Thursday, October 22

Cryptocurrency

Cryptocurrency

This Simple Pattern Suggests Ethereum Is Preparing For Another Leg Higher
Cryptocurrency

This Simple Pattern Suggests Ethereum Is Preparing For Another Leg Higher

Ethereum is showing positive signs and it traded to a new monthly high at $281 against the US Dollar. ETH price likely to continue higher as long as it is above $260. Ethereum extended its rally above the $270 and $275 resistance levels. The price traded to a new monthly high at $281 and it is currently correcting lower. There is a new contracting triangle forming with resistance near $272 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to break to the upside and continue higher towards $280 and $288. Ethereum Price Gaining Bullish Momentum In the past few days, there was a steady increase in Ethereum above the $250 resistance against the US Dollar. ETH price settled above the $260 resistance and the 100 hourly simple movin...
S&P 500 Prints Signal Seen Before March’s Crash: Will Bitcoin Suffer?
Cryptocurrency

S&P 500 Prints Signal Seen Before March’s Crash: Will Bitcoin Suffer?

Bitcoin’s price action has become increasingly dependent on that of the S&P 500 over recent months. The correlation is so strong that it has been observed by analysts who do not actively watch the cryptocurrency space, such as a team at JP Morgan. Data shared by analysts suggest the correlation between these two markets is at all-time highs. Chart of BTC and SPX from TradingView.com Although some have made the argument that this trend is bullish for Bitcoin, stocks are printing potential reversal signs. Should the correlation continue to hold, any correction in the stock market could spell disaster for cryptocurrencies. Related Reading: Crypto Tidbits: Twitter’s “Bitcoin Scam,” Elon Musk & Dogecoin, Institutions Want BTC & ETH ...
Bitcoin Bullish Structure is Breaking, Analysts Explain Why
Cryptocurrency

Bitcoin Bullish Structure is Breaking, Analysts Explain Why

Bitcoin declined during the Friday trading session after establishing its weekly top at $9,686. The downside correction appeared on rising profit-taking sentiment near $9,700, a historically strong resistance level. Analysts asserted that Bitcoin’s latest move is a sign of its bullish structure breaking, with one envisioning it to fall back towards $9,200. Bitcoin stepped back from continuing its modest bull run upon facing a higher selling sentiment at its local top. The benchmark cryptocurrency slipped by up to 2.17 percent from a weekly high of $9,686. So it seems, it fell owing to an existing profit-taking sentiment near the $9,700-mark. Daytraders looking to score attractive, short-term gains exited their bullish positions, leading to a minor pri...
Former Nissan Boss Paid $500k in Crypto to Evade Corporate Conspiracy
Cryptocurrency

Former Nissan Boss Paid $500k in Crypto to Evade Corporate Conspiracy

The son of former Nissan chairman Carlos Ghosn made $500k in crypto payments to help secure the escape of his father from Japanese authorities. The case goes back as far as November 2018, when police first arrested Ghosn in Tokyo on charges of underreporting his earnings. Since then, further investigations have turned up a string of other allegations, including using company assets for personal use and false accounting. Source: depositphotos.com According to US federal prosecutors, private security contractor Peter Taylor, with assistance from his father, Michael Taylor, a former US Army Special Forces operative, received payment in exchange for their role in helping Ghosn flee from Japan. Federal prosecutors claim the Taylors smuggled Ghos...
Ethereum Bull Flag Breakout Could Set Price En Route to $350; Here’s Why
Cryptocurrency

Ethereum Bull Flag Breakout Could Set Price En Route to $350; Here’s Why

Ethereum broke out of its sideways range on July 21, eventually establishing a quarter-to-date high at $280.76. The breakout move also confirmed a Bullish Flag pattern, a continuation signal that occurs as a brief pause following a significant price move higher. It has now set Ethereum en route to its ideal price target near $350. More explanations below. Ethereum behavior over the last four months continues to point to an overall jump to higher prices. The second-largest cryptocurrency (by market cap) surged by more than 200 percent from its mid-March nadir. Its rally meanwhile saw a parabolic upside move, followed by an overstretched period of consolidation, and an uptrend continuation later. The entire pattern resembles that of a Bull Flag, a tec...
Bitcoin Signals Bullish Breakout as EU Confirms $2tn Stimulus Package
Cryptocurrency

Bitcoin Signals Bullish Breakout as EU Confirms $2tn Stimulus Package

Bitcoin broke out of a narrow technical range to close above $9,300 this Tuesday. The jump appeared after the European Union leaders confirmed a €1.8 trillion ($2.06 trillion) stimulus package. The cryptocurrency now eyes bullish continuation beyond $9,400, a resistance level it failed to break twice in the last three weeks. Bitcoin jumped on Tuesday as European Union leaders reached a historic agreement on a stimulus package earlier this morning. The BTC/USD exchange rate was up 1.85 percent to circa $9,330 as of 1016 GMT. At its intraday high, the pair was trading at $9,367. Meanwhile, all the top coins tailed Bitcoin’s upside moves, with Ethereum, XRP, Chainlink, and others rising within the range of 1-3 percent. Another Financial Aid A summit among European bloc’s 27 leaders in Brus...
Chainlink Tops DeFi Ranking on CoinMarketCap Amid ‘Baseless Criticism’
Cryptocurrency

Chainlink Tops DeFi Ranking on CoinMarketCap Amid ‘Baseless Criticism’

Cryptocurrency ranking resource CoinMarketCap is facing a backlash after listing Chainlink (LINK) as the biggest DeFi token by market cap. The website’s new DeFi section lists what executives consider to be the most important altcoins in the space, which is seeing considerable interest from traders and investors. DeFi: Next week Binance Coin? Speaking to Cointelegraph, CoinMarketCap Head of Research, Gerald Chee, said that it employs “strict methodology” in order to determine if a particular token qualifies as “DeFi” and is therefore eligible for inclusion in its rankings. Chainlink, a smart contract platform, is however an unlikely addition — following the section’s launch, various commentators argued that LINK is not strictly a DeFi token. “Chainlink is now the number 1 defi token thank...
Bitcoin Surges to $9.3K for First Time in a Week — Is it a Fakeout?
Cryptocurrency

Bitcoin Surges to $9.3K for First Time in a Week — Is it a Fakeout?

The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, surged past $9,300 on July 21 for the first time in over a week. Following a low-volatility range, traders are seemingly turning cautiously bullish in the near-term. Since late June, Bitcoin has been stuck in a relatively tight range between $9,000 and $9,250. It struggled to see a major price movement causing the volume to slump. After a quick upsurge from $9,150 to over $9,300, traders predict that a volatility spike is imminent. The price surge coincided with a U.S. stock market rally, driven by a new round of stimulus. U.S. Treasury Secretary Steven Mnuchin said a $1 trillion stimulus deal is in the works. The performance of top cryptocurrencies in the last 24 hours. Source: Coin360.io Some traders sa...
Russia Shelves Plans to Criminalize Bitcoin Transactions – For Now
Cryptocurrency

Russia Shelves Plans to Criminalize Bitcoin Transactions – For Now

Russia has dropped plans to criminalize bitcoin transactions – for now, according to local media reports. The Digital Financial Assets Bill (DFA), due to be read for the second time in the Russian parliament – or State Duma – on July 21, has removed references to administrative and criminal liability for dealing in bitcoin (BTC). A third and final reading will establish it as law. “There will be no liability in this bill,” Anatoly Aksakov, head of the parliament’s financial markets committee, told local news agency Ria Novosti. Aksakov, who is sponsoring the draft law, said the idea to penalize BTC investors with fines and jail terms had been set aside – for the time being. “They’ve removed everything, there’s only a link that the regulation of digital currency will be determined in...
Amir Taaki Knocks Bitcoin Coinjoin Schemes – Calls Methods ‘Absolute Garbage’
Cryptocurrency

Amir Taaki Knocks Bitcoin Coinjoin Schemes – Calls Methods ‘Absolute Garbage’

On July 17, the well known Dark Wallet creator and early Bitcoin developer, Amir Taaki, criticized bitcoin privacy methods on Twitter. Taaki claimed that UTXO mixing concepts like Coinjoin were “absolute garbage.” Taaki also knocked other concepts like Mimblewimble and privacy-centric coins like monero as well, claiming that zero-knowledge accumulators will be the “anonymous gold standard” going forward. Certain methods of privacy-enhancing and transaction obfuscation like Coinjoin were recently criticized by the early Bitcoin (BTC) developer Amir Taaki. The software engineer created the Dark Wallet application with Defense Distributed’s founder Cody Wilson years ago but disappeared for a while. More recently, Taaki has returned to the crypto community, at least vocally, and he has ...