This Signal Says Ethereum Could Lead Alts Off A Cliff

Few altcoins have performed better in 2020 than Ethereum. The second-ranked cryptocurrency is up well over 200% on the year, and from the Black Thursday bottom to the 2020 high, Ethereum rose over 400%.

Momentum looks to be behind bulls, however, an ominous signal just triggered on ETHUSD weekly price charts. The signal could be warning that a top is in, and Etheruem could soon lead the altcoin market off a cliff.

Ethereum Rallies 400% From Black Thursday Bottom, But Weekly Sell Signal Points To End Of Uptrend

The crypto market has had one of the best starts to the year since 2017 when all-time high prices were reached. Since then, cryptocurrencies fell into a bear market that has yet to officially end by setting a new high.

Ethereum, for example, remains down almost 70% from its former peak price, even despite such bullish price action in 2020. The top-ranked altcoin was among the best investments to make with stimulus checks issued back in April. Those who did would have doubled their money and then some.

Related Reading | Ethereum Potentially Trades Inside Livermore Accumulation Cylinder Pattern, New ATH Imminent

But the recent rally, a full six months from the last peak, may soon be coming to an end.

The TD Sequential indicator created by Thomas Demark to time market tops and bottoms is signaling a sell set up on ETHUSD weekly charts. If the indicator is as accurate as it has been in the past on weekly timeframes, the crypto market has a major crash ahead.

ETHUSD Weekly TD Sequential 9 Sell Setup | Source: TradingView

TD 9 Triggers on ETHUSD Weekly, Corresponding Dollar Signal Flashes

The TD Sequential indicator has been extremely reliable throughout the history of Ethereum. It also nearly perfectly called several Bitcoin tops and bottoms.

The last 9 sell setup on weekly timeframes took place in July 2019. Prior to that, was January during the first full week of January 2018. Both of these tops resulted in a downtrend following each signal.

Making matters worse for Ethereum, is the fact that the asset it trades against – the dollar – is about to stage a powerful reversal, according to the same TD 9 signal.

Ethereum and all cryptocurrencies primarily trade against two assets: USD and BTC. The DXY Dollar Currency Index is a batch of other top currencies weighted against the dollar.

Just like altcoins often respond to BTC dominance due to the asset’s size, the greater financial market is often dictated by the ebb and flow of the dollar due to the global reserve currency status.

DXY Ethereum Weekly Inverse Correlation Chart Comparison | Source: TradingView

The above chart shows a strong inverse correlation between Ethereum and the DXY. As Ethereum topped, the DXY rebounded into a new uptrend. Could the dollar’s strength been responsible for the crypto winter all along?

Related Reading | Time To Pay Attention: Indicator Hints At 50% Or More Correction In Ethereum

And with the same signal triggered again, what does this mean for Ethereum and the rest of the altcoin market? Will Bitcoin, stocks, gold, and other markets also see an impact much like Black Thursday? The days ahead will be telling if the signal ends up confirming.

It is worth noting, however, that a 9 sell setup is “perfected” with a new high. This could imply that Ethereum has another pump left in its tank before the reversal happens. Or perhaps no reversal ever arrives, and the signal fails to confirm.

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Grayscale Premiums Are Through the Roof

Grayscale is taking the trading world by storm. It is currently responsible for more than $5 billion in digital assets, which is about 40 percent higher than the figure it oversaw in early summer at the conclusion of its second quarter.

Grayscale Premiums for Two New Trusts Are Huge

Recently, the company released two new crypto trusts, one for Litecoin and the other devoted to bitcoin cash. While this would be fantastic news in most circles, there are some analysts that question how the trusts are being run and whether the crypto space has reached the level of maturity we all think it has since the great bitcoin boom of 2017. The premiums that both these trusts are demanding are more than 1,000 percent.

Both trusts have been available publicly for over two weeks and have seen their premiums grow exponentially since then. The Litecoin trust, for example, was for a short period trading at a premium that exceeded $1,200 percent according to a report from Arcane Research.

By comparison, the bitcoin trust that Grayscale has become so famous for is trading at a premium of around 20 percent, and the Ethereum trust the company offers has fallen below the 100 percent premium threshold for the first time ever. Just last June, the trust was trading beyond an 800 percent premium.

The big question is, “How can these two trusts be so low when the Litecoin and bitcoin cash trusts exhibit some of the highest premiums known to traders anywhere?” Vetle Lunde of Arcane research explains the situation:

These trusts are based solely on single assets and should thus not outperform their underlying assets over time. The excess return should be arbitraged away. For accredited investors, the custody provided by Grayscale is most certainly of value. Setting up self-custody is a complicated process, and over time, Grayscale has gained confidence in their services as a custody provider.

The Prices Probably Don’t Matter

However, some analysts are confident that many of the investors involved with Grayscale probably don’t know that they’re paying such high premiums. In response to that, Lunde explained:

Bitcoin exposure as an inflation hedge amidst the current financial instability seems to be a trending topic among some of the most renowned macro investors… This could make new investors more open to allocate some of their portfolios into bitcoin, and thus lead to an increased demand for bitcoin exposure.

It sounds like what’s being said here is that even if these investors knew how much they were paying they probably wouldn’t care. With the harsh economic conditions the world is facing right now, fiat and other assets are appearing less sturdy as time goes by, and bitcoin is being seen as an official “safe haven” asset that can potentially keep people’s wealth intact during times of strife.

The post Grayscale Premiums Are Through the Roof appeared first on Live Bitcoin News.

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Ciphertace Allegedly Builds Monero-Tracing Tools, XMR Proponents Disagree

The blockchain surveillance firm Ciphertrace claims to have created the “world’s first” monero tracing tools for law enforcement. According to the company announcement, Ciphertrace developed forensic tools for the U.S. Department of Homeland Security (DHS) in order to track illicit monero transactions. Despite the firm’s claims, there is zero evidence provided that prove the company actually has such tools.

Since the open-source cryptocurrency was first invoked in 2014, the Monero (XMR) project has been heralded for privacy-centric techniques. The digital asset network uses enforced privacy for all transactions by leveraging concepts like ring signatures, bulletproofs, and stealth (one-time) addresses.

Due to the privacy-centric enhancements, the digital currency XMR has gained notoriety on darknet markets (DNM), as monero represents a great share of DNM transactions.

However, Ciphertrace, a blockchain intelligence firm that works with global law enforcement and regulators, claims it has a tool that can “trace and visualize Monero transaction flows.”

“Ciphertrace developed tools to explore monero transactions to assist in investigations,” the firm detailed in a press release on August 31. “These tools include transaction search, exploration, and visualization tools for Monero transaction flows that have been integrated with CipherTrace’s Inspector financial investigations product. This provides ways to track stolen Monero currencies or Monero currencies used in illegal transactions.”

Ciphertrace notes that monero is represented on 45% of all DNMs and calls it the “second-favorite cryptocurrency of choice among criminals.” Dave Jevans, CEO of Ciphertrace says that while people think it is nearly impossible to identify true sources, the company has been working for a year studying the Monero network.

Jevans reveals the company has created tools for law enforcement to help uncover illegal monero transactions but there’s still a lot of work that needs to be done.

“Monero (XMR) is one of the most privacy-oriented cryptocurrencies,” Jevans stressed. “Our research and development team worked for a year on developing techniques for providing financial investigators with analysis tools. There is much work still to be done, but Ciphertrace is proud to announce the world’s first Monero tracing capability. We are grateful for the support of the Department of Homeland Security’s Science & Technology Directorate on this project.”

However, the press release provided by Ciphertace published on August 31, 2020, provides zero evidence of any monero-tracing tools. The announcement is merely a claim that the company has such tools, but there are very few reasons provided in the announcement to believe it.

Information security engineer and Monero proponent, Seth Simmons, does not believe Ciphertrace’s claims without actual proof.

Despite the announcement, crypto-community members have a hard time believing that Ciphertrace actually has a grasp at tracking XMR transactions. “There’s no reason to believe that Ciphertrace has discovered a substantially novel or effective method of tracing Monero transactions,” one individual wrote on Twitter.

Monero proponent and information security engineer, Seth Simmons, also did not believe Ciphertrace’s latest announcement.

“There is no reason to think there is anything novel going on here until proven otherwise,” Simmons tweeted. “The most likely answer is they’re using methods developed *by the Monero community to improve Monero* to de-anonymize some specific transactions with external data. The Monero community has long been at the forefront of privacy research in an effort to build stronger tools, as evidenced by the ‘Breaking Monero’ series.”

Simmons continued with a scathing critique of Ciphertrace’s alleged tracing tool statements in the press release and highlights there are “numerous errors in the understanding of Monero in the article.”

“Without details, there isn’t really anything to discuss. Some vague information provided by Ciphertrace in this article is not possible without external data (like KYC information from exchanges),” the monero proponent said.

What do you think about the alleged tools Ciphertrace claims to have against monero’s transaction privacy? Let us know in the comments section below.

Tags in this story

Anonymity, Blockchain Surveillance, Ciphertrace, Darknet Markets, Dave Jevans, DNMs, Monero (XMR), Monero Network, monero tracing, Privacy, privacy-oriented cryptocurrencies, Ring Signatures, Seth Simmons, Stealth, xmr

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Simon Peters: Inflation Is Good for Bitcoin

According to Simon Peters of the cryptocurrency exchange e-Toro, the inflation that everybody is so worried about as of late is going to result in a rather positive future for bitcoin.

Simon Peters: BTC Has a Bright Future if Inflation Exists

Not too long ago, Federal Reserve chair Jerome Powell announced that the United States was going to permit inflation beyond the $2 mark. Traditionally, $2 is the maximum that inflation is usually allowed to go in this country, but given the special circumstances that the nation – and the world – is facing with the coronavirus and what not, inflation is being given some leeway and things are allowed to move a little higher than they normally do.

Is this a bad thing or a good thing? It didn’t really matter considering how much people panicked. This negative sentiment is what sent bitcoin into a downward spiral. At the time, the world’s number one cryptocurrency by market cap had been trading in the mid-$11,000 range, but after the news had been announced, the currency fell by several hundred dollars and was trading in the low $11,200 range, the lowest it had been in over a month.

However, now the asset appears to be picking up again, and is trading for more than $11,600. Could this be a coincidence? Not necessarily. See, bitcoin typically tends to do well when the U.S. dollar or fiat in general isn’t doing so hot, and granted the U.S. dollar has been weakened by the present economic circumstances we’ve been facing as of late, it makes sense that bitcoin would be doing better than usual.

Thus, it’s plausible to assume that the recent drop it incurred was something of a fluke – a temporary fall due to the fear that everyone was experiencing over Powell’s words.

Things Will Spike from Here

In the long run, Peters believes this is going to have a positive effect on the world’s leading cryptocurrency. In a recent interview, he comments:

The Federal Reserve has announced a significant policy change, as it now looks to target average inflation. Usually, the Fed targets a two percent inflation rate, but under this new change it would allow a period of stagnant inflation to be followed by a period of above-target inflation to achieve the two percent average before potentially hiking rates. Raising interest rates is usually the brake that the Fed applies to prevent inflation running rampant. However, under this new approach, Jerome Powell and the FOMC will be less inclined to act, even if inflation goes over two percent… Bitcoin is increasingly being viewed as a hedge against inflation, and I would expect this policy change from Powell to encourage more bitcoin acquisition from investors, both retail and institutional. We may even see more corporations holding bitcoin in reserve on their balance sheets.

The post Simon Peters: Inflation Is Good for Bitcoin appeared first on Live Bitcoin News.

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Mastering Elliott Wave Author Claims Demonstrates Case For $150 Bitcoin

Bitcoin could be in for a “massive” and “devastating” correction ahead, according to the author of Mastering Elliott Wave Theory. The long-time market analyst and expert on the subject sees potentially a couple more months to years of rally in crypto, followed by a “potentially massive change in conditions for Bitcoin.”

As wild as it sounds, he even calls for the leading cryptocurrency by market cap to drop to as low as $150 after the current corrective wave is finished. Here’s what the author and analyst expects if the scenario comes true.

Elliott Wave Theory Warns Of Coming Disaster In The Leading Cryptocurrency

Analysts utilize several techniques and practices to attempt to predict future price movements. Some utilize moving averages, others measure trend strength. Various unorthodox methods also exist, such as Gann theory that looks at time and price, or Elliott Wave Theory that examines the impact of impulsive human emotion and its influence over markets.

According to the theory, assets move in impulse waves or corrective waves. Impulses move upward or downward, and are followed by smaller corrective waves until the full impulse move is completed.

Related Reading | Current Bitcoin Price Action Closely Follows Textbook Distribution Pattern

The author of the book “Mastering Elliott Wave Theory” Glenn Neely recently joined a pseudonymous crypto trader for an online video demo of Elliott Wave Theory in action.

Using the BTCUSD yearly line chart only, the analyst and author provides a live-action analysis using advanced technical analysis theories.

“There’s almost no doubt that we’re dealing with corrective action,” Neely claims, adding “the question is, what kind of correction is it.”

Whatever the correction is, Neely says, it is going to be “massive.”  The author’s targets may potentially be too deep for anyone to take them seriously. Even Neely calls the claims “unbelievable.” But how deep do things get for the crypto market?

Paint Technical Analysis By Author Glenn Neely | Source: Twitter

Final Year of Bitcoin Rally Could Result In Change Of Conditions, Drop To $150 BTC

“We might be in the final year or two of rally for Bitcoin.”

Bitcoin is on its G-wave according to the expert, who says crypto investors should “worry” about when the wave finishes. Why? Neely warns of a “massive, massive decline.” It’s also in an ABC correction with the C-target deeper than the December 2018 low.

Related Reading | VIX Raising “Red Flag” On Stocks, Could Be Bearish For Bitcoin

But just how low could the leading cryptocurrency by market cap go? According to the so-called Elliott Wave “master’ the correction would go “at least to here,” referencing the mouse pointer on the screen. The pointer lines up with roughly $150, as pictured above.

For those skeptical, even Neely says, this is “unbelievable,” and would be “just devastating for Bitcoin.”

Still, he says there will be an “exciting advance” in the “short term” which could be a “significant move up” to roughly $14,000. However, this isn’t positive for Bitcoin. He says that the price action according to Elliott Wave Theory suggests that there’s a “potentially massive change in conditions for Bitcoin.”

BTCUSD Elliott Wave Theory ABC Correction Example | Source: TradingView

This would include a drop “way below $3,400,” reiterating and emphasizing the “way below.”

As for what might deal Bitcoin such a devastating blow? Neely posits that it could be the emergence of a new Federal Reserve cryptocurrency for the world. The Trump administration suddenly banning crypto in the United States could also be the catalyst for such a change.

With a pivotal election right around the corner, and the dollar strengthening, the days ahead for Bitcoin are especially important.

Can we really believe such a call? There’s no denying the author’s credentials, however, there could be some red flags. For one, it is shocking to see a world-renowned technical analyst using Chrome Paint to perform their analysis.

Another sign includes some negative reviews of his book Mastering Elliott Wave Theory. Amazon reviewers claim the book is “not for the trader who is looking for a practical workable solution” and that “the author wants to boast about his knowledge on elliot wave theory and more so wants to reinvent the concept.”

Neely did create what he calls NeoWave, an advanced take on Elliott Wave Theory that utilizes more than just “intuition.” The bold stunt could simply be a way to promote his analysis, or, he could be giving the crypto market the most valuable warning ever.

The only good news Neely says is that Bitcoin is going to make a highly profitable short soon enough.

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These Simple Factors Suggest Bitcoin May Plunge to $11k Before Surging

It has been a rocky past couple of weeks for Bitcoin and the aggregated crypto market. Despite some turbulence, BTC bulls have been able to guard against it seeing any significant near-term downside.

Late last week, the crypto started gaining some momentum that sent it to highs of $11,600, at which point it faced an influx of selling pressure that caused its price to decline to lows of $11,100.

Bulls were able to guard against any further downside and have since pushed the crypto up towards highs of $11,800 that were set earlier today.

Despite this overt strength, there are a few factors that have led one analyst to expect some near-term downside.

He specifically points to some intense resistance Bitcoin is pushing against, coupled with a massive liquidity region in the lower-$11,000 region.

This liquidity may need to be tapped by the benchmark cryptocurrency before it is able to see any significant momentum in the near-term.

Bitcoin Pushes Up Against Key Resistance as Analysts Flip Short

At the time of writing, Bitcoin is trading up marginally at its current price of $11,715.

This is around the price at which it has been trading throughout the past few hours, as buyers’ have faced faltering momentum following a rejection at $11,800.

Although this marks a strong recovery from its recent lows of $11,100 that were set last week, the cryptocurrency may still need to plunge back towards this price level before rallying higher.

To justify this notion, one analyst explained that he doesn’t believe Bitcoin is ready to surmount the heavy resistance that exists just above its current price region.

As such, he believes that a decline towards $11,100 is imminent.

“BTC short. Although I’m generally bullish on bitcoin, I’m taking this (if I get it) because: the setup is really good. I don’t think we blow past 12k just yet.”

Image Courtesy of Byzantine General. Chart via TradingView.

Liquidation Levels Around $11,000 Support Notion That BTC May Visit This Level

The same analyst also offered further support for the short-term bear case he presented above.

In addition to Bitcoin currently pushing up against heavy resistance, the lower-$11,000 region is also flush with liquidation levels for leveraged positions.

“This is also part of my reasoning. The dots are liquidation levels. I highlighted relevant clusters,” he explained.

Image Courtesy of Byzantine General. Chart via TradingView.

If liquidated, these leveraged long positions could provide fuel for a significant move higher in the days and weeks ahead.

Featured image from Unsplash.
Charts from TradingView.

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How to Earn a Second Income on eToro

The social trading platform eToro has now made it possible to earn a second income with their Popular Investor program.

It all has to do with their CopyTrader™ feature, which allows users to allocate funds to other traders’ investment moves — essentially, copying them. So, if you don’t feel like a confident crypto trader, but you see someone who is, use CopyTrader and you’ll mimic what they do automatically.

But what if you are a confident trader? Can you profit off being copied? Yes, you can.

You’ll have to apply to become a Popular Investor, but once you qualify, the chart below shows how the earning and upgrading system works.

• For Elite and Champion payments, payments are divided by 12 in order to pay the yearly AUM each month


• AUM is the total aggregate copy amount of the unrealized equity of the current copiers.

Once you achieve Champion status, your income will become a percentage of your AUM (assets under management). This means if the total equity of your copiers is $300,000, you’ll earn $500 a month (2% of 300,000 divided by 12) — plus the one-time $1,000 upgrade bonus.

The more copiers you have and the more assets they have, the more money you stand to make.

If you feel confident in your crypto trading game and are looking for some extra cash, this could be an avenue to explore.

eToro’s new Popular Investor program. Learn more about it here.

Image by Bruno /Germany from Pixabay

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Ethereum Aims for $500 as On-Chain Metrics Show Little to No Resistance Ahead

Since the beginning of the month, Ethereum has been consolidating within a narrow range. Its price has been mostly contained between the $372 support and the $445 resistance level, without providing any clear signals of where it is headed next.

The stagnant price action caused the Bollinger bands to squeeze within the same time frame, indicating that a period of high volatility is underway. Only a daily candlestick close above $445 or below $372 will determine the direction of Ether’s trend. Until then, this price range can be considered a reasonable no-trade zone.

ETH Sits In No-Trade Zone. (Source: TradingView)

Despite the ambiguity that Ethereum presents, different on-chain metrics suggest that the uptrend is about to resume.

Little to No Resistance Ahead of Ethereum

In the event of a bullish impulse, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals there is no supply barrier that will prevent Ethereum from surging towards $500. Based on this on-chain metric, there is only one major area of interest that sits between $462 and $475 due to the number of investors that had previously purchased Ether. Here, roughly 715,000 addresses are holding nearly 370,000 ETH.

This area may have the ability to absorb some of the buying pressure. If prices advance to this level, holders who have been underwater may try to break even on their positions, preventing prices from climbing further. Slicing through this hurdle, however, might see the smart contracts giant aim for $500.

No Major Supply Barrier Ahead of Ether. (Source: IntoTheBlock)

On the flip side, the IOMAP cohorts show that Ether sits on top of stable support. Over 1.4 million addresses bought roughly 8 million ETH between $384 and $390. This crucial area of interest suggests that bears will struggle to push prices down, so right now, the odds favor the bulls.

Macro-Outlook Looks Extremely Bullish

It is worth noting that from a macro-perspective, Ethereum seems to have formed a double bottom pattern. On a large time frame, such as its 3-day chart, Ether’s trend appears to have changed from bearish to bullish the moment prices cut through the $340 resistance level. Now, the W pattern forecasts that regardless of the volatility, ETH will continue to rise towards $800 or higher.

ETH Forms Double Bottom Pattern. (Source: TradingView)

Given the high probability of a bullish breakout, it is imperative to wait for a clear break of the $445 resistance barrier before entering any trade.

Those market participants who have grown impatient and decided to enter the market given the current no-trade zone have been wiped out. Data shows that since the beginning of the month, more than $5.5 billion worth of ETH long and short positions have been liquidated across the board.

For this reason, waiting for Ethereum to get out of the current no-trade zone can prove to be a profitable strategy.

Featured Image by Unsplash
Price tags: ethusd, ethusdt, ethbtc
Chart from TradingView.com

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Venezuela's Bitcoin Use Soars Amid Hyperinflation: 3rd on Global Crypto Adoption Index

Venezuelans have become increasingly interested in cryptocurrency as their country faces dire economic crisis and hyperinflation, a new study by blockchain data analytics firm Chainalysis shows. The firm’s Global Crypto Adoption Index ranks Venezuela third as “The country has reached one of the highest rates of cryptocurrency usage in the world.”

Cryptocurrency Adoption Soars in Venezuela

Chainalysis published its study of Venezuela’s bitcoin usage Thursday, which is part of its upcoming 2020 Geography of Cryptocurrency Report.

“Venezuela is suffering through one of the worst economic crises in modern history, with its national currency, the bolivar, becoming practically worthless,” the firm wrote. “Under these circumstances, cryptocurrency has taken on an important role in Venezuela’s economy … As the Venezuelan bolivar has lost value in the midst of hyperinflation, Venezuela has become one of the most active cryptocurrency trading countries on earth.” The firm elaborated:

The country has reached one of the highest rates of cryptocurrency usage in the world, placing third on our Global Crypto Adoption Index, as many Venezuelans rely on cryptocurrency to receive remittances from abroad and preserve their savings against hyperinflation.

Most of the crypto activity in Venezuela is driven by peer-to-peer (P2P) exchange activity, specifically on Localbitcoins, Chainalysis noted. “Venezuela is the third-most active country on the platform, or second-most active when we scale by the number of internet users and purchasing power parity per capita. Venezuela ranks 3rd for P2P trading volume in USD, after the U.S. and Russia.” Venezuelans are also using Bitcoin.com’s P2P marketplace to buy and sell bitcoin cash.

Venezuela’s P2P volume in USD and bolivar during the period between July 2019 and June 2020. Source: Chainalysis

Chainalysis also discussed Venezuela’s national cryptocurrency, the petro, launched by the country’s “contested government, led by OFAC-sanctioned Nicolas Maduro and known for its corruption and human rights abuses.” In May, the U.S. put a $15 million bounty on Maduro and charged a number of top Venezuelan government officials with “narco-terrorism, corruption, drug trafficking and other criminal charges.”

Superintendencia Nacional de Criptoactivos y Actividades Conexas (Sunacrip) is the regulator of crypto activities in Venezuela. So far, seven crypto exchanges have been licensed to trade the petro. According to the Maduro government, petro adoption has been rising significantly. Recently, 305 Venezuelan municipalities agreed to collect tax in petro.

One of the approved exchanges is Criptolago. According to financial intelligence provider Sayari, the exchange is owned by Venezuela’s Zulia state, with the state’s governor, Omar Prieto, occupying a top management position. “Prieto is a staunch Maduro ally who is personally under U.S. sanctions for refusal to deliver humanitarian aid,” Chainalysis asserted.

Over the last year, Criptolago addresses received more than $380,000 worth of bitcoin over 3,916 transfers and sent more than $360,000 worth over 2,297 transfers. While the platform’s transfer volume grew over 13x in the past year, “it doesn’t appear that Criptolago is helping the Venezuelans struggling most,” the Chainalysis claims. The firm pointed out that crypto transactions worth $1,000 or more accounted for more than 75% of total transfer volume, but “the average Venezuelan earns just 72 cents per day, meaning very few of them could afford such transfers.” Furthermore, the overall number of transactions was under 1,000 per month.

An expert on Venezuela told the firm that “Criptolago’s transaction activity suggests the platform may be used primarily by individuals connected to the Maduro regime seeking to launder funds or move them out of Venezuela.” Nonetheless, Chainalysis affirmed:

We do however, have a lot of anecdotal evidence that people in Venezuela have become increasingly interested in cryptocurrency.

“That fits with our interviews of cryptocurrency experts on the ground in Latin America — users not just in Venezuela, but in other countries facing harsh economic conditions, turn to cryptocurrency to preserve their savings in the face of monetary devaluation,” the firm emphasized. News.Bitcoin.com has also reported on several crypto initiatives to help people in Venezuela.

What do you think about Venezuela’s crypto adoption? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Chainalysis

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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YFI Token is Running Towards 4 BTC a Piece, Asserts Analyst

YFI, the native token of a fast-forward decentralized finance giant, Yearn Finance, has surged 8,900 percent against Bitcoin since its launch. And now, an analyst says that the cryptocurrency could grow further.

Amsterdam-based stock trader Michaël van de Poppe said in his Monday tweet that the YFI price could surge towards 4 BTC per token. The comments followed the DeFi crypto’s 35 percent rally in the last 24 hours, wherein YFI/BTC surged from 2.31 BTC to an intraday high of 3.10 BTC.

YFI surged 35% against BTC on growing DeFi hype. Source: TradingView.com

Yearn Finance token surged 35% against BTC on growing DeFi hype. Source: TradingView.com

Mr. Poppe placed the price rally on a Fibonacci retracement graph drawn from a swing low of 2.30 BTC to a swing high of 3.56 BTC. An upward break above the peak showed YFI/BTC testing 4 BTC as its bull target, leading Mr. Poppe to see the level as achievable mettle.

“Nice 35% bounce here and looking ready to continue,” the analyst explained. “If construction holds and it breaks the new high, we might be running towards 4 BTC a piece.”

YFI Fundamentals

Sentiments for YFI were similar across the cryptocurrency industry. Many analysts called for the DeFi token to continue what has already been an overhyped price rally. Their bullish predictions took cues from the YFI’s parent protocol, the Yearn Finance, that is now holding $840 million worth of crypto tokens inside its vaults.

In retrospect, Yearn Finance is an aggregator of various lending protocols that picks the best yielding pools for its users. So far, its ecosystem includes Compound, Aave, Balancer, and dYdX pools. Aave, a UK-licensed decentralized lending platform, has just joined Yearn Finance.

Meanwhile, YFI serves as the governance token for the platform. That allows its holders the right to decide on the addition of new cryptocurrencies to Yearn Finance. For instance, the Yearn Finance community voted to add yETH, a token that supports the staking of Ethereum’s native cryptocurrency ETH via its protocol.

“YFI is adding ETH yVaults,” said one analyst. “Few understand why this is bullish, but it’s quite simple. ETH vaults typically draw in the most liquidity. YFI has been a monster liquidity vacuum without them, imagine the addition… this will accelerate things far beyond current TVL.”

Both YFI and ETH prices surged after the launch of yETH.

Other catalysts that have pushed YFI higher include a partnership with FTX–one of the top cryptocurrency derivatives exchanges–and the announcement of yinsure.finance, one of the first tokenized insurance services in the DeFi space.

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No End in Sight For High Ethereum Gas Fees

Mid-August saw total Ethereum gas fees top a record $8.6 million in one day.

Following a brief respite, which coincided with the collapse of YAM Finance, total gas fees are starting to creep back up again. The latest data shows total gas fees reached $7.1 million yesterday.

Daily total gas fees on the Ethereum network. (Source: coinmetrics.io)

The current state of affairs has some commentators debating the sustainability of the Ethereum network. Long wait times, as well as high gas fees, have soured the experience for many users.

During Mid-August, when total fees were at their peak, the average gas fee also reached an all-time high, at $6.62. At present, the average transaction fee is $5.99, dangerously close to mid-August levels.

Source: bitinfocharts.com

Many blame the popularization of decentralized finance (DeFi) protocols for network congestion. But the DeFi craze looks set to continue, and with that, so are spiraling gas fees.

Taking this into account, the CEO of Shapeshift, Erik Voorhees, gave a prediction on the current gas saga.

He believes the network will grind to a halt under the weight of DeFi transactions. As a result, developers move to other Ethereum compatible chains to keep up with demand while ETH 2.0 remains in development.

“Prediction: Ethereum gas fees ruin Defi for normal users (until Ethereum 2.0 in 1-2 years). To meet demand, developers start rapidly porting Defi components over to Cosmos via Ethermint which just launched and is apparently compatible with Solidity already.”

Ethereum 2.0 Touted as The Solution to Soaring Gas Fees

The comments made by Voorhees were a tongue in cheek remark on a number of fronts.

However, the crippling cost of using the Ethereum network is still a significant challenge for stakeholders. This is a fact that hasn’t escaped core developers, who are working to address the problem.

Back in April 2019, core developers put forward the Ethereum Improvement Proposal 1559 to counter the issue of spiraling gas fees.

As we are witnessing now, the present auction mechanism is wholly inadequate as it puts miners in control of fees. What developers hope to achieve with EIP 1559 is the implementation of a variable base fee process.

“Because these base fee changes are constrained, the maximum difference in base fee from block to block is predictable. This then allows wallets to auto-set the gas fees for users in a highly reliable fashion.”

What’s more, the critical component of this system is that miners only get to keep a small premium of the base fee, with the base fee itself getting burned.

Under this system, there is no incentive for miners to manipulate fees to extract extortionate amounts from users.

As good as this sounds, like Voorhees alluded to, Ethereum 2.0 is years away from completion.

While the Phase 0 rollout of ETH 2.0 is scheduled for the end of the year, or early 2021, this upgrade refers to the implementation of proof-of-stake and building out a registry of validators.

It’s likely that Phase 1.5, when the mainnet becomes a shard, is when the issue of high gas fees gets addressed. According to Ethereum, Phase 1.5 will be ready in “2021”.

Ethereum daily chart with volume. (Source: tradingview.com)

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Yearn Finance Launches Ethereum Vaults; Here’s Why Its Bullish for ETH

Yearn Finance is now allowing people to stake their Ethereum holdings to earn higher yields via its new product yETH.

The vault, which went live on Monday following a community vote, expects to attract a large amount of ETH tokens, with many observers noting that the migration would leave the Ethereum market with a supply-side liquidity shock. They are already counting on a bullish response from the ETH traders based on supply-demand economics.

$ETH leveraged in #DeFi has passed 5,000,000 or ~4.50% of total circulating supply.

It's quite clear there's a supply-side liquidity crisis forming here. yETH and Phase 0 will compound this. pic.twitter.com/2qlQwRLjMu

— 0xNick (@0xEther) August 28, 2020

Alex Saunders tweeted earlier Monday that he sees the demand for ETH tokens go high in the coming days. The Nugget News founder called the launch of yETH a “bullish” event, adding:

“Anyone who owns ETH can earn the best yield automatically by HODLing yETH. It could also mean other protocols find it harder to compete with Ethereum when offering staking rewards.”

Ethereum Boom Ahead?

In retrospect, Yearn Finance is a protocol that finds the best available yields available on the tokens one holds. It requires users to deposit their coins into their system, for which they return a native cryptocurrency. In the case of Ethereum, that token is yETH.

As traders–who are looking to put their ETH holdings to use–decide to deposit them with Yearn Finance, they would automatically remove a portion of ETH supply from the market. Meanwhile, rising demand for the Ethereum cryptocurrency for its application across payments, DeFi, and stablecoin sector, would most likely push its prices higher.

“ETH vaults typically draw in the most liquidity,” stated one analyst. “YFI has been a monster liquidity vacuum without them, imagine the addition… This will accelerate things far beyond current TVL.”

Another daytrader commented:

“The sheer amount of ETH is going to get locked up in [Yearn Finance] yETH vault. I feel [it] will be astronomical – not only bullish for $yfi but the juggernaut $eth itself. I’m long both and I’m f***** excited.”

No trader gave an exact price target following the yETH-led Ethereum boom.

ETH/USD Down

The Yearn Finance did not leave a sudden impact on spot ETH/USD markets. The pair was trading 0.43 percent lower at $426 as of 1100 GMT.

Ethereum price trades lower despite the Yearn Finance news. Source: TradingView.com

Ethereum price trades lower despite the Yearn Finance news. Source: TradingView.com

One chart watcher noted that traders might start moving their Bitcoin capital into the Ethereum market after the yETH launch. Meanwhile, analyst Michaël van de Poppe said that ETH/USD would remain bullish as long as the pair holds itself above the $370-mark.

So far, Ethereum has surged 226 percent in 2020 following the Federal Reserve’s trillions of dollars worth of capital injection into the US economy. The second-largest cryptocurrency is now eyeing a break above $450, which many believe would have it touch the $500-mark.

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Here’s Why This Crypto CEO Thinks Bitcoin Soon Hits $15,000

Bitcoin has seen consolidation under $12,000 ever since unceremoniously losing that pivotal price point the week before last. The cryptocurrency now trades at $11,700 as of this article’s writing, having closed its weekly candle above a crucial support.

Arguably the technicals of the Bitcoin market remain in a shaky spot. Some have asserted that BTC’s rejection at $12,000 is a likely sign it will retrace towards the $10,000s, maybe lower.

Vinny Lingham, the CEO of Civic, seems to be unphased. The cryptocurrency investor asserted that there’s a good likelihood the leading digital asset will soon trade at a price of $15,000.

Related Reading: These 3 Trends Suggest Bitcoin Is Poised to Bounce After $1,000 Drop

Bitcoin Could Soon Hit $15,000, Says Industry Chief Executive

According to Vinny Lingham, the chief executive of crypto startup Civic, there’s a good likelihood Bitcoin will soon begin a leg higher to $15,000. He made this comment in reference to how $10,000 “represents strong support”:

“It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.”

It looks to me that #Bitcoin is poised for another leg up, with an overshoot above $15k, but then a retrace and heavy consolidation around $14k for a few weeks at least. I doubt this sub-$12k price holds for much longer and $10k represents strong support right now.

— Vinny Lingham (@VinnyLingham) August 28, 2020

Discussing the efficacy of his calls, Lingham noted to a commenter that he has rightfully called prior price action.

He added that he personally thinks that Bitcoin flips bullish on a macro scale if it converts $12,000 into support:

“I’m not a permabear or a permabull – I called the bubble and I called the bear market. The bear market is almost over, if/when we break and hold $12k. So yes, I’m turning bullish.”

This sentiment is in line with a number of technical traders within the space. One historically accurate analyst, for instance, who predicted BTC’s V-shaped reversal in March says a rally to $17,000 is imminent. That’s not $15,000, of course, but there’s a growing sentiment that Bitcoin will gap higher.

Part of a Longer-Term Uptrend

The rally towards $15,000 or $17,000 is expected to be part of a longer-term uptrend, spurred by a confluence of fundamentals.

Raoul Pal, CEO of Real Vision, recently commented that Bitcoin is likely to rally 50 to 100 times this market cycle due to macro trends.

Responding to Jerome Powell’s comments, Pal noted that the Federal Reserve seemingly wants anything but deflation. This, the investor explained, will create market pressures over time that will drive capital to Bitcoin and gold at record speed.

The Winklevoss Twins, co-founders of Gemini, have echoed the optimism. They also noted that macro factors are likely to drive vast amounts of capital to Bitcoin in upcoming years.

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, ETH DeFi Boom, BitMEX KYC

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingViewc.om
Why This Crypto CEO Thinks Bitcoin Soon Hits $15,000

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Nasdaq OMX-listed Company NPInvestor Launches Crypto Brokerage, CPHCrypto

Bitcoin Press Release: Danish Nasdaq OMX-listed company NPInvestor.com has launched a new low-cost crypto brokerage called CPHCrypto. The broker is designed to offer better value to the cryptocurrency trading market. 

 

31st August 2020, Copenhagen – Cryptocurrency brokers should be able to focus primarily on their trading strategy, and not be worrying about high commission charges or costly exchange subscriptions. That is the philosophy behind CPHCrypto.com, a new, low-cost crypto broker launched by the Danish Nasdaq OMX-listed company NPinvestor.com

 

CPHCrypto.com offers a fixed fee of only $39.00 per month for unlimited trading, and retail clients can trade totally commission-free. Traders can also use the trading platform before signing up to a fixed fee, with only a tiny 0.04% commission.

 

Lowest Price on the Market 

For a long time, commissions have been very high when trading crypto. This has been a

huge challenge for traders as the high costs can easily eat into the gains of even the most successful trader.

 

Martin Lykke, CPHCrypto.com Co-founder and Head of Product stated:

 

“We have a background in the trading industry. In the old days, it was expensive to trade shares, FX, etc. but competition in those markets has now driven costs very low. We are seeing the same in trading crypto coins, where it is currently expensive to trade. Competition will eventually drive costs down, and we are proud to be on the frontline,” 

 

Martin Continues:

 

“From a trader perspective, this is crucial. Not only are high costs killing traders’ profit, but it is also limiting their trading possibilities. Our set-up provides the trader with a lot of new trading strategies where you can profit from even small price movements. We are new in the crypto world so it is key for us that clients know they can trust us,”

 

Insured Deposits

All client crypto deposits are insured on CPHCrypto.com, so in the unlikely event of the company being hacked, clients deposits would not be affected. Traders can also use the platform in the knowledge that NPinvestor.com is completely regulated by Danish FCA.

 

How Does CPH Crypto Stack up Against the Competition? 

A price comparison between CPH Crypto and some of its big name competitors shows that CPH Crypto is the most inexpensive choice; even if traders decide to pay per trade instead of the even cheaper fixed fee of 39 USD/month for unlimited trading.

 

For a total trading Volume of $1000 or less, CPH Crypto takes a commission of $0.40 USD and a spread of $0.20, equalling a total cost of only $0.60. This stacks up very well against the competition, with big name alternatives such as Binance ($1.00), Kraken ($2.10), CoinBase Pro ($5.00), and Etoro ($3.75) all charging higher total commission rates.

 

For a trading Volume of $10,000 or less, CPH Crypto takes a total commission of $6.00, which is comparatively cheap when compared to Binance, Kraken, CoinBase Pro and Etoro, who charge $10, $21, $35, and $37.50 respectively.

 

For trading volume between $200,000 and $500,000 these savings start to shoot up, with savings as high as $680.00 between CPH Crypto and a competitor.

 

Affiliate Program

CPH Crypto users can now earn a 25% LIFETIME commission on fixed trading fees for every successful referral. Large marketplaces, content websites, social media influencers and bloggers can all take advantage of simple linking tools to maximize their advertizing needs and monetize their content.

 

Anyone can take advantage of fixed trading fees and competitive conversion rates earning with the CPH Crypto affiliate program today

 

Learn more about CHP Crypto’s broker platform – https://cphcrypto.com/

Follow CHP Crypto on Facebook – https://www.facebook.com/cphcrypto

 

Media Contact Info

Contact Name: Martin Lykke Nielsen

Contact Email: martin@cphcrypto.com

Phone Number: +45 31553867

 

CPHCrypto.com is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

 

About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today.

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The post Nasdaq OMX-listed Company NPInvestor Launches Crypto Brokerage, CPHCrypto appeared first on BitcoinNews.com.

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Stellar Lumen (XLM) Price Could Rally Significantly if it Clears $0.10

• Stellar lumen price found support near the $0.0902 level after a steady decline against the US Dollar.


• XLM price is slowly rising above $0.0950, but it facing hurdles near the 55 simple moving average (4-hours).


• There was a break above a major bearish trend line with resistance near $0.0970 on the 4-hours chart (data feed via Kraken).


• The pair could move into a bullish zone if it clears the $0.0988 and $0.1000 resistance levels.

Stellar lumen price is showing a few positive signs against the US Dollar, similar to bitcoin. XLM price must clear the $0.1000 resistance to start a strong upward move.

Stellar Lumen Price Analysis (XLM to USD)

This past week, stellar lumen price remained in a bearish zone and broke the $0.1050 support against the US Dollar. The XLM/USD pair even traded below the $0.1000 support level.

A new swing low was formed near $0.0902 and the price settled below the 55 simple moving average (4-hours). Recently, it started a decent recovery wave above the $0.0940 and $0.0950 levels. The bulls pushed the price above the 23.6% Fibonacci retracement level of the downward move from the $0.1064 high to $0.0902 low.

Moreover, there was a break above a major bearish trend line with resistance near $0.0970 on the 4-hours chart. Stellar price is now slowly rising above $0.0950, but it facing hurdles near the 55 simple moving average (4-hours).

The 50% Fibonacci retracement level of the downward move from the $0.1064 high to $0.0902 low is also acting as a resistance near the $0.0984 level. It seems like the price is facing a couple of major hurdles near $0.0980 and the 55 simple moving average (4-hours).

If there is a clear break above the $0.0980 and $0.1000 resistance levels, there are chances of a strong increase. The next major resistance is near the $0.1080 level.

Conversely, the price might fail to continue higher above $0.0980 or $0.1000. In the stated case, it could decline towards the $0.0944 support. The main support is near the $0.0902 level, below which the price might continue to decline towards $0.0880 support.

Stellar Lumen (XLM) Price

The chart indicates that XLM price is clearly attempting an upside break above $0.1000. Overall, the price could move into a bullish zone if it clears the $0.0988 and $0.1000 resistance levels.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is struggling to gain pace in the bullish zone.

4 hours RSI – The RSI for XLM/USD is currently declining and it is just below the 50 level.

Key Support Levels – $0.0904 and $0.0902.

Key Resistance Levels – $0.0980, $0.1000 and $0.1080.

The post Stellar Lumen (XLM) Price Could Rally Significantly if it Clears $0.10 appeared first on Live Bitcoin News.

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Xcoins.com Registers 500% YoY Growth, Stays Focused on Speed and Transparency of Crypto Transactions

The year 2020 has not been great so far as the global economy continues to reel under the blow dealt by the SARS-CoV-2 pandemic, causing a widespread slowdown. One of the most obvious indicators of troubled waters is the recent poor performance of the US Dollar – the reserve currency.

As uncertainty surrounds fiat currencies and other financial assets, people are increasingly flocking towards precious metals and cryptocurrencies like gold and Bitcoin respectively, resulting in an increase in their prices. Meanwhile, a lot of established exchanges have found themselves overwhelmed with increased demand leading to delayed Bitcoin transactions, leaving the crypto community searching for better alternatives.

During these challenging times, one exchange platform – Xcoins.com has remained steadfast and continues to offer the same, if not better service since the past four years. With over a quarter-million customers across the world, the platform enables users to instantly purchase Bitcoin and other digital currencies with debit and credit cards. Unlike its counterparts, which includes major crypto exchanges, Xcoins promises to deliver Bitcoin to the user’s wallet within 15 minutes of purchase. In an event it fails to adhere to the timeline, users will not have to pay any fees for the next transaction.

Xcoins has proven reliable so far, winning the crypto community’s trust. As a result, the platform has witnessed a 500% year-on-year growth this year as many switched to Xcoins to meet their crypto needs. According to the company, the recent uptick is influenced by a surge in the influx of users on to the platform from the United States, who make up for 90% of new signups in 2020.

“We are seeing more and more new users wanting a transparent full-service platform that delivers on time. Our core focus is to deliver Bitcoin at speed to all our customers. This is our core focus moving forward as we continue to experience healthy growth in the US market and build on our market presence,” said Przemek Dmochowski – Chief Marketing Officer at Xcoins.

Bitcoin users are increasingly looking for platforms capable of settling transactions fast, especially during times when the demand is high. It is influenced by their past experiences as well, as there have been instances where Bitcoin confirmation backlogs extended to days at times leading to network congestion.  Xcoins has emerged as the platform of choice because of its commitment to deliver in the shortest time possible, which combined with its easy signup process, credit card payments and a strong customer support team make it the best destination to purchase Bitcoin. Users can also purchase Litecoin, Ethereum, Ripple, and Bitcoin Cash on Xcoins.

With continued attention towards further optimizing the speed, transparency, and accessibility, the platform is poised to expand rapidly in the coming days.

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Litecoin Price Holds Strong at $60: A Bullish Case For Rally To $70

• Litecoin started a steady recovery wave from the $53.50 and $54.00 support levels against the US Dollar.


• The price is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).


• There was a break above a major bearish trend line with resistance near $58.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).


• The bulls seem to be aiming a larger upward move towards the $68.00 and $70.00 levels.

Litecoin price is gaining momentum above $60.00 against the US Dollar. LTC is likely to continue higher towards $68.00 or $70.00 as long as it is above $58.00.

Litecoin Price is Rising Steadily

After a steady decline, there was a recovery wave in bitcoin, Ethereum, ripple and litecoin against the US Dollar. Both ETH and LTC performed really well, and surged more than 5% in the past few sessions.

Litecoin price formed a support base above $55.00 and started a steady recovery wave above $60.00. There was a clear break above the 50% Fib retracement level of the downward move from the $68.92 high to $53.64 low.

Moreover, there was a break above a major bearish trend line with resistance near $58.00 on the 4-hours chart of the LTC/USD pair. The pair is now trading nicely above the $60.00 level and the 100 simple moving average (4-hours).

Litecoin price above $60.00. Source: TradingView.com

An initial resistance is near the $63.00 level. It is close to the 61.8% Fib retracement level of the downward move from the $68.92 high to $53.64 low. If there is a clear break above $63.00, the price might rise steadily towards the $65.00 level.

The main resistance is near the $68.00 level and $70.00 handle. The bulls are likely to target a test of the $70.00 resistance in the coming sessions.

Dips Likely Supported in LTC

If litecoin fails to continue above the $638.00 resistance, there are chances of a downside correction. On the downside, the first major support is near the $60.00 level and the 100 simple moving average (4-hours).

The next key support is near the $58.00 level, below which there is a risk of a fresh decline towards the $54.00 and $53.50 support levels.

Technical indicators:

4-hours MACD – The MACD is showing positive signs in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently correcting lower from the 70 level.

Major Support Levels – $60.00 followed by $58.00.

Major Resistance Levels – $68.00 and $70.00.

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Ripple Price Analysis: Bullish Break Above $0.30 Seems Likely

• Ripple price started a decent recovery wave from the $0.2545 swing low against the US dollar.


• The price is currently trading above the $0.2700 and $0.2750 resistance levels.


• There was a break above a key bearish trend line with resistance near $0.2705 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).


• The pair is likely to accelerate higher if it clears the $0.2920 and $0.3000 resistance levels.

Ripple price is slowly moving higher above $0.2800 against the US Dollar. XRP price could continue to rise if it manages to gain pace above $0.2920 and $0.2950.

Ripple Price Analysis

After a steady decline, ripple price found support near the $0.2550 level against the US Dollar. The XRP/USD pair traded as low as $0.2546 and recently started a decent recovery wave.

There was a break above the $0.2700 and $0.2720 resistance levels. The price gained pace above the 50% Fib retracement level of the downward move from the $0.2924 high to $0.2546 low. Ripple even settled above the $0.2750 level and the 55 simple moving average (4-hours).

More importantly, there was a break above a key bearish trend line with resistance near $0.2705 on the 4-hours chart of the XRP/USD pair. The pair is now testing the 76.4% Fib retracement level of the downward move from the $0.2924 high to $0.2546 low.

The first major resistance on the upside is near the $0.2920 level. The main breakout zone is near the $0.2980 and $0.3000 levels. A successful break above the $0.3000 barrier might open the doors for a strong increase towards the $0.3120 and $0.3200 levels in the near term.

Conversely, the price might start a downside correction from $0.2880 or $0.2920. An initial support on the downside is near the $0.2780 level and the 55 simple moving average (4-hours).

The main support is now forming near the $0.2740 level, below which the price is likely to restart its decline in the near term. The next major support could be $0.2640.

Ripple Price

Looking at the chart, ripple price is clearly facing a couple of important hurdles near $0.2920. Therefore, the price is likely to accelerate higher if it clears the $0.2920 and $0.3000 resistance levels.

Technical indicators

4 hours MACD – The MACD for XRP/USD is slowly losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 60 level.

Key Support Levels – $0.2780, $0.2740 and $0.2640.

Key Resistance Levels – $0.2920 and $0.3000.

The post Ripple Price Analysis: Bullish Break Above $0.30 Seems Likely appeared first on Live Bitcoin News.

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Ethereum Smashes Heavy Resistance: Next Bullish Levels Traders Should Watch

Ethereum gained bullish momentum above the $406 resistance against the US Dollar. ETH price is up over 5% and it seems like the bulls are aiming a test of $445 in the coming days.

• Ethereum climbed higher steadily and broke the $400 and $406 resistance levels.


• The price is now trading nicely above the $420 level the 100 hourly simple moving average.


• There is a short-term breakout pattern forming with resistance near $430 on the hourly chart of ETH/USD (data feed via Kraken).


• The pair could correct a few points, but the bulls seem to be aiming a test of $445 or $450.

Ethereum Price Gaining Bullish Momentum

In the weekly analysis, we discussed the chances of more upsides in Ethereum if it clears $408 against the US Dollar. ETH price did gain bullish momentum above the $406 and $408 resistance levels.

It climbed over 5% and surpassed the $420 resistance level. A high is formed near $430 and ether is now trading well above the 100 hourly simple moving average. It is currently consolidating gains below the $430 level.

There is a short-term breakout pattern forming with resistance near $430 on the hourly chart of ETH/USD. The triangle support is near the 23.6% Fib retracement level of the recent upward move from the $403 swing low to $430 high.

Ethereum price trades above $425. Source: TradingView.com

If there is a downside break below the triangle support, ether price could test the $420 or $416 support. The 50% Fib retracement level of the recent upward move from the $403 swing low to $430 high is also near $416.

On the upside, the bulls are facing hurdles near the $428 and $430 levels. A successful close above the $430 resistance could open the doors for another 3%-5% rise. The next key resistance is likely to be $445 or $450.

Downsides Are Likely To Be Limited in ETH

If Ethereum starts a steady downside correction, the $420 support or the $416 technical level might protect more downsides in the near term.

If there are more losses, the next major support is near the $406 level (the recent breakout zone), where the bulls are likely to take a stand. The main support and a pivot zone is near $400.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving into the bearish zone.

Hourly RSI – The RSI for ETH/USD is currently correcting lower towards the 60 level.

Major Support Level – $420

Major Resistance Level – $430

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Chainlink Doomsday Predictions: Zeus Capital Warns Investors Not To 'Get Fooled'

Zeus Capital has doubled down on its doomsday predictions on Chainlink (Link). It is now warning investors: “don’t get fooled… exit your positions before its too late.”

The asset management firm’s involved assessment follows a sharp decline in the price of Link in the last couple of weeks. By August 28, the asset had tanked more than 20% from its all-time high of nearly $20 reached twelve days earlier.

Chainlink sprinted to its record high within a matter of weeks, as the community hyped the project. Since January, the crypto is up more than 860% – a drive that landed it position number five on the list of the world’s most valuable virtual assets.

However, the altcoin’s bull run had been driven in part by a campaign to liquidate Zeus Capital, which took a short position on the coin, the company alleges. In an August 28 report published on its website, Zeus Capital accuses Chainlink of orchestrating “the most spectacular pump in crypto history.” It charged:

Without material technological improvements or actual user onboarding, the price almost tripled within less than a month. Lured by the rapid price appreciation, naive investors were outbidding each other.

Zeus Capital detailed a four-part pump cycle that began on July 31 with Link enthusiasts on Twitter and Telegram rallying investors to buy the coin and liquidate the “common enemy.” In the second week of August, campaigners set a specific target of $11.28 to destroy Zeus Capital’s short position.

“Scared of missing out, numerous retail investors took part in the pump scheme,” Zeus Capital says. FOMO allegedly drove the campaign to exceed its mark into a third phase, peaking at $19.85 on August 16.

The firm characterizes the last phase as a gloomy aftermath for investors who had put savings and loans into the pump, using screenshots supposedly taken from Twitter to show investors bemoaning the loss of “savings, mortgages… and even families.”

The report ends by questioning the ethical value of the exercise. “As arrogant as it could get, the pace of Link tokens sent from Smart Contract’s development wallet to Binance intensified during the period,” it says.

