe havens for investors. The investors want to protect themselves against future debasement, expecting a weakened position for the US dollar and  other fiat currencies. 

    Bitcoin as a store of value

    The pandemic resulted in a macroeconomic context that turned out to be ideal for BTC, and the world’s largest cryptocurrency has attracted the attention of many investors. Many institutional investors are joining Bitcoin, and they have understood the potential of BTC as a store of value. 

    Paul Tudor Jones expressed a bullish stance on BTC after the halving, and he was one of the early institutional investors who paved the way for other institutional players to enter the market as well. Now, we even see publicly-traded companies like MicroStrategy in the area. 

    The market infrastructure of Bitcoin has improved a lot in the recent two years, and the asset itself has many attractive qualities – BTC is decentralized and distributed, and the network cannot be influenced by any single entity. BTC has capped supply, which will ensure that it remains scarce. The demand for BTC has been growing for the past decade, but the maximum supply of Bitcoin is fixed – this presents a bullish scenario for the cryptocurrency.

    Bitcoin has some challenges on the way, though. Regulatory challenges are likely the most important factor. In this area, the United States is highly influential and their decisions are being closely monitored by cryptocurrency investors across the globe.

    BTC adoption in 2020 was massive, and Bitcoin now seems to be in a prime position for price appreciation. Institutional investors have started joining the space, and retail investors will join the caravan soon. 

    Gold is another haven for the investors

    Gold is another safe haven, and it is much less risky than Bitcoin – it has a 5,000+ year track record, while Bitcoin has only been around for a decade.

    Gold has proved itself as a store of value in the past. Currency debasement is an essential risk, and many investors choose gold to hedge against that possibility. Future depreciation of fiat currencies and interest rates are two crucial factors that drive the price of gold.

    However, investors that are willing to take more risks for the chance of bigger upside are increasingly looking to Bitcoin as a viable alternative to the precious metal.

  • ECB President Christine Lagarde Says Bitcoin Needs Regulation

    ECB President Christine Lagarde Says Bitcoin Needs Regulation

    Key highlights:

    • Christine Lagarde, the head of the European Central Bank, thinks Bitcoin is very speculative and needs regulation
    • Lagarde believes the crypto rules should be global, and the public should accept them
    • On the other hand, some politicians like Brian Brooks they favor blockchain technology

    Christine Lagarde comments on Bitcoin and central bank digital currency

    ECB President Christine Lagarde recently said that she considers BTC as a speculative asset that needs to be regulated globally. In her opinion, a lot of »funny business« has been facilitated through Bitcoin, and the asset has also been used to launder money. Lagarde called for a global approach to regulating Bitcoin, something that would be very difficult to achieve. 

    Lagarde has expressed her views about CBDCs (central bank digital currencies). She explained the digital euro at a conference and declared that they are considering public feedback about the issue.

    She pointed out that there has been significant interest from the public in response to the ECB’s consultation  regarding the digital euro. Many participants have answered their questions about the digital euro and what it should ideally look like. 

    According to Lagarde, they want to be careful about the topic, and they want to make the correct decision. Lagarde didn`t provide a timeline for launching digital euro, but said the process will likely be time-consuming. The ECB is taking a careful approach in order to ensure that the digital euro will be safe to use.

    Lagarde expects the digital euro to be made available in approximately five years, if the ECB decides to pursue the project. Even if and when the digital euro becomes a reality, it will not replace cash – bank notes will still be accepted, Lagarde explained.

    Not all official are crypto skeptics

    Not all government officials and politicians have adopted a negative stance towards Bitcoin and cryptocurrency – one of the prime examples of this is Brian Brooks, the former head of the U.S. Office of the Comptroller of the Currency. Under his leadership, the OCC has made several statements highlighting the importance of blockchain technology and its transformative potential in the financial sector.

  • Celebrities Are Promoting Cryptocurrencies Again as Lindsay Lohan Talks Bitcoin and Ethereum in Paid Video

    Celebrities Are Promoting Cryptocurrencies Again as Lindsay Lohan Talks Bitcoin and Ethereum in Paid Video

    Key highlights:

    • Bitcoin has reached new peaks, and it attracted crypto enthusiasts alongside new supporters.
    • Actress Lindsay Lohan published a paid video promoting Bitcoin and Ethereum

    As it makes new all-time highs, Bitcoin is now in the focus of the public’s attention once again. Astronomical price predictions are popping up left and right and even some celebrities are now publicly talking about cryptocurrency.

    Lindsay Lohan has made a video recently and uploaded it on Cameo, a site where users can pay celebrities to record videos. In the video, Lohan said that Bitcoin and Ethereum could increase to $100,000 and $10,000, respectively. These kinds of celebrity promotions are similar to what we saw in 2017, where many celebrities promoted ICOs.

    Many celebrities supported ICOs in 2017

    Many crypto enthusiasts remember 2017. It was an adventurous year, and it seemed like every entrepreneur on the planet was coming out with a new ICO (initial coin offering). It was difficult to distinguish between legitimate projects and those who were just after a quick cash grab at the expense of their investors. In order to attract more investors, many projects paid celebrities to promote their projects. 

    Floyd Mayweather and DJ Khaled are two celebrities that promoted the Centra ICO in 2017. Later, SEC accused Centra of fraud and faking partnerships with larger companies. Many investors lost their money in these projects, and now the investors are pursuing the mentioned celebrities via a lawsuit. 

    Lionel Messi was another superstar that promoted SRN, a project that raised capital for a particular Blockchain smartphone. Luis Suarez was another soccer player who announced a project named Stox. The project raised $33.3 million money in its ICO. Other celebrities like Ashton Kutcher and others supported different projects in 2017, and it seems that we see a similar event in 2021. 

    Bitcoin is now trading above the peak of 2017

    Bitcoin reached a new all-time high last week, and after that, it returned to around 35k. Bitcoin price is higher than the peak of 2017 right now. Ethereum, the biggest Altcoin, climbed above $1,000, a price level that was untouched since February 2018. 

    After reaching last week’s peak, BTC’s market cap increased to $700 billion, making Bitcoin more valuable than many major companies including Facebook. The main difference between the bull runs of 2017 and 2020 is that the previous bull-run was primarily driven by retail investors, while there’s a much greater number of institutional investors in the market now. 

    The published video shows that retail investors are returning to space. Retail investors, alongside institutional investors, could produce a colossal bull run that eclipses previous cryptocurrency market rallies. 

    The increased demand from retail investors is already being felt by cryptocurrency exchanges. Coinbase, one of the biggest crypto exchanges around the globe, experienced technical issues last week as its platform couldn’t keep up with the massive flood of users who were trying to trade cryptocurrency. 

  • 12th January: BTC/USD Rebounds to 36,000 and Turns Back Down, ETH/USD Repeats Bitcoin’s Graphic Pattern

    12th January: BTC/USD Rebounds to 36,000 and Turns Back Down, ETH/USD Repeats Bitcoin’s Graphic Pattern

    BTC/USD

    BTC/USD began the trading on 12th January at 35,468, according to the exchange rate at CEX.IO. In the first two hours, the pair edged down to 34,000. Then, starting from 03:00 UTC BTC/USD began an ascendency, which at 08:00 UTC took the pair to the 50-period simple moving average at around 35,600. The attainment of the moving average was a signal for a renewal of bearish price action, which was quickly confirmed: moving down consistently, the pair reached 32.501 in between 14:00 and 15:00 UTC.

    But the downside move was not final, the pair took a rebound to above 35,000, but its further progress was denied by 20-period and 50-period SMAs interlacing at 35,000 at around 18:00 UTC. Later in the evening, BTC/USD continued downward from under 35,000.

