Bitcoin (BTC) was busy losing its overnight gains on Sept. 27 as resistance continued to prove too much for bulls. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalyst on Bitcoin: “Right now, we’re stuck”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to around $1,000 below overnight highs of $44,400 on Bitstamp Monday. 

The move constitutes a rejection at a “critical” zone to break, Cointelegraph contributor Michaël van de Poppe explained, with $42,000 now the key level to hold for a higher low.

Bitcoin, he summarized in his latest YouTube update, was acting in an increasingly narrow range.

“Right now, we’re stuck,” he said, pointing to $47,000 coming should the $44,600 zone be reclaimed.

On the downside, the zone between $38,000 and $40,000 remained valid for a bounce, while the complete failure of the range as support would then send BTC/USD towards its 2021 opening price around $28,000.

“If $42,000 is lost, I think we’re going to have into the lows here and take the liquidity beneath the low before we’re going to have an actual reversal at this stage,” Van de Poppe concluded about short-term price action.

As Cointelegraph reported, volatility was broadly anticipated thanks to the imminent vote on the United States government’s infrastructure bill, which could come as soon as Monday.

Combined with residual fears over China’s latest “ban” on crypto transactions, the bad news narratives continued to hold major sway into the new week.

Altseason expected to follow Bitcoin Q4 surge

Altcoins mimicked Bitcoin’s lack of general direction on the day, with most of the top ten cryptocurrencies flat over the past 24 hours.

Related: China fear is now infrastructure bill fear — 5 things to watch in Bitcoin this week

Only Solana (SOL) managed to put in a convincing move, up 6.5% at $145 at the time of writing.

Despite being uninspiring throughout September, altcoins are nonetheless due for a major resurgence,  popular trader Pentoshi forecast.

This, he said, should take a similar form in Q4 2021 to the same time last year, part of a general expectation for Bitcoin to shoot higher before the year is out.

“Few understand. Q4 last year alts were at [all-time lows] vs BTC,” he reasoned.

“The day it hit that bottom line which I posted months in advance is the day the market topped. Soon bitcoin will break out temporarily turning alts to dust which in turn will lead to new ath’s + bring new participants.”

Altcoin performance scenario. Source: Pentoshi/ Twitter

While September is tipped to end on an average note for the markets, October should bring about the start of the Bitcoin renaissance first, with a “worst case scenario” closing price of $63,000.




Cointelegraph By William Suberg

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Amid the ongoing legal battle between Ripple and United States’ securities regulators, a former U.S. Treasurer and Ripple board member has voiced support for XRP.

Former Treasurer Rosa Rios, who joined Ripple’s board of directors in May 2021, took to Twitter on Sunday to reiterate her confidence in XRP while criticizing other cryptocurrencies such as Bitcoin (BTC).

Rios argued that jurisdictions like China are now cracking down on Bitcoin, as cryptocurrencies like BTC allegedly provide nothing more than a tool for speculation. Tagging Bitcoin, Ripple and its payment ecosystem, RippleNet, the former U.S. official wrote:

“XRP’s primary purpose is facilitating cross border payments while other cryptos find their value in speculation. China’s latest move brings this point home.”

Rios served as the U.S. Treasurer from 2009 to 2016 under President Barack Obama, overseeing all currency and coin production activities with an annual budget of $5 billion.

“Blockchain and crypto will underpin our future global financial systems,” Rios declared on joining Ripple’s board, adding that the firm is “one of best examples of how to use cryptocurrency in a substantive and legitimate role to facilitate payments globally.”

Rios also expressed concerns over cryptocurrencies being a tool for criminal actors. “There’s still a lot of work to be done in terms of really knowing what’s behind the curtain, how blockchain really works, how unfortunately cryptos are used to fund the dark web and other illicit activities,” she said.

Related: Ripple is helping Bhutan pilot a CBDC

Released in 2012, Ripple is a distributed open-source protocol and remittance system created by U.S. company Ripple Labs. The company provides a number of cross-border payment solutions alongside being involved in central bank digital currency projects.

Earlier this year, Ripple co-founder Chris Larsen argued that Bitcoin would lose its leadership as the world’s most valued cryptocurrency if it doesn’t move away from its proof-of-work consensus mechanism.




Cointelegraph By Helen Partz

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The uncertainties sparked by China’s blanket ban on crypto trading have taken a downturn as homegrown crypto exchanges such as Houbi take proactive measures to protect and return existing investments residing on the mainland. 

Speaking to Cointelegraph in this regard, Du Jun, co-founder of Huobi Group, said that the crypto exchange wants to ensure the safety of the users’ assets as part of its social responsibility:

“Customers will be able to transfer their assets to other exchanges or wallets over the next few months. Specific measures and operating rules will be outlined in future announcements.”

