Crypto “Reserve Currency,” Tether (USDT) Hits a $10 Billion Market Cap

Weeks ago, NewsBTC reported that the market capitalization of leading crypto stablecoin Tether (USDT) was on track to $10 billion. This week, after a large minting of coins, the milestone was reached.

Related Reading: A Hacker Just Drained $500k in Ethereum & Altcoins From a DeFi App

Crypto’s “Reserve Currency” Hits $10 Billion Market Cap

According to Messari analyst Ryan Watkins, the market capitalization of USDT passed 10 billion on June 30th. It is the third cryptocurrency currently in this 10-figure range.”

At the start of the year, the market capitalization of the asset was closer to $4.5 billion. And at the start of 2019, the figure was well under $3 billion.

Image

Chart of USDT's market capitalization shared by Messari analyst Ryan Watkins, a former investment banker.

Some see USDT’s market cap growth as a sign of increasing interest in cryptocurrency.

Because USDT can be easily transacted into Bitcoin, Ethereum, and others, firms/large traders can theoretically mint the asset via Tether. After that, they can send the coins to exchanges to be traded for the asset.

Though, this goes the other way: Paolo Ardoino said in a podcast that during March, traders that couldn’t liquidate their coins into fiat opted for USDT instead. Ardonio is the CTO of Tether and Bitfinex.

The Compound Effect on Tether

USDT’s market capitalization may also be benefiting from growth in decentralized finance, specifically the Compound protocol.

Compound is an Ethereum-based money-market protocol that allows investors to borrow and make money by lending out cryptocurrencies. The platform supports assets from Ethereum and Basic Attention Token to stablecoins like DAI and USDT.

Due to a number of variables, USDT has quickly become one of the most popular coins on the platform.

At one time last week, Compound reported that there was more than $150 million worth of USDT deposited in the protocol.

This is but a fraction of the total supply cap. But the increase in demand for the stablecoin may have spurred investors enough to send money to Tether and receive USDT in return.

Importance to Crypto Industry Grows

With USDT’s market capitalization surmounting $10 billion, its importance to this industry becomes even more pronounced.

Qiao Wang,  an ex-Messari executive and analyst in the space, recently said the following:

“3 companies that, if something catastrophic happened to them today, would cause a tsunami in these markets: Silvergate, crypto banking; Tether, reserve currency of crypto; and Genesis, primary venue of liquidity for crypto loans.”

Its market capitalization may only be around 4-5% of the entire crypto market. Yet USDT accounts for a large portion of the volume and on-chain value, with more and more exchanges and other service providers adopting it.

Related Reading: Uber & Robinhood Angel Investor: 99% of Altcoin Projects Are Garbage
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Price tags: xbtusd, btcusd, btcusdt
Crypto "Reserve Currency," Tether (USDT) Hits $10 Billion Market Capitalization


Source: News BTC
Original Post: Crypto “Reserve Currency,” Tether (USDT) Hits a Billion Market Cap

China Highlights Blockchain in Pandemic Preparedness Strategy

China is looking into the use of blockchain technology to promote data sharing among medical institutions amid future pandemics.


Source: Cointelegraph.com
Original Post: China Highlights Blockchain in Pandemic Preparedness Strategy

Ethereum yield farming change could “sharply break” DAI’s $1 peg: analyst

The past few weeks have seen so-called “yield farming” gain popularity throughout the Ethereum ecosystem. Yield farming, in short, is the act of maximizing the yield one makes via decentralized finance (DeFi) applications.

So far, yield farming has arguably been a good thing for the Ethereum blockchain. Blockchain analytics firm Santiment reported on Jun. 29 that the number of daily active Ethereum addresses just hit a two-year high, somewhat shy of the all-time high.

Yet a proposed change to the Compound DeFi protocol purportedly threatens to upset the stability of the DAI stablecoin and the MakerDAO ecosystem.

And that isn’t good for the DeFi ecosystem.

What’s yield farming?

Before we get into the details, some background: in the middle of June, leading money-market DeFi protocol Compound publicly released their native token, COMP.

COMP is an Ethereum-based governance token that allows its holders to influence the direction of the protocol. But that isn’t what’s interesting about it. What’s interesting is that it can be “mined” by users of Compound by lending or borrowing cryptocurrency.

This system is effectively the origin of yield farming.

Compound may soon change how COMP is mined — and DAI could be affected

Yet, yield farming is set to change.

Last week, a user revealed a COMP distribution patch that will change how the token is distributed. As it’s somewhat complicated, the long and short of the change is that it is implemented, it will remove leverage from yield farming while also aiming to more equally distribute the altcoin.

According to Cyrus Younessi, a risk analyst at Maker (the team behind MakerDAO), this change could have a disastrous effect on the stability of the DAI stablecoin, algorithmically pegged to the U.S. dollar.

