Crypto Land

2021-02-12 20:00:28 ​​Bitcoin Sets New ATH, Ethereum and Altcoins Remain Supported.

Bitcoin price gained bullish momentum above the USD 47,500 and USD 48,000 levels. BTC even traded to a new all-time high near USD 48,600 before correcting lower. It is currently (05:00 UTC) trading below USD 48,000, with major supports at USD 47,000 and USD 46,500.

Besides, most major altcoins are holding gains above key supports. ETH is struggling to gain momentum above USD 1,800, but it remains supported above USD 1,700. XRP/USD gained over 8% and it even spiked above the USD 0.550 resistance.

Bitcoin price
There was a steady increase in bitcoin price above the USD 47,000 resistance. BTC even traded to a new all-time high near USD 48,600, but there was no major follow through. The price failed to test USD 49,000 and started a fresh decline. There was a break below the USD 48,000 and USD 47,500 levels. An initial support is near the USD 47,000 level.
The first major support is now forming near the USD 46,500 level. The next key support is at USD 46,000. On the upside, the USD 48,000 level presents resistance.

Ethereum price
Ethereum price struggled to break the USD 1,820 and USD 1,830 resistance levels. ETH is correcting lower and trading well below USD 1,800. It is testing the USD 1,740 support, below which it might test the USD 1,700 support. Any more losses may possibly open the doors for a push towards the USD 1,650 level.
On the upside, an initial resistance is near the USD 1,800 level. The main breakout zone is now forming near the USD 1,820 and USD 1,830 levels.

ADA, litecoin and XRP price
Cardano (ADA) almost tested the main USD 1 resistance level. A high is formed near USD 0.980 level and the price is currently correcting lower. It traded below the USD 0.920 support and it seems to be approaching the USD 0.880 support. The main uptrend support sits at USD 0.850, where the bulls might take a strong stand.
Litecoin (LTC) retested the USD 192 resistance before dipping below USD 185. LTC is testing the USD 180 support, below which it might find a strong buying interest near the USD 175 level. On the upside, the USD 188 level is a short-term resistance. The first major resistance is at USD 192 and USD 195, followed by USD 200.
XRP price performed well after it settled above the USD 0.520 resistance. The price even surged above the USD 0.550 level and tested USD 0.570. It is correcting gains, but dips might remain limited below USD 0.532 and USD 0.520. On the upside, the main target for the bulls could be USD 0.585.

Other altcoins market today
Many altcoins gained over 20%, including GRT, NANO, ENJ, VGX, BAT, YFI, OCEAN, STX, FTM, VET, XMR, ATOM, MIOTA, ZEC, and ZRX. Out of these, GRT surged 85% and it cleared the USD 2.20 level.

Overall, bitcoin price is correcting gains from well above USD 48,000. BTC might even test USD 46,000, but the overall price action suggests more upsides in the near term. Open / Comment

2021-02-09 20:30:00 ​​Bitcoin and Ethereum Correct Gains, Altcoins Remain Elevated.

Bitcoin price extended its rally above the USD 45,000 and USD 46,500 resistance levels. BTC even surpassed USD 48,000 briefly, hitting its new all-time high. It is currently (12:45 UTC) correcting gains and trading well below USD 46,500.
Similarly, ethereum climbed above USD 1,800, traded to a new all-time high at USD 1,825, and it is correcting lower. Besides, most other major altcoins remain in a steady uptrend. XRP/USD is holding the USD 0.465 and USD 0.450 support levels.

Bitcoin price
There was a strong increase in bitcoin price above the USD 45,000 resistance level. BTC even cleared the USD 47,500 level and traded to a new all-time high near USD 48,200. Recently, there was a downside correction below USD 47,500 and the price declined below USD 47,000. The price is now approaching the USD 45,000 level, below which it could test the USD 42,500 support.
On the upside, the price is facing hurdles near USD 47,200 and USD 47,500. A fresh break above USD 47,500 might push the price to a new all-time high.

Ethereum price
Ethereum price followed a positive path and it climbed above the USD 1,770 resistance level. ETH even cleared the USD 1,800 level, but upsides were limited. It traded to a new all-time high near USD 1,825 before correcting lower sharply.
The price is now trading in a range above USD 1,720, with the next key support at USD 1,700. On the upside, the price must settle above USD 1,800 for upside continuation in the near term.

ADA, litecoin and XRP price
Cardano (ADA) failed to stay above the USD 0.700 level and corrected lower. ADA is now trading just above the USD 0.670 support. The main support is now forming near the USD 0.655 level, below which there is a risk of a larger decline. On the upside, a close above USD 0.700 could start a strong increase in the coming sessions.
Litecoin (LTC) is showing positive signs above USD 165 level. On the upside, the USD 172 level is a short-term resistance. The next key resistance could be near USD 188. If the price fails to stay above the USD 165 support, it could correct lower towards the USD 155 level.
XRP price is still holding gains above the USD 0.465 support level. The first key resistance sits at USD 0.480. The next major resistance is near the USD 0.492 level, above which the bulls might aim a break above the USD 0.500 resistance zone. If there is a fresh decline, the price might struggle to stay above USD 0.465 and it could test USD 0.450.