Citing a possibility of a communication gap with Chinese investors amidst the ban, the crypto exchange is also working on other ways to protect customer assets until the users can move them to offshore exchanges or wallets.

Chinese investors amounted to more than 30% in terms of trading volumes prior to the crypto ban, but as Jun suggests, Huobi has seen increased adoption in the Southeast Asian and European markets. However, the exchange expects that “any short-term impact on Huobi revenues will be mitigated as our global business continues to grow.”

While observing the ban on crypto trades and mining as imposed by the People’s Bank of China and other Chinese regulatory authorities, Jun plans to double down on Huobi’s compliance efforts and continue to build compliant operations on a global scale.

Crypto exchanges in mainland China, including Huobi, began stopping new customer registrations soon after a new crypto ban became effective on Sept. 24. Huobi later announced that all Chinese accounts from the mainland will be closed down by 24:00 UTC+8 on Dec. 31, 2021. 

Related: Crypto has recovered from China’s FUD over a dozen times in the last 12 years

Historically, China has been responsible for the lion’s share of Bitcoin (BTC) mining. Given the lack of support from the ruling government, Chinese miners have continued to move off-shore into crypto-friendly jurisdictions.

According to a recent Cointelegraph report, the latest ban marks the Chinese regulators’ 19th attempt to curb Bitcoin and cryptocurrencies in the past 12 years. While the decision to ban crypto trades in China caused a few unwary investors to momentarily panic sell, Bitcoin price continues to show bullish signals given the proactive support from crypto exchanges and users across the globe.


Cointelegraph By Arijit Sarkar

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Bitcoin (BTC) is at the start of another week with China’s latest “ban” behind it — but its next “FUD” story is already brewing.

The United States’ infrastructure bill is back on the table, with this week likely to see a definitive vote on what could shake up cryptocurrency businesses.

At the same time, fundamentals and on-chain metrics alike continue to be more bullish than ever, and traders are betting on — at worst — a moderate price dip to a floor no lower than $36,000.

What are the odds? Cointelegraph takes a look at five things that could move the markets in the coming week.

D-Day for infrastructure bill

The macro narrative switches from China to the United States this week as lawmakers decide the fate of the so-called “infrastructure bill.”

H.R.3684, fresh from Senate approval, should see a final vote on Monday — despite rumors that it may yet be delayed.

The bill includes a contentious description of a “broker,” one which could have far-reaching implications for U.S. crypto businesses. Efforts are still underway to change its language, with figures such as Wyoming senator Cynthia Lummis and advocate Caitlin Long leading the way.

The current text describes a broker as “any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”

In total as of Sept. 27, the bill has received 539 amendments.

While potentially a thorn in the side of the local crypto industry, H.R.3684 arguably matters little to seasoned Bitcoin hodlers.

Nonetheless, on the back of the latest China “ban” debacle, market sentiment is sensitive to “FUD” stories from any quarter.

“Bitcoin is bipartisan. Digital assets are apolitical,” Senator Lummis summarized on Twitter ahead of voting day.

“Green week” expected across crypto markets

It’s a familiar tale for BTC spot price action this Monday as BTC/USD returns to $44,400.

That heralds the start of a resistance level, which ultimately sparked rejection last week after the pair briefly passed $45,000.

So far, this attempt to break out has not been much different with $44,000 failing to hold at the time of publishing.

Nonetheless, compared to forecasts of a return to the mid-$30,000 range coming as late as Sunday, the latest progress is refreshing.

“I’m expecting a green week for Bitcoin,” Cointelegraph contributor Michaël van de Poppe summarized late Sunday.

 BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

The weekly close, a source of contention in recent days, didn’t disappoint, coming in at $43,144 — above the minimum cut-off points that some traders highlighted.

Trader and analyst Rekt Capital had demanded a $43,600 closing price, something which failed to materialize on time but came hours later.

“BTC continues to be sandwiched by the Pi Cycle 111-day MA support and this immediate red resistance area,” he added in further comments.

“This price compression is indeed forming a clear market structure here, perhaps an early-stage Ascending Triangle.”

BTC/USD scenario. Source: Rekt Capital/ TwitterLightning Network tops fundamental growth

It’s all smiles for Bitcoin network fundamentals for yet another week running as estimates call for a sixth consecutive difficulty increase.

Following last week’s fifth increase in a row — a rare feat in itself — data suggests that in eight days’ time, Bitcoin will seal a further upward difficulty readjustment. That would be its first six straight increases since mid-2019’s seven.

It’s not just difficulty — the hash rate is now at around 145 exahashes per second (EH/s) and just 23 EH/s away from all-time highs.

The stats are testament to the conviction of miners, as well as to the extent of their comeback since China’s mass exodus just four months ago.

On the consumer side, the story is no less impressive. The Lightning Network, fresh from its El Salvador adoption success story, is nearing 3,000 BTC capacity. Since the start of 2021, that capacity has nearly trebled.

“Public Lightning Network capacity just broke 2,900 BTC. Over 400 BTC has been added in the last 10 days,” investor Kevin Rooke commented alongside an accompanying chart.

“Find me a better looking chart, I’ll wait…”

Bitcoin Lightning Network capacity vs. BTC/USD chart. Source: LookIntoBitcoin

Lightning constitutes a so-called “Layer 2” protocol, settling BTC transactions off-chain instantly and for next to zero cost.

Last week, Twitter became the first major partner of payment gateway Strike to implement Lightning Network tipping.

Feeling the fear?

Crypto market investors en masse have cold feet — and sentiment indicator the Crypto Fear & Greed Index shows just how nervous they are.

Late last week, the Index, which takes a basket of factors to determine sentiment, dipped to its lowest levels since mid-July — before BTC/USD began its run to $53,000.

This time, however, it is $40,000, not $30,000, which is the price focus in play. 

As of Monday, the Index is slightly higher at 27/100 — still firmly within the “fear” zone.

Crypto Fear & Greed Index chart. Source: Alternative.me

In institutional circles, negative funding rates meanwhile serve to provide cautious optimism about the potential for sustained upside.

As analysts often note, just when everyone is leaning bearish provides an ideal moment to long BTC and trip up the majority of speculators.

“Never gonna give you up…”

Those words, and other excerpts from English singer Rick Astley’s 1987 song of the same name, have become a meme for Bitcoiners.

Related: Top 5 cryptocurrencies to watch this week: BTC, AVAX, ALGO, XTZ, EGLD

They describe the mindset — and investment habits — of hodlers who never sell their BTC, no matter the circumstances.

Hodling through any storm is a galvanizing force among long-time market participants, but right now, the “Rick Astley” investor may even be pointing the way to new all-time highs.

Bitcoin “Rick Astley” investment phases vs. BTC/USD chart. Source: Willy Woo/ Twitter

As noted by analyst Willy Woo, those Rick Astleys have hodled long and hard, and historically, the good times are now set to roll.

“Bitcoin has entered the Never Gonna Give You Up phase of the Astley Cycle,” he argued alongside an amusing chart comparing Rick Astley buying habits to BTC price action.

The effects may yet come sooner than many imagine. Against a sudden $2,000 uptick on Sunday, Van de Poppe called time to “party” across Bitcoin and altcoins.

More broadly, strong hands have taken control of an increasing segment of the BTC supply, Cointelegraph reported, with this figure reaching its highest since October 2020 this month.




Cointelegraph By William Suberg

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Cryptocurrency brokerage firm Genesis Global Capital has announced the completion of a first-of-a-kind trade that will pave the way for new institutional crypto futures products.

Genesis has executed the first-ever over-the-counter (OTC) block trade of a Basis Trade at Index Close (BTIC) transaction using Bitcoin futures contracts issued b Chicago Mercantile Exchange (CME). The trade was made in collaboration with derivatives market maker Akuna Capital according to a Sept. 26 announcement.

This is the first time a BTIC has been used for cryptocurrencies as it is more commonly used in equities markets. This form of trading allows investors to buy and sell futures contracts with prices based on the end-of-day close of the index.

CME Group Global Head of Equity Index and Alternative Investment Products, Tim McCourt, said that the product was the next step in offering greater exposure to CME’s Bitcoin derivatives and Ethereum futures, with the Ether contracts having launched in February. He elaborated on the advantages of this new trading vehicle, explaining:

“BTIC enables market participants to more efficiently trade the basis while providing a regulated marketplace for real-time price discovery and enhanced trading precision for institutional participants who want to optimize holdings between the futures and spot markets.”

Genesis provides liquidity to CME Group for its BTC and ETH futures and options products.

Related: Big investors pivoting from Bitcoin to Ether futures: JPMorgan

In May, the CME launched micro Bitcoin futures which are contracts worth 0.1 BTC. The offering was designed to allow institutional traders to hedge their risks to crypto assets.

By the end of June, the product had surpassed a million traded contracts suggesting that there is a high demand for smaller positions in crypto among institutional investors still testing the waters. This latest product is another example of diversifying the options for well-heeled investors to gain exposure to crypto markets.


Cointelegraph By Martin Young

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China has attempted to stifle the crypto sector’s growth on several occasions in the past 12 years but barring a minor blip, the blanket bans on crypto-commerce have not altered the long-term growth of cryptocurrencies. This shows that no one country, even if it is the second-largest economy in the world, can halt the emergence and growth of cryptocurrencies.

Deutsche Bank analyst Marion Laboure said in an update on the bank’s website that Bitcoin (BTC) is likely to “remain ultra-volatile in the foreseeable future” as most people buy it either for investment or for speculation rather than using it as a medium of exchange.

However, Laboure believes that Bitcoin could become “the 21st century’s digital gold” and the trend could continue for centuries with no major control by the government.

Crypto market data daily view. Source: Coin360

At Morningstar’s yearly investment conference, Dennis Lynch, the head of asset management at Counterpoint, likened Bitcoin to the South Park cartoon character Kenny. Lynch said: “I like to say that bitcoin’s kind of like Kenny from South Park — he dies every episode, and is back again.”

As the effect of the China FUD diminishes, let’s study the charts of the top-5 cryptocurrencies that may remain strong in the short term.

BTC/USDT

Bitcoin has once again bounced off the 100-day simple moving average ($41,002), suggesting that bulls are attempting to defend this level aggressively. The bulls will now try to push the price above the 20-day exponential moving average ($45,178).

BTC/USDT daily chart. Source: TradingView

The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone suggest that bears have the upper hand. If the price turns down from the 20-day EMA, the possibility of a break below the 100-day SMA will increase.

Such a move will complete the bearish head and shoulders pattern, which has a target objective at $32,423.05.

The bulls will have to push and sustain the price above the overhead resistance at $48,843 to open the doors for a possible rally to $52,920. A break and close above this level could signal the resumption of the uptrend.

BTC/USDT 4-hour chart. Source: TradingView

The BTC/USDT pair is witnessing a tough tussle between the bulls and the bears near the neckline. The bulls have pushed the price above the 20-EMA and will next try to clear the overhead hurdle at $45,200.

If they can pull it off, the pair could climb to $49,000. Conversely, if the price turns down from the current level, the bears will try to pull the price below the critical support zone at $41,000 to $39,600. A violation of this zone may indicate the start of a downtrend.

AVAX/USDT

Avalanche (AVAX) is trading inside an ascending channel pattern. The long tail on today’s candlestick suggests that bulls are aggressively buying on dips to the 20-day EMA ($61).

AVAX/USDT daily chart. Source: TradingView

The rising moving averages and the RSI in the positive zone indicate advantage to buyers. The AVAX/USDT pair could now try to retest the all-time high at $79.80. This is an important level to watch out for because a break above it could signal the resumption of the uptrend.

The pair could then rally to the resistance line of the channel and the bullish momentum may pick up if this hurdle is crossed.

Conversely, if the price turns down from the current level or the overhead resistance and breaks below $60.04, it will suggest the start of a deeper correction to the 50-day SMA ($45).

AVAX/USDT 4-hour chart. Source: TradingView

The pair has bounced off the 100-SMA and the bulls are attempting to sustain the price above the 20-EMA. If they manage to do that, the pair could start its northward march to $79.80 where the bears may again mount a stiff resistance.

On the downside, the critical level to watch is the support line of the channel. A break and close below this support will be the first indication that the bulls may be losing their grip. If the price slips below $60.04, the decline could extend to $55.

ALGO/USDT

Algorand (ALGO) is trading below the 20-day EMA ($1.77) but the long tail on today’s candlestick suggests that bulls are attempting to defend the support at $1.51.

ALGO/USDT daily chart. Source: TradingView

If bulls drive and sustain the price above the downtrend line, it will suggest that the short-term correction could be over. The ALGO/USDT pair could then rise to $2.15 and then to $2.55.

Alternatively, if the price turns down from $1.84, the pair could again drop to $1.51. If the bulls defend this support, the pair may remain range-bound between $1.84 and $1.51 for a few days.

A break and close below $1.51 will signal a possible change in trend. The pair could then slide to the next support at $1.15.

ALGO/USDT 4-hour chart. Source: TradingView

The pair is trying to rebound off the strong support at $1.51 but the recovery may hit a barrier at the moving averages and then again at the downtrend line.

If the price turns down from the overhead resistance, it will indicate that sentiment remains negative and traders are selling on relief rallies. That will increase the likelihood of a break below $1.51.

This negative view will be negated if the price rises and sustains above the downtrend line. The bulls will then make one more attempt to resume the up-move.