Smart Contract is the team behind the development of Chainlink. An analytics firm, Trustnodes, has reported that Chainlink developers dumped up to $40 million of the Link token once the price peaked.

As Chainlink initially crashed from its ATH to $15.41 in 48 hours, crypto analyst Cryptowhale characterized the token as a bubble waiting to burst, predicting that it will eventually lose 99% of its value.

Meanwhile, the price of Link climbed over 11% in the last 24 hours spurred by news of the company’s acquisition of Deco, a system that is supposed to improve data transmission across the Internet, from Cornell University. At the time of writing, Chainlink is trading at $17.34, according to data from markets.Bitcoin.com.

What do you think about Zeus Capital’s comments on Chainlink? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin Shows Signs of Reversal; But $12,000 Holds The Key For Strong Rally

Bitcoin price is showing reversal signs above the $11,550 resistance against the US Dollar. BTC must surpass the $12,000 resistance for a sustained upward move.

• Bitcoin started a steady rise above the $11,500 and $11,550 resistance levels.


• The price traded as high as $11,731 and it settled above the 100 hourly simple moving average.


• There is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).


• The pair is likely to accelerate higher if it clears the $11,800 and $12,000 resistance levels.

Bitcoin Price Recovering Steadily

After forming a support base above $11,400 and $11,200, bitcoin price started a fresh increase against the US Dollar. BTC broke the main $11,500 hurdle and the 100 hourly simple moving average to move into a positive zone.

It even surpassed the $11,650 level and traded as high as $11,731. The price is currently consolidating gains and trading near the $11,680 level. An initial support on the downside is near the $11,650 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $11,400 low to $11,731 high.

Moreover, there is a major ascending channel forming with support near $11,650 on the hourly chart of the BTC/USD pair. If there is a downside break below the channel support, the price could test the $11,550 support zone.

Bitcoin price trades above $11,650. Source: TradingView.com

The 50% Fib retracement level of the recent upward move from the $11,400 low to $11,731 high is also near the $11,568 level. On the upside, the price is facing a couple of short-term hurdles near the $11,800 level.

The main hurdle for the bulls is near the $12,000 level, above which the price is likely to start a strong rally. In the mentioned case, bitcoin is likely to hit the $12,500 level.

Downside Correction in BTC?

If bitcoin fails to continue higher above the $11,800 and $11,850 levels, there could be a short-term downside correction. The first key support is near the channel lower trend line near $11,650.

The main support is now forming near the $11,550 and $11,500 levels, below which the price is likely to resume its decline towards the $11,000 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 50 level.

Major Support Levels – $11,650, followed by $11,550.

Major Resistance Levels – $11,800, $11,850 and $12,000.

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Barstool’s Dave Portnoy Is Preparing to Re-Enter the Bitcoin & Crypto Market

Dave Portnoy has been dabbling in the crypto and Bitcoin market for a few weeks now. After being reintroduced to the cryptocurrency market by Twitter, the Barstool Sports founder and celebrity day trader has been frequenting Crypto Twitter.

It reached a point where he was introduced to the Winklevoss Twins, who co-founded the Gemini crypto exchange.

Portnoy was then visited by the twins, who convinced him to buy Bitcoin and Chainlink (LINK). According to the Barstool founder, he purchased around $200,000 worth of Bitcoin and $50,000 worth of Chainlink. The cryptocurrency market then rallied around 5% in the day after he made this purchase, with LINK especially surging.

After temporarily selling all his cryptocurrencies due to $25,000 worth of losses he incurred, Portnoy just announced that he may re-enter this nascent market.

Dave Portnoy May Soon Re-Enter Bitcoin

On August 30th, the Bitcoin newbie announced that he will soon re-enter the crypto market once he’s figured out the intricacies of the crypto market. In his words:

“For all my #Crypto friends I am studying you. I am learning the way you think, breathe, exist. And when my giganto brain has figured you out I will re enter the market and conquer you and then lead you. Until then I watch, study, observe and soak it all in.”

For all my #Crypto friends I am studying you. I am learning the way you think, breathe, exist. And when my giganto brain has figured you out I will re enter the market and conquer you and then lead you. Until then I watch, study, observe and soak it all in. pic.twitter.com/SQiEw9Xeql

— Dave Portnoy (@stoolpresidente) August 30, 2020

He previously exited the crypto market because he incurred a loss on two of three of his cryptocurrencies, Chainlink and Orchid (OXT):

“I currently own zero bitcoins. I will wait and watch. I lost 25k. Just like with the stock market it took my brain time to figure it out. I know this. The Link Marines are weak and the orchid flowers do die in the crypto world. I may or may not be done… You LINK Marines are a bunch of f**ing frauds — you guys keeping on dumping this, not pumping it.”

Focus on Chainlink

When he returns to crypto, Portnoy is expected to have a focus on Chainlink and other altcoins, not just Bitcoin.

He explained in a recent tweet that he intends on “saving” the LINK marines, who he notes need saving due to Chainlink’s recently dropping price.

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Barstool's Dave Portnoy Is Preparing to Re-Enter the Crypto Market

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Total Value Locked in Defi Jumped 85% in August, $8 Billion in Assets Held

A lot has changed during the last month, as the popular decentralized finance (defi) ecosystem has swelled considerably in value. Since the first week of August, the total value locked in defi jumped over 85% in 27 days from $4.2 billion to $7.88 billion on August 30.

The total value locked (TVL) in the decentralized finance (defi) economy is nearing $8 billion in value, as crypto funds have poured into the surrounding infrastructure. Statistics from the website defipulse.com show that the current TVL on Sunday, August 30, 2020, is $7.8 billion. The defi lending platform Aave makes up 21.86% of that value.

Aave just recently jumped to the number one position as far as dominance is concerned. When news.Bitcoin.com reported on the defi economy crossing $4 billion, Maker captured 31.9% of the dominance on August 3.

Another defi project that has been making waves is the Yearn Finance protocol and the native token YFI.

Yearn Finance essentially lets users leverage a variety of defi applications like Curve, Aave, and Compound in order to maximize yield or lending schemes. Basically, yield farmers strategically utilize a number of liquidity pools, as Yearn gives the best returns on all the liquidity within the ecosystem.

The project’s token YFI has amassed great value recently and on Saturday evening the token topped a high of $39,189 per coin. On Sunday, YFI is hovering just above the $30k mark as the price dipped to $27k a touch after midnight (ET).

Decentralized exchange (dex) platforms have seen massive trade volume during the last 30 days. Dex stats on Dune Analytics shows that there was $10.42 billion in global dex trade volume during the last month. $2.8 billion swapped on dex applications in the last seven days and $699 million in dex trade volume recorded today.

The last 30 day’s dex trade volume has increased by 142% and Uniswap is the most dominant decentralized exchange. The dex Uniswap captures 60% of the global dex trade volume which is followed by Curve (18.1%), and Balancer (8.9%) respectively.

Defi users over the last month have increased by 32% since August 1 from 293,475 users to 388,011 users recorded on August 29. Dune Analytics data considers each user as a unique address among the myriad of defi applications.

For instance, the count of unique addresses that traded in the last seven days on Uniswap was around 72,624 while Idex had around 4,007. Kyber (3,424), Curve (1,330), 0x (556), and Bancor (520) follow respectively with the trailing last seven days.

What do you think about the phenomenal growth defi has seen during the last 30 days? Let us know what you think in the comments below.

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Aave, Aave Dominance, Balancer, Compound, Curve, DeFi, Defi Apps, defi economy, defipulse.com, DEX, Dex Platforms, Dune Analytics, ETH, Ethereum, Kyber, total value locked, TVL, uniswap, Yearn Finance, YFI, yield farming

Image Credits: Shutterstock, Pixabay, Wiki Commons, defipulse.com, Dune Analytics

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