As it stands, DAI has been largely kept out of the yield farming equation due to the low yields offered when using this market (image below).

DAI interest rate
Compound’s DAI interest rate model, shared by Cyrus Younessi

Yet with the patch, which has been unanimously agreed on by COMP holders, Younessi believes that DAI will become one of the most important assets to Ethereum yield farmers.

“Due to the high APY for COMP farming (circa ~70-100% APY), there is a chance (likelihood, even) that we see an unprecedented demand for Dai. Much of the natural supply for Dai could also be locked up in COMP farming, thinning out sell-side orderbooks.”

That’s to say, DAI could lose its peg to $1. Younessi further explained that DAI could break its “peg sharply,” forcing the cryptocurrency further off its peg as DAI demand explodes due to the Compound’s incentive structure.

If the stablecoin had a high price and little liquidity on exchanges, the DeFi ecosystem is threatened. Crypto fund Parafi Capital wrote after the DAI peg broke after March 2020’s crash:

“DAI remains very thinly traded across both centralized and decentralized exchanges… As shown on Black Thursday, a lack of DAI liquidity can have damaging effects on MakerDAO and the broader DeFi ecosystem.”

With Compound incentivizing users to take DAI off exchanges and use it to yield farm, liquidity dries up, prices are likely to rise, and a series of second-order effects appear for Ethereum users.

There’s a reason why Adam Cochran, a partner at MetaCartel Ventures and a professor at a computer science-focused college in Canada, called DAI “DeFi’s biggest risk.”

The post Ethereum yield farming change could “sharply break” DAI’s $1 peg: analyst appeared first on CryptoSlate.


Source: CryptoSlate
Original Post: Ethereum yield farming change could “sharply break” DAI’s peg: analyst

Why This Major Crypto Could Soon Crater to Early-2017 Lows

Litecoin is one of many crypto tokens that has been struggling to garner any upwards momentum in recent times.

LTC has formed an incredibly close correlation to Bitcoin as of late, which has caused it to enter a long-held bout of sideways trading. Like BTC, it is currently trading at the lower boundary of this range and is beginning to flash some overt signs of weakness.

Analysts believe that its next big movement could prove to be dire for bulls, as it may plummet to levels not seen since early-2017.

There is one fractal pattern signaling that this next drop could be followed by a significant upside movement.

Its imminent decline, however, may be a symptom of the weakness that the cryptocurrency has seen relative to the rest of the markets in 2020. One trader is pointing out that it has been woefully underperforming many of its peers.

Litecoin Forms Close Correlation to Bitcoin But Severely Underperforms Crypto Market in 2020

At the time of writing, Litecoin is trading down just over 1% at its current price of $41. This is around the price level at which it has been hovering around for the past couple of days.

LTC’s over-month-long trading range has been established between $40 and $50, with the crypto only breaking above and below these boundaries on a few brief occasions.

This trading range has been formed in tandem with Bitcoin forming its range between $9,000 and $10,000.

Because Bitcoin and Litecoin have grown incredibly correlated as of late, it does appear that whether or not LTC breaks below $40 will depend on if the benchmark crypto is able to maintain above $9,000.

From a macro perspective, 2020 hasn’t been too great for Litecoin, as it is trading down nominally from where it started the year.

One analyst spoke about this in a recent tweet, explaining that LTC, Bitcoin Cash, and XRP have all been quite lethargic as of late, being unable to see “V-shaped” recoveries since the mid-March meltdown.

“Now if we look at the performance of the ‘Majors’ we’ve only really had ADA with a stronger return. Huge markup and the only one to have exceeded the Feb high. Weakness in recovery for BCH, LTC and XRP. Reduced % returns, rounding off and a huge distance from the Feb highs.”

Litecoin Crypto

Image Courtesy of Cold Blooded Shiller. Chart via TradingView.

LTC Likely to Decline to Early-2017 Lows Against Bitcoin

One analyst recently explained that he expects this underperformance to continue strong in the weeks ahead, potentially leading the crypto down to BTC price levels not seen since early-2017.

“LTCBTC: Can’t rule out another leg down. Would be a decent area to accumulate from,” he explained.

The same analyst also notes that this could form a similar fractal pattern to one seen a few years ago, signaling that this next decline could be just what is needed to kick off a parabolic uptrend.

Image Courtesy of TraderXO. Chart via TradingView.
Featured image from Shutterstock.
Charts from TradingView.