Related: Derivatives data suggests Solana has reached a short-term top

XTZ/USDT

Tezos (XTZ) rebounded sharply from the breakout level at $4.47 on Sept.22, indicating aggressive buying on dips. The bulls pushed the price back above the 20-day EMA ($6.10) on Sept. 23 and have held the level since then.

XTZ/USDT daily chart. Source: TradingView

The moving averages are sloping up and the RSI is in the positive territory, suggesting that bulls have the upper hand. The buyers are likely to challenge the overhead resistance zone at $8.03 to $8.42.

A breakout and close above this zone will signal the start of the next leg of the uptrend. The pair could then rally to the psychological mark at $10.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance and breaks below the 20-day EMA, the pair could drop to $4.47.

XTZ/USDT 4-hour chart. Source: TradingView

The pair is attempting to rebound off the 20-EMA, indicating that sentiment has turned positive and traders are buying on dips. The bulls will now try to push the price to the overhead resistance at $7.50.

If this level is scaled, the pair may rally to $8.03 where the bears are likely to mount a stiff resistance. If bulls do not give up much ground from this resistance, the possibility of a break above it will increase.

This bullish view will invalidate if the price turns down and breaks below the moving averages. Such a move could result in a drop to $5.50 and then $4.47.

EGLD/USDT

Elrond (EGLD) bounced off the 50-day SMA ($181) but could not clear the overhead hurdle at $245.80. This suggests that bulls are buying on dips while bears are selling on rallies.

EGLD/USDT daily chart. Source: TradingView

The 20-day EMA ($220) has flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand.

The buyers are attempting to sustain the EGLD/USDT pair above the 20-day EMA. If they manage to do that, the bulls will again try to push the pair above $245.80. If they manage to do that, the pair could rally to $303.03.

On the contrary, if bears pull the price down from the current level, a retest of the 50-day SMA is possible. A break and close below this support could open the doors for a further decline to the 100-day SMA ($132).

EGLD/USDT 4-hour chart. Source: TradingView

The pair has bounced off the uptrend line, which suggests that traders are buying on dips. The bulls will now try to propel and sustain the price above the downtrend line. If they succeed, the pair may resume its up-move and rally to $277.88 and then to $303.03.

Contrary to this assumption, if the price turns down from the downtrend line, the bears will try to gain an advantage by pulling the price below the uptrend line. Such a move could clear the path for a deeper correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.


Cointelegraph By Rakesh Upadhyay

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Bitcoin (BTC) sealed another $40,000 retest on Sept. 26 as the battle for the weekly close raged on.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC “unlikely” to linger below $40,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $40,800 overnight, following an earlier unsuccessful attempt by sellers to flip $40,000 back to resistance.

With stubborn conditions keeping BTC price action in a narrow range, attention on Sunday focused on where the longer-term bottom might be. Analysts also stayed conspicuously bullish on what might come afterwards.

In a series of tweets reflecting on the broader state of Bitcoin, popular trader Pentoshi eyed $37,000 as a potential floor.

“This looks healthy on the HTF’s and is likely forming a base over the previous HH on the way to ATH’s and potentially a HL here at the Summer PoB,” popular Twitter trader Pentoshi commented in a series of tweets reflecting on the broader state of Bitcoin.

“While I believe $BTC can briefly trade as low as 37k it is unlikely to be there long.”

Pentoshi noted significant buyer bids in place in the area between $36,000 and $40,000. These, as Cointelegraph also reported, are rare in terms of size. 

“We can see bids have been stacked on exchanges at those levels with the intent to fill, but the sheer size of them is something I’ve never seen before across most exchanges,” he wrote.

“The bottom is closer than you think, and the top is likely a number you can’t comprehend at this time.”

BTC/USD buy/ sell levels (Binance) as of Sept. 26. Source: Material IndicatorsHuobi to “retire” all Chinese users

Elsewhere, concerns over China proved equally difficult to shift from sentiment.

Related: Crypto has recovered from China’s FUD over a dozen times in the last 12 years

Exchange Huobi saw 10,000 BTC inflows as it prepared to halt its Chinese operations, these nonetheless small in comparison to those witnessed even last month.

Huobi BTC balance chart. Source: Bybt

“To comply with local laws and regulations, Huobi Global has ceased account registration for new users in Mainland China, effective September 24, 2021 (UTC+8),” an announcement from the exchange released Sunday reads.

“Huobi Global will gradually retire existing Mainland China user accounts by 24:00 (UTC+8) on Dec 31, 2021, and ensure the safety of users’ assets.”

As Cointelegraph reported, despite the wide media coverage, nothing has changed in China’s cryptocurrency stance, with its crypto ban in place and essentially unchanged since September 2017.