Other altcoins market today
Many altcoins gained over 15%, including LUNA, CAKE, BNB, FIL, DGB, MIOTA, TRX, STX, XVG, FTT, OKB, NANO, HEDG, and BSV. Out of these, BNB is surging, getting closer to the USD 100 barrier.

To sum up, bitcoin price is correcting gains below USD 47,000. However, the USD 45,000 level might provide support. Any more losses could lead BTC towards USD 42,500. Open / Comment

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2021-02-06 20:00:48 ​​Can't Beat Crypto Regulators? Educate Them.

Crypto industry players urge each other to focus more on educating regulators to avoid overregulation and help authorities to foster financial innovation.

According to Dave Hodgson, Chief Investment Officer at NEM Group and Managing Director at NEM Ventures, “one primary obstacle that we are facing going into 2021 is regulations that remain inconsistent and often unclear across national boundaries.”

However, some major companies are working with regulators in order to help them shape a more friendly environment, hopefully, not only for themselves.

For example, the CEO of major crypto exchange Binance, Changpeng Zhao, hopes for more regulatory clarity this year and expects to see "more positive results" of their efforts of working with regulators and helping them make better tools to improve compliance.

“The natural evolution of financial markets requires that regulation must be imposed to protect those that don't really understand the risks,” argued Monica Singer, the South African Lead for Ethereum-focused major blockchain company ConsenSys. As the regulators understand the products and the risks, they will be able to issue regulations and taxes where it’s applicable, she said, adding that taxes will “have to be imposed,” given that any transaction in the production of income should contribute to the government finances – as is the definition of taxes.

Bo Oney, Chief of Compliance of Bitcoin ATM operator Coinsource, stressed that regulation “should be crafted to foster continued financial innovation, without damaging the value accrued by consumers or investors. He hopes to see “a closer negotiation between regulatory authorities and virtual assets service providers in the near future.”

DeFi and 'the last legs' of the Wild West
Meanwhile, Rachid Ajaja, CEO and Founder of AllianceBlock, an organization building a globally compliant, decentralized capital market, stressed that as the DeFi (decentralized finance) sector is growing, the new regulation is needed to bridge traditional finance, TradFi, and DeFi.

“Thankfully, we are seeing an increasing appetite among regulators in this sphere. All of these elements will have a great impact on blockchain and more specifically DeFi throughout 2021,” he said.

Also, Andrew Kessler, tech entrepreneur and cryptographic expert, said that a number of jurisdictions, such as Malta and Liechtenstein, are maturing when it comes to regulation at a government level. It is the governments who have the power to either hinder or foster the growth of revolutionary technologies, he said, and this will be a key factor for long-term growth. Open / Comment

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2021-02-04 18:38:55 ETH breaks out from Bitcoin, goes ballistic to $1,700


Read more https://bit.ly/3aCi2Te

Ethereum upsurge remains unique and has the potential to continue beyond $2,000 in the short-term.
Ether whales are still on a buying spree, suggesting that investor sentiment is still positive.

Ethereum is at the helm of cryptocurrency price action for rising to a new all-time high. The largest altcoin’s least resistance path has been upward since it broke above $1,400. Our analysis on Wednesday predicted that Ether is heading to $1,800, however, the smart contract token is exchanging hands at $1,666 after retreating from $1,700 (new all-time ). Open / Comment

2021-02-03 21:00:33 ​​'Profit-Taking Has Completed' - Will The Market See Bullish Bitcoin Signals?

Earlier today, BTC jumped to almost USD 35,350 before it corrected lower again. At pixel time (14:00 UTC), BTC trades at USD 34,656 and is up by 3.4% in a day and 7% in a week.

Meanwhile, once selling starts, "the selling pressure begets more sellers taking their profits while it's still there. Profit-taking has now completed," said crypto researcher and analyst Willy Woo in a recent weekly report by on-chain analysis firm Glassnode.

Per Woo's "bullish" comment, "the market has completed a full purge of overheatedness."

Pointing to a SOPR (Spend Output Profit Ratio) chart, Woo argues that in order for it to go lower, investors would need to sell at a loss, and in order for them to be willing to do so, we'd need to enter a bearish phase, which is "very unlikely as we are bounded by the USD 29k price floor."

Meanwhile, per Glassnode, investors were confident the price would rise further, and concluded that it's unlikely that investors would be selling at a loss now.

Furthermore, the firm yesterday reported that the Bitcoin network activity reached an all-time high. More than 22.3m unique addresses were active in the network sending or receiving BTC, they tweeted, which is the highest monthly number in Bitcoin's history.

There are some other bullish signs reported, however. Analyst Byzanite General noted that global BTC spot reserves are at the lowest point since the macro bottom in December 2018, saying "spot reserves dropped pretty hard yesterday (which is bullish)." This sudden outflow, he argues, is mostly because of crypto exchange Coinbase.

Connected to this is the amount of BTC flowing out of Coinbase in a single day. Per crypto data firm CryptoQuant's CEO Ki Young Ju, over BTC 15,200 (USD 529m), left Coinbase Pro yesterday. "It's likely to be OTC over-the-counter deals from institutional investors," he said, and added: "I believe this is the strongest bullish signal." Open / Comment

2021-01-29 11:30:41 ​​ Cybersecurity company Hacken reports a breach to the hackaton's website. After the recent announcement of the community-hosted First Grey Hats Ideas Competition hackaton, it seems that hackers took notice of it.

According to company's report, the website is now operational and user data is completely unaffected. After the hack, a message was found announcing a project with plans to improve security of DeFi products.

Hacken team members reached out to hackers to learn more about the project.

Official statement from Hacken: https://hacken.io/hacken-news/official-statement-regarding-the-hacking-of-the-first-grey-hats-ideas-competition-site/ Open / Comment

2021-01-28 21:00:32 ​​Regulators Ponder Strategy As Bitcoin & Co Are Too Large to Ignore.

The writing is on the wall: regulation is coming for crypto. While a small handful of nations have already introduced specific cryptoasset legislation over the past few years, it looks as though the world’s major powers are gearing up to introduce substantial new regulations and laws.

This point was brought home forcefully by remarks made in mid-January by European Central Bank (ECB) President Christine Lagarde. Speaking to Reuters, she said “there has to be regulation” of crypto at a global level, mostly due to the fact that bitcoin and other coins are used for “totally reprehensible money laundering activity.”

However, according to Chainalysis, the criminal share of all cryptocurrency activity fell from 2.1% (USD 21.4bn) in 2019 to 0.34%, or USD 10bn in transaction volume in 2020.

In either case, together with recent actions from the US Treasury and Financial Crimes Enforcement Network (FinCEN), such overtures suggest that crypto is due for a legislative reckoning sooner or later, with nations using the excuse of money laundering to bring it more fully within their oversight.

For Smith, there’s no single motive as to why regulators are now beginning to push more strongly for regulation. Rather, “a confluence of factors” have come together to push them to bring crypto within the purview of the wider financial system.

“And the reaction to that legitimacy and growth may manifest itself in defensive moves to protect sovereign financial institutions, or a reach to augment international financial power by developing national blockchain systems, as in the case of China. The basic point is that crypto has become too large a force to be ignored,” she added.

Other figures are less sanguine. For Bambos Tsiattalou, a lawyer and founding partner at the London-based Stokoe Partnership Solicitors, the overarching intention of regulators isn’t to make crypto ‘respectable,’ but to suffocate it.

Tsiattalou acknowledges that the focus of the ECB in particular on money laundering is somewhat hypocritical, given that high-denomination banknotes such as the EUR 500 bill are notorious as money-laundering tools. However, he suspects regulators are determined to hamper crypto as far as possible.

“The proposed state-backed digital currencies will be supported and managed by major central banks and the resources of major states,” he said, suggesting that businesses and consumers will much prefer these to decentralized cryptocurrencies. “Further regulation will also undermine the speculative value which some have unwisely placed in cryptocurrencies.” Open / Comment

2021-01-25 20:00:34 ​​Bitcoin-Loving Nasdaq Companies Surge On Multimillion BTC Deals.

After US-based business intelligence company MicroStrategy (MSTR) revealed its relatively small USD 10m bitcoin (BTC) deal last Friday, Marathon Patent Group (MARA), another Nasdaq-listed entity, said it purchased BTC 4,812.66 for an aggregate purchase price of USD 150m. Shares of both companies jumped in the first trading hour on Monday.

MARA rallied by around 8%, reaching USD 19.83, while MSTR advanced by almost 4%, hitting USD 597.88.

The Marathon's stash is now worth around USD 167m.

"By purchasing USD 150m worth of bitcoin, we have accelerated the process of building Marathon into what we believe to be the de facto investment choice for individuals and institutions who are seeking exposure to this new asset class," Merrick Okamoto, Marathon’s Chairman & CEO, said, adding that they "believe that holding part of our Treasury reserves in Bitcoin will be a better long-term strategy than holding US Dollars, similar to other forward-thinking companies like MicroStrategy."

The CEO said the company has "contracted to purchase 103,060 miners, all of which are currently expected to be delivered and fully deployed by the end of the first quarter of fiscal 2022." If all miners were operational today, based on the Bitcoin network’s current difficulty rate, they would produce approximately 55-60 bitcoins per day, according to Okamoto.

"However, by leveraging our cash on hand to invest in Bitcoin now, we have transformed our potential to be a pure-play investment into a reality," he added.

The company said it acquired BTC with the help of NYDIG, a Stone Ridge-run subsidiary firm that provides crypto services to institutional investors.

As reported, MicroStrategy said it will host the Bitcoin for Corporations online event on February 3-4 in order to help companies to develop & implement their Bitcoin strategy. Open / Comment