Source: News BTC
Original Post: Why This Major Crypto Could Soon Crater to Early-2017 Lows

These Macro Factors Show That Bitcoin Bears are Gaining Control of BTC

Bitcoin’s bulls and bears appear to be locked within an intense battle for control over the cryptocurrency
Bears have been gaining the upper hand over the past few weeks, as the crypto has been consistently trending downwards despite being caught within a multi-week consolidation phase
Presently, BTC is trading just above a crucial support level that appears to be growing weaker due to it being tested on multiple occasions over the past few days
As the benchmark cryptocurrency’s monthly close fast approaches, there are a few macro factors that suggest bears may soon have full control over it

Bitcoin and the aggregated crypto market have not been able to garner any decisive momentum despite the turbulence seen last week.
One trend that does appear to be favoring sellers is the consistent lower highs it has been setting over the past few weeks.
It first started ranging at $9,700, then hovered around $9,400, and is now trading just above its range lows at $9,000.
There are a few other trends that could determine the cryptocurrency’s macro outlook, and they all heavily favor sellers. This comes as Bitcoin’s monthly candle close looms in the coming few hours.
Bitcoin Consolidates at $9,100 Following Last Week’s Volatility 
At the time of writing, Bitcoin is trading down marginally at its current price of $9,140. This is around the price level at which it has been trading over the past couple of days.
Yesterday, the crypto did attempt to climb higher but was met with insurmountable resistance within the $9,200 region.
Last week’s volatility – which sent Bitcoin to highs of $9,800 before it reeled to lows of $8,900 – did little to provide clarity into the cryptocurrency’s short-term trend.
That being said, it did work to confirm a bear-favoring “death cross” pattern that tends to flash before Bitcoin makes sharp downside movements.
One analyst spoke about this occurrence in a recent tweet, noting that it has made the crypto appear to be weak while looking towards its 4-hour chart.

Image Courtesy of Teddy. Chart via TradingView
This could cause Bitcoin to end its June candle on a low note, potentially giving rise to a downtrend throughout July.
BTC’s Rejections at $10,000 Spell Macro Trouble, Claims Analyst
In addition to forming a “death cross” heading into its monthly candle close, one analyst is also noting that the consecutive rejections posted at $10,000 over the past several weeks seems to spell trouble for what comes next.
This has led him to suspect that a test of $8,600 is imminent, with its reaction to this level providing crucial insights into Bitcoin’s mid-term trend.
“BTC HTF Update: Rejected $10,000 for the second time this year and it seems as though HTF momentum is starting to slow, expecting price just to range here for a while, which is fine as long as buyers continue to support RL… Thinking a retest of RL at $8600 region is likely,” he said.

Image Courtesy of Cactus. Chart via TradingView.

Featured image from Shutterstock.
Charts from TradingView.
Source: Bitcoinist.com
Original Post: These Macro Factors Show That Bitcoin Bears are Gaining Control of BTC

Bullish Case for Bitcoin Grows as BTC Whale Population Tops 3-Year High

On-chain data shows the total number of Bitcoin whales surpassed a 3-year high above 1,800 over the past 3 months.


Source: Cointelegraph.com
Original Post: Bullish Case for Bitcoin Grows as BTC Whale Population Tops 3-Year High

Allegedly Fraudulent Crypto Exchange Shut Down by UK High Court

The UK Insolvency Service claimed that GPay is nothing but a “scam” after conducting confidential inquiries.


Source: Cointelegraph.com
Original Post: Allegedly Fraudulent Crypto Exchange Shut Down by UK High Court

Bamboozled: Gavin Andresen Says He Could Have Been Fooled by Craig Wright, BSV Supporters Speak Out

This week a number of Kleiman v. Wright lawsuit depositions have published and are now available for public viewing. One specific deposition with the former Bitcoin Core lead maintainer, Gavin Andresen, casts doubt on the claim that Wright is Satoshi Nakamoto. Moreover, the Bitcoinsv supporter Daniel Krawisz has been speaking out about Wright and mentions there is “plagiarism in several of Craig Wright’s works.”

For well over five years now, Craig Steven Wright, has publicly claimed that he invented Bitcoin and that he is Satoshi Nakamoto. This claim has pushed Wright to court because the family of the now-deceased Dave Kleiman thinks that Wright’s multi-year business relationship with Dave means that they both created Bitcoin. The ostensible story has been debunked so much that the greater crypto community does not believe in any of Wright’s tales.

This week, a number of depositions have been published and one interesting one stems from the former Bitcoin Core lead maintainer Gavin Andresen. In May 2016, Andresen abruptly came out and told the public he believed Wright was Satoshi. However, not too long after that, he explained that he may have been confused. The same day Andresen said he believed Wright was Satoshi, Bitcoin Core developers removed Andresen’s Github commit privileges to the Bitcoin codebase. No one’s really discussed the matter with Andresen until now at least publicly.

Bamboozled: Gavin Andresen Says He Could Have Been Fooled by Craig Wright, BSV Supporters Speak Out
The Australian Craig Steven Wright has claimed he is Satoshi Nakamoto for the last five years, but has yet to prