Day: May 30, 2021

2 Bitcoin price indicators suggest BTC has not bottomed yet

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Traders are using various strategies to determine whether Bitcoin price has bottomed, but on-chain activity and derivatives data hint that the situation remains precarious. Has Bitcoin price bottomed yet? According to @noshitcoins, derivatives and on-chain data signal that further downside could be in store. Traders have been trying to time the much-anticipated trend reversal ever since Bitcoin (BTC) initiated its 48% correction to $30,000 on May 12. The move culminated with $12 billion worth of futures long positions being liquidated, and to date, trader’s confidence remains somewhat dampened. The community…

BTC, MATIC, EOS, XMR, AAVE

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Bitcoin (BTC) is struggling to sustain any price level during the current pullback, indicating a lack of demand at higher levels. Does this mean that the bull trend is over and the institutional investors are abandoning the crypto markets? No! It is the other way around. Glassnode’s weekly newsletter pointed out that the Grayscale Bitcoin Trust (GBTC) premium is rising, suggesting that institutional investors are accumulating at lower levels. GBTC is not alone, another popular vehicle for institutional investors, the Canadian Purpose Bitcoin exchange-traded fund has also witnessed strong capital inflows. According…

Cardano leads tepid crypto market recovery ahead of Memorial Day

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Cardano’s ADA cryptocurrency was back in the spotlight Sunday, leading a tepid market recovery following news that the developer network was inching closer to launching smart contracts.  Market update The combined value of all cryptocurrencies rose 4.4% on Sunday to $1.6 trillion, according to data from Coingecko. Among the majors, it was Cardano’s ADA leading the rally with a 17% gain. ADA peaked at $1.70, according to TradingView, and was last seen hovering just north of $1.63. At current values, Cardano was the fourth-largest cryptocurrency with a total market capitalization…

How does Elon Musk affect crypto space?

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The reason Tesla suspended its support for vehicle purchases using BTC was the company’s concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.” Sounds reasonable for a company that develops electric cars, right?  First of all, the question of whether BTC is a waste of energy isn’t new and has been debated by industry experts for some time already. Meanwhile, the mainstream media — The New York Times, Financial Times and Bloomberg, to name a few — went all out with headlines following…

Understanding the systemic shift from digitization to tokenization of financial services

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The financial industry has seen a rise in demand for exposure to digital — and crypto — assets in all asset classes. This has led to interest, demand and investment from institutional finance, ranging from digital asset custody to digital asset trading desks, regulatory and compliance frameworks, and audit and risk models.  It is fair to say that digital assets have taken the financial services industry by storm. While the attention and investment from traditional finance in decentralized finance (DeFi) is hailed as a progressive step, there are enormous challenges…

As Microsoft Azure closes shop, ConsenSys Quorum opens up to new users

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Just as the cryptocurrency sector is constantly changing and evolving, the enterprise blockchain industry has been undergoing its fair share of developments lately. Most recently, enterprise blockchain solutions are shifting from private, closed networks to public, open systems. This has largely been made possible due to advances from the Ethereum network, which are ensuring better privacy, scalability, throughput and more for enterprise clients. A new industry analysis report demonstrates this shift, noting that the global blockchain technology market size is expected to reach $72 billion by 2026, rising at a…

Don’t blame crypto for ransomware

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Recently, gas has been a hot topic in the news. In the crypto media, it’s been about Ethereum miner’s fees. In the mainstream media, it’s been about good old-fashioned gasoline, including a short-term lack thereof along the East Coast, thanks to an alleged DarkSide ransomware attack on the Colonial Pipeline system, which provides 45% of the East Coast’s supply of diesel, gasoline and jet fuel. In cases of ransomware, we generally see a typical cycle repeat: Initially, the focus is on the attack, the root cause, the fallout and steps…

Legacy banks should learn about staking and DeFi or risk extinction

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It’s all about the economy, cryptocurrencies, art and future projections. To talk about all this, Cointelegraph en Español reached out to artist Alberto Echegaray, the director of Trustlink and former representative of Argentina in the Financial Action Task Force. Cointelegraph: Let’s start off by talking about your artwork, the Moneyball. Alberto Echegaray: Moneyball began developing in 2012. It is a piece that touches on something that is taboo in art: money. And it is still taboo, although it is something that is changing now with NFTs. What Moneyball wants to…

Is crypto approaching its ‘Netscape moment?’

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This year marks the 30th anniversary of the first web page on the World Wide Web, which means a person has to be nearly half a century old to clearly remember the patchwork progress, the false starts and stops, and the trial and error that eventually gave us what is now the defining foundation of 21st-century life.  We take the internet for granted in 2021, but it took us decades to get to this point. Throughout the years, the barriers toward adoption tumbled away, and there were clear signs that…

Bitcoin Resumes Decline, Here’s Why BTC Could Dive To New Monthly Low

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Bitcoin price is showing bearish signs and trading well below $40,000 against the US Dollar. BTC is likely to extend losses below $34,000 and $32,000 in the near term. Bitcoin failed to settle above $40,000 and it started a fresh decline below $38,000. The price is now trading well below $40,000 and the 100 simple moving average (4-hours). There is a major bearish trend line forming with resistance near $37,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue lower as…