    The day’s picture shows a slightly reducing volatility. The rebound to the 50-period SMA on the 4-hour timeframe and the subsequent price drop, with the picture repeating on the hourly timeframe later in the day, is a clear indication that the correction is going to be continued in the medium term.

    The closest target for BTC/USD is the 2.618 Fibonacci retracement level at 31,000. Since that level has already been reached on 11 January, it will most likely not stand a second time. However, besides the 2.618 Fibonacci retracement level, the pair will also have to break the 20-day SMA on its way to lower domains. Further down the road, the 50-day SMA will be the next major target.

    ETH/USD

    Starting 12th January at 1,087, ETH/USD slipped to 1,040 in between 00:00 – 02:00 UTC. A recovery followed between 03:00 and 07:00 UTC, taking ETH/USD to the region around 1,140. Faced with the 50-period simple moving average on the 4-hour timeframe, the pair continued down, starting from 08:00 UTC, to 1,020, briefly falling below 1,010, according to the exchange rate at CEX.IO.

    From 14:00 to 18:00 UTC, the pair was on an upward course, rising to 1,120 at the top of the upswing and slightly above the 50-period SMA on the hourly timeframe. At 18:00 UTC, the pair began trending down, falling to 1,060 between 19:00 and 20:00 UTC.

    The 50-period SMA has been crossed down by the 20-period one on the 4-hour timeframe, which is a good signal for continued downward dynamics.  However, overall Ethereum looks less bearish than Bitcoin in January 2021, which is probably due to the catching up with Bitcoin’s upside progress generated in December 2020.

    Still, the downside course presently remains the likeliest in the medium term, the closest target being the 2.618 Fibonacci retracement level at 906.4. And we will most likely see it tested until the end of the week of 11th January.

  • Ripple CEO Brad Garlinghouse Comments on Recent SEC Lawsuit

    Ripple CEO Brad Garlinghouse Comments on Recent SEC Lawsuit

    Key highlights:

    • The SEC announced a lawsuit against Ripple in December last year, accusing the company of selling unregistered securities
    • The value of the XRP cryptocurrency plummeted in response to the news
    • Ripple CEO Brad Garlinghouse recently responded to the most common questions surrounding the lawsuit

    Ripple CEO comments on the SEC’s lawsuit

    Ripple CEO Brad Garlinghouse recently discussed the SEC’s lawsuit against Ripple and also talked about the possibility of the company settling with the SEC. Ripple’s general counsel Stuart Alderoty also commented on the issue, and the two pointed to some critical problems regarding the SEC’s allegations that Ripple’s sales of XRP are an unregistered securities offering. 

    Garlinghouse and Alderoty say that Ripple is actively working to defend itself against the allegations put forth in the lawsuit, and plans to provide a detailed response in the coming weeks.  Ripple is planning to break the silence and clarify the allegations around the company. 

    Garlinghouse touched on five critical questions on his Twitter, including the potential for a settlement and the allegations that Ripple paid businesses entities to utilize XRP. According to Garlinghouse, it’s normal for a payments network like Ripple to pay incentives to its customers, citing Mastercard and Visa as examples. 

    The Ripple CEO didn’t say anything about Ripple’s attempts in persuading platforms to list XRP, but he said that XRP is decentralized, and they have no control over which venues list or delist the asset. He also explained the recent issue involving investment company Tetragon. Tetragon invested in Ripple’s 2019 Series C and now wants Ripple to redeem its shares following the SEC lawsuit. Garlinghouse says that Tetragon only owns around 1.5% of Ripple, and that he is disappointed Tetragon is trying to take advantage of the SEC’s lawsuit against the company. 

    Before we can learn more about the case between Ripple and the SEC, we should wait until February. The two parties will discuss the case in a pre-trial conference on February 22. Ripple and the SEC may be able to find a solution regarding the issue that appeases both parties. Meanwhile, holders of the XRP cryptocurrency saw the value of their holdings plummet after the SEC announced legal action against Ripple.