Cointelegraph By William Suberg

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Salvadoran President Nayib Bukele claims that 2.1 million of his fellow citizens are using the government-backed Chivo cryptocurrency wallet, offering a glimpse into the apparent success of the country’s Bitcoin (BTC) gambit. 

The controversial president updated his 2.9 million Twitter followers Saturday afternoon, claiming that Chivo “now has more users than any bank in El Salvador” after just three weeks in operation. Bukele indicated that it’s only a matter of time before Chivo adoption eclipses all banks in El Salvador combined.

The state-issued Chivo wallet launched in early September as El Salvador officially recognized Bitcoin as legal tender — a landmark move that could offer an important case study for other countries in the region. Chivo enables individuals and businesses to send and receive payments in Bitcoin or dollars from anywhere in the world. The wallet is available on both Android and Apple devices. As Cointelegraph reported, Mexican cryptocurrency exchange Bitso has signed on as the core service provider for Chivo.

Related: El Salvador’s credit rating could take a hit amid Bitcoin adoption, warns S&P Global

Bukele’s latest update suggests that the Bitcoin Law is being received favorably across the country, even as hundreds of anti-government protestors took the streets to voice their opposition. On Sept. 15, those protests culminated in the burning down of a crypto kiosk in the nation’s capital city.

To be sure, mass adoption of Chivo is due in part to the government airdropping $30 worth of BTC to every Salvadoran account holder. According to a recent survey from São Paulo-based agency Sherlock Communications, slightly more than half of Salvadorans have no familiarity with Bitcoin.

In the meantime, Bukele’s government has been filling its coffers with BTC following a series of volatile price swings for the digital asset. El Salvador “bought the dip” on at least two recent price drops — Sept. 7 and Sept. 20 — bringing its total holdings to 700 BTC.




Cointelegraph By Sam Bourgi

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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This WeekCrypto markets soar after Fed commits to printing and Evergrande plans to pay its debt

The crypto markets were showing signs of recovery during the week as the U.S. Federal Reserve committed to carrying on its spending habits, while Chinese real estate giant Evergrande was able to strike deals with bondholders to avoid default on its hefty loan obligations. 

Evergrande’s potential default on $305 billion worth of debt has essentially been a ticking time bomb that has loomed over the global financial market, with some asserting that this is China’s Lehman Brothers moment. However, the firm is safe for the immediate term, and the news coincided with an 11.3% bump in Bitcoin’s (BTC) price on Tuesday.

The spike in price also followed comments from Fed Chairman Jerome Powell, who explained that the central bank plans to continue its ridiculous level of monthly bond purchases for the foreseeable future. Both reports suggest that FUD related to Evergrande and the Fed’s spending habits can now be shelved for a later date.

 

Old FUD, new BTC price dip — Weeks-old China crypto ‘ban’ sparks $42K Bitcoin price drop

Speaking of FUD, the crypto market recovery appears to be short-lived as old news regarding China was suddenly picked up on social media, sparking an instant price crash across the crypto market.

At the time of writing, Bitcoin is down 2.7%, Ether (ETH) is down 6.4%, and FUD is up 100%. This knee-jerk reaction was the result of a memo from the People’s Bank of China, or PBOC, that criminalized practically all crypto activity except possession.

Chinese-language commentators noted, however, that the PBOC released the updated guidance on Sept. 15 but posted it online on Friday. 

It seems odd that the market has responded to China banning crypto again, as it’s not like the local government has done anything to foster excitement about digital assets in the country of late. At this stage, they might as well get it over with and ban possession too.

 

Biden to nominate anti-crypto and anti-big bank law professor to run the OCC

On Thursday, reports surfaced that the Biden administration intended to nominate Kazakhstani-American attorney, academic, and former policy advisor Saule Omarova to head the Office of the Comptroller of the Currency, or OCC. 

Omarova is a crypto critic who is also not so fond of the big banks, having previously vowed to “end banking as we know it.” Currently employed as a law professor at Cornell Law School, she is expected to clamp down on crypto with tighter regulation, as she thinks the industry threatens the stability of the economy.  

If confirmed, bankers and crypto proponents alike may be in for some hairy moments as Omarova single-handedly works to tear down both sectors under the guise of protecting the economy.

 

Sports-themed NFTs spark gold rush as projects raise $930M in a week

To cleanse the palate, there was bullish news in the NFT sector this week as two firms known for tokenized sports collectible projects raised a combined $930 million in funding. 

French-based soccer trading card NFT game developer Sorare closed a $680 million Series B funding round led by SoftBank at a valuation of $4.3 billion. Dapper Labs, the team behind the Flow blockchain and NBA Top Shot, also announced a $250 million funding round led by tech-focused hedge fund Coatue. 

Sorare and Dapper Labs both outlined plans to expand their tokenized collectible model beyond soccer and basketball, respectively, along with scaling up their current widely popular NFT projects. The combined total of $930 million marks a significant bet on the tokenized sports sector at a time when the wider NFT market faces declining sales volume and floor prices.

 

John Cena calls his own NFT sales a ‘catastrophic failure’

John Cena, the WWE hall-of-famer known for his braggadocious “you can’t see me” catchphrase, recently saw limited sales during his foray into nonfungibles. 

The professional wrestler said that fans only purchased 7.4% of his WWE NFTs that were dropped last month, labelling the sale a “catastrophic failure” and citing the price point for the gold-tier NFT package as being too high at $1,000. 

There were 500 gold tier NFTs offered in total, which were part of a package with physical collectibles, including a hat, shirt, wristbands, belt, towel, and autographed picture. 

“I talk a lot about failure — this idea failed,” said Cena. “Myself and the folks in the WWE thought $1,000 was a fair price point. We were wrong. We were absolutely wrong.”

 

 

Winners and Losers

 

 

At the end of the week, Bitcoin is at $42,223, Ether at $2,905 and XRP at $0.93. The total market cap is at $1.88 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celo (CELO) at 49.84%, Celer Network (CELR) at 34.97% and Cosmos (ATOM) at 17.34%. 

The top three altcoin losers of the week are Huobi Token (HT) at -32.21%, SushiSwap (SUSHI) at -28% and EOS (EOS) at -26.22%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

 

 

Most Memorable Quotations

 

“We have absolutely no intention of embracing cryptocurrencies. […] On the contrary, we have a separate war, a separate fight against them. We would never lend support to [cryptocurrencies], because we will move forward with our own currency that has its own identity.”

Tayyip Erdoğan, president of Turkey

 

“A Matisse painting can run $100 million because a small amount of people decide they’re worth $100 million. Over 150 million people around the world that have decided Bitcoin is worth something. That’s enough for me.”

Mike Novogratz, CEO of Galaxy Digital

 

“Stablecoins are almost acting like poker chips at the casino right now.”

Gary Gensler, chairman of the U.S. Securities and Exchange Commission 

 

“Ninety-nine percent is about being in the right circle, having the right information at the right time. In the NFT space, you live with this constant frustration that you have missed a chance to make $1 billion.”

Gauthier Zuppinger, chief operating officer of Nonfungible.com on NFT investing

 

“I know the crypto lovers never want to hear me say ‘sell,’ but if you’ve got a big gain as I did, well, I’m begging you to. Don’t let it become a loss; sell some. Stay long the rest, then let’s wait and see if China changes its attitude toward an Evergrande bailout.”

Jim Cramer, host of Mad Money on CNBC

 

“I think we should always be open-minded and, as such, I’m very interested in all new creations and expressions from the art world. Metaverses will emerge, but I still believe physical art will always reserve a very special place in everyone’s collection.”

Elio D’Anna, founder of HOFA 

 

“The ultimate test we will apply when assessing a central bank digital currency and other digital innovations is, ‘Are there clear and tangible benefits that outweigh any cost and risks?’”

Jerome Powell, chairman of the U.S. Federal Reserve

 

“I’m uncomfortable with any non-physical currency being the only currency.”

LordPimpernel, Texan and Redditor

 

Prediction of the Week 

 

Bitcoin ‘heavy breakout’ fractal suggests BTC price can hit $250K–$350K in 2021

A Bitcoin analyst by the name of Bit Harington on Twitter recently posted a chart suggesting a possible upcoming price rally for BTC, if history repeats itself. 

Harington drew levels on top of a Bitcoin price chart from Buy Bitcoin Worldwide and Twitter user PlanB. Harington’s levels essentially showed Bitcoin price resistance levels following Bitcoin’s 2012 and 2016 halvings. On both occasions, price rejected off the resistance levels, gathered steam, and then broke through the levels later, leading to significant rallies.

Following those price rallies, Bitcoin then eventually returned to those breakout levels, finding them as support. Harington listed the new resistance level as $60,000 on their chart. So far, the chart shows Bitcoin rejecting off that level, subsequently finding support and looking upward back toward the resistance level. 

Harington noted that BTC jumped above the two previous resistance levels by a factor of about six each time. Analyst Michaël van de Poppe took a peek at the chart, crunched some numbers, and determined that BTC could reach up near $250,000 to $350,000, followed by a drop back down near $65,000 if BTC reacts similarly to the past.

This week, however, Bitcoin faced a number of downward price moves and comments indicating future bearish expectations for crypto surfaced.

FUD of the Week 

 

‘We are at war’ with crypto, says Turkish President Erdoğan

According to Turkish President Recep Tayyip Erdoğan, the country is at war with cryptocurrency but quite fond of blockchain tech. 

Erdoğan hosted a Q&A event in Mersin, Turkey with naive youth from across the country who had no idea that crypto was posing a threat to their sovereignty. When asked for his opinions on cryptocurrencies, and whether the central bank would embrace crypto, Erdoğan didn’t mince his words when he said, “We have absolutely no intention of embracing cryptocurrencies.”

“On the contrary, we have a separate war, a separate fight against them. We would never lend support to [cryptocurrencies], because we will move forward with our own currency that has its own identity,” he added.

 

Binance to cease crypto futures and options in Australia

The world’s biggest crypto exchange Binance has yet again limited its services in another country after crypto investors in Australia were notified that they have 90 days to close their positions for futures, options and leveraged tokens. 

As of Friday, Aussies are no longer able to increase or open new positions for derivatives products on Binance. However, they will still be able to top-up their margin balances to prevent liquidations and margin calls in the meantime. 

According to the latest announcement, Binance’s crypto futures and options market will cease on Dec. 23 as the firm restructures itself in order to reach its regulatory compliance goals. 

“We are committed to our industry for the long term and we want to ensure our product offerings are welcomed by users and local regulators,” a spokesperson for Binance told Cointelegraph.

 

Latest DeFi hack targeting BSC sees $12.7M in Bitcoin stolen from pNetwork

Cross-chain DeFi platform pNetwork became the latest protocol to be hacked on Binance Smart Chain after the team reported a loss of roughly $12.7 million worth of Bitcoin on Monday. 

According to a Twitter thread published by pNetwork, the hackers swiped 277 pBTC from the exchange — the majority of the network’s collateral. The team noted the attack was executed by exploiting a bug in its codebase, adding that a fix was already in the works. 

The pNetwork team was also kind enough to offer the hacker a $1.5 million bounty if the stolen funds were returned.

 

Best Cointelegraph FeaturesEthereum killers or just pretenders? But Ether remains king for now

The issue of high gas fees rears its head up for the Ethereum community yet again as “Ethereum killer” networks continue to gain more attention.

Adapt or die: Payments giants partner with crypto firms to ensure security

Mastercard’s upcoming acquisition of CipherTrace demonstrates the need for payments giants to partner with crypto firms to enable digital asset innovation.

Ukraine joins the comity of crypto-friendly nations with new regulation

Unlike Russia, Ukraine has passed laws that will ease the adoption of cryptocurrencies within the country.


Cointelegraph By Editorial Staff

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The average portfolio size on Australian cryptocurrency exchange BTC Markets has grown from $577.65 (795.5 Australian dollars) to $2,069.16 (2849.5 AUD) in the financial year 2021, signaling a 258.2% increase in portfolio holdings, according to exchange data compiled by Statista on a recent BTC Markets survey.

Data on the survey shows that the average portfolio size of female and male investors in fiscal 20-21 on BTC Markets was $1,924.30 (2,650 AUD) and $2,214.03 (3,049 AUD), respectively. However, in 2020, the average portfolio size of female Aussie investors exceeded male investors slightly. 

Transaction data on the exchange also showed a pattern of growing investment demand with aging. Considering the data provided by BTC Market on Australia’s average initial investment, investors above 65 years old have invested roughly $3,158.03, the highest ofall demographics.

Following an incremental reduction across the various age groups, the youngest cryptocurrency traders, ranging from 18 to 24 years, tend to make comparatively small investments, standing at $792.96 on average. While older Australian crypto investors outweigh the new generation in initial investment, the younger crowd shows comparatively more activity in terms of daily trades.

Related: 17% of Australians now own crypto, totaling $8B between them: Survey

Resonating the findings above, a September report from financial comparison website Finder shows that one in six Australians own cryptocurrencies, amounting to $8 billion in total investment. The report suggests that, like many other users in advanced industrialized countries, Australians were increasingly viewing cryptocurrencies as a new asset class. 

According to Cointelegraph’s report on the matter, Bitcoin (BTC) is the most popular cryptocurrency for the Australian crypto market held by 9% of investors. Other popular investments include Ether (ETH), Dogecoin (DOGE) and Bitcoin Cash (BCH). The report showed that, despite the growth in crypto investments, a significant barrier to entry for Australians is the difficulty in understanding crypto and the risks related to volatility.


Cointelegraph By Arijit Sarkar

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