Sparkpool, the second-largest Ethereum mining pool in the world, is suspending operations due to the ongoing Chinese crackdown on crypto.

The mining pool officially announced Sept. 27 it has suspended access to new users in mainland China in response to Chinese authorities initiating new measures to combat crypto adoption in the country.

Following initial restrictions made last Friday, Sparkpool will continue shutting down services, and plans to suspend existing mining pool users both in China and abroad on Sept. 30.

According to the announcement, the measures intend to ensure safety of users’ assets in response to “regulatory policy requirements.” “Further details about the shutdown will be sent out through announcements, emails, and in-site messages,” Sparkpool noted.

Launched in China in early 2018, SparkPool has emerged as one of the world’s largest mining pools for mining Ether (ETH) alongside the world’s largest Ethereum mining pool Ethermine. At the time of writing, SparkPool’s mining power makes up 22% of Ethereum’s global hashrate, slightly lower than Ethermine’s share of 24%, according to Poolwatch.io.

The news comes amid the Chinese government reinforcing its negative stance on crypto, declaring all crypto-related transactions illegal in the country last Friday. Some of the biggest cryptocurrency exchanges like Binance and Huobi have subsequently suspended new account registrations from mainland China, reportedly keeping servicing users in Hong Kong.

Related: Ethereum drops more than Bitcoin as China escalates crypto ban, ETH/BTC at 3-week low

SparkPool did not immediately respond to Cointelegraph’s request for comment.

SparkPool’s shutdown comes as Ethereum continues its switch from a proof-of-work consensus mechanism to a proof-of-stake model in 2022 — part of the long-planned upgrade known as Ethereum 2.0. As previously reported by Cointelegraph, Ether miners will not have many choices after Ethereum 2.0 finally arrives, as their mining equipment is set to become obsolete.


Cointelegraph By Helen Partz

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In an online interview with Times of India, Jamie Dimon, CEO of investment banking behemoth JPMorgan Chase, slandered Bitcoin’s popular appeal, despite stating that the leading digital asset could increase 10x in a matter of five years. 

A historically staunch critic of Bitcoin (BTC), Dimon called it a fraud back in 2017 and cited the reported capability for criminals to evade capture from authorities by operating their financial transactions in BTC rather than U.S. dollars.

When Times of India asked the CEO whether Bitcoin or other cryptocurrency assets should be banned or regulated, Dimon responded:

“I don’t really care about Bitcoin. I think people waste too much time and breath on it. But it is going to be regulated. […] And that will constrain it to some extent. But whether it eliminates it, I have no idea and I don’t personally care. I am not a buyer of Bitcoin. That does not mean it can’t go 10 times in price in the next five years.”

Despite this, JPMorgan has over the past year expressed a growing interest in the development and implementation of crypto and blockchain initiatives.

In January, the firm purchased a 10% stake in ultra-bullish business intelligence firm MicroStrategy, whose CEO, Michael Saylor, is one of Bitcoin’s most renowned investors and holders.

In July, the firm created multiple worldwide job postings for blockchain developers, engineers and marketers to work for its crypto-centric Onyx division — responsible for launching the bank’s stablecoin asset, JPM Coin, in Octo 2020.

According to a recent report, JPMorgan subsidiary Counterpoint Global is considering offering cryptocurrency investments to wealthy clientele. With assets under management topping $150 billion, this would represent a sizable stamp of approval for the rest of the banking industry. 

Related: JPMorgan will reportedly give retail wealth clients access to crypto funds

Dimon has received notable criticism for his dismissive views on digital assets, and no more so than from Wall Street veteran Max Keiser in an interview with Cointelegraph in late 2020. Keiser shared a biological analogy to express his discontent with the banking magnate:

“Bitcoin came into existence as a spontaneous life form that grew out of our global, collective consciousness as a defense mechanism to fight predatory central banks. Jamie Dimon is a parasite, like a tapeworm, and our species had no defense. So with God’s help, we collectively willed Bitcoin into existence to fight fiat money, fractional reserve banking and Keynesian debt-money propaganda.”


Cointelegraph By Tom Farren

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NFT hunters are suddenly rediscovering these forgotten vintage collectibles

Love them or hate them, blockchain collectibles are having a moment.

It’s good art. It’s bad art. It’s good, bad art. Folks are flipping apes and robots and pixely punks. Tweets (which are arguably ownerless) are worth millions to the right buyer. Literal children — we’re talking humans who weren’t even alive yet when Satoshi Nakamoto published the Bitcoin white paper — are suddenly whales, and it just might feel like everyone but you is getting overnight-rich on that nonfungible JPEG money.

There is, of course, something to be said about how an object’s provenance relates to its value. CryptoPunks for example — often erroneously billed as the “first” nonfungible token, or NFT, series — are a well-known example of an old, long-dead project enjoying a renaissance of financial and social appreciation. A year ago, no one cared. You could have bought one for a couple hundred bucks. Today, that club is for millionaires only.

 

 

Spells of Genesis mobile game

 

 

So, why haven’t many of the crypto-collectibles on Counterparty that pre-date CryptoPunks (and even the entire Ethereum ecosystem) experienced the same level of frenzy?

The times, they are a changin’

According to Shaban Shaame, blockchain pioneer and CEO of software company EverdreamSoft, it comes down to accessibility — and the times, they are a changin’.

“They’re on an older blockchain and not particularly easy to acquire,” says Shaame in an interview with Cointelegraph. Counterparty (XCP) is an early contract layer of the Bitcoin blockchain that allowed creators to mint and distribute their own tokens. As Bitcoin’s fees rose and Ethereum’s popularity soared, however, the tokens and contract capabilities offered by Counterparty became largely obsolete.

Today, it’s a ghost town. “A lot of people don’t know how to use Counterparty at all,” confirms Shaame.

“They’re looking for these antiquities but keep hitting a wall because they’re so used to using OpenSea.”

Pause. Let’s step into our time machine for a moment and travel back to the year 2015. It’s September. The price of Bitcoin is $236. Ethereum’s genesis block isn’t even two months old. Smart contracts, as they’ll exist in the future, are naught but a dream. And Shaame has just launched a token sale for the first-ever blockchain-based mobile game, Spells of Genesis.

The project’s main draw was a series of digital trading cards meant to integrate into the game at launch. Each card was provably rare, with fantasy-themed artwork based on moments and figures in early blockchain history. The game’s most coveted card depicted a purple-robed, druid-style Satoshi Nakamoto crafting Bitcoin’s blockchain. Its edition was a mere 200 cards.

 

 

 

 

NFTs did not yet exist

These were not NFTs in any modern sense because those simply did not exist yet. Rather than each one being verifiably 1-of-1 (nonfungible), each card design featured a limited edition of interchangeable (fungible) tokens on top of the Bitcoin blockchain. After its successful fundraise, the game went on to release dozens of trading cards with varying edition sizes and levels of rarity.

Fast-forward six years, and the completed Spells of Genesis mobile game is gathering dust on your favorite app store. While the game surged in popularity for a year or two around the time of the initial coin offering boom, it was eventually overtaken by nonfungible projects like CryptoKitties, and its collectibles more-or-less faded into obscurity.

That is until recently, according to Shaame:

“In the past few weeks, our team has suddenly been overwhelmed with demand for Spells of Genesis cards. Two weeks before that, people started going crazy for Rare Pepe cards. One of them sold for $300K.”

Pepe attracting interest, too

He relayed that many long-dormant NFTs, such as Rare Pepe, Force of Will and Mafia Wars, have suddenly begun to attract fresh interest from collectors as well. A collector and merchant operating under the name Pkeane4osu tells Cointelegraph that the rise started in February but really took off at the beginning of July. Now he’s flipping 20–25 Counterparty collectibles per day — some for as high as 4.5 Bitcoin:

“The increase in sales to new buyers has been unreal. Many have never used Counterparty, and some have never used Bitcoin. Interest, in general, is higher than I’ve ever seen.”

He also notes that the transformation in pricing is especially shocking, given that the Counterparty blockchain was “close to a three-year standstill” prior to this sudden resurrection. “Many people that were once extremely active in the community just washed their hands of Counterparty,” he explains. Today, however, even a dust-sized sliver of the more popular collectibles has meaningful value to the right buyer. “Roughly two weeks ago, I sold 0.1 of a Satoshi Card for 5 ETH — 1/10th of a card,” says Pkeane4osu.

 

 

 

 

Part of the reason for this quiet but growing resurgence in interest appears to be a third-party solution called Emblem, which allows people to wrap Counterparty tokens as ERC-721 assets — the NFT token standard — and trade them via the Ethereum blockchain. Other sites, such as auction front-end Digirare, are also beginning to pop up as a way to acquire these obscure objects.

 

 

 

 

While each wrapped asset from Emblem exists on the Ethereum blockchain for reasons of accessibility, they are still offloadable to their blockchain of origin. That’s a good thing according to Shaame:

“People are looking to collect our original NFTs from 2015 rather than totally new assets released on Ethereum. They’re seeing more value in the original token.”

He also acknowledges that EverdreamSoft is working on its own multichain tools to help Spells of Genesis owners easily move their cards among any blockchain they desire:

“We want to allow users to hold our tokens on whatever chain they want. They should be able to move cards between Ethereum, Counterparty and all of these alternative chains.”

Golden Beanie Babies?

Whether you believe that they represent a modern gold rush or are doomed to obscurity like the Beanie Babies of yore, it is difficult to deny that NFTs have the potential to be ideal items of long-tail value. Their edges will never fox, they’ll never yellow or fade, but age is still likely to make them scarce and, therefore, difficult to acquire. That scarcity isn’t enough to make them valuable though, according to Shaame:

“It’s also the emotional connection they create. Think about the toys you had when you were a kid. They’re not useful in any way and often just sit there collecting dust. Yet it’s super hard to throw them away. With blockchain, we can easily preserve the things we’ve collected over the course of our lives. They may even become one of the ways we define ourselves online.”

With the right proximity to nostalgia, perhaps anything can become valuable. Even the tokenized detritus of our lives could provide a way to verifiably demonstrate: I was there. I was part of that moment.

For NFT archaeologists looking to mine those forgotten wells of nostalgia for a profit, the clock is ticking. There are, after all, only so many on-chain relics left to uncover.

 

 

 

 

 




Cointelegraph By Jeffrey Albus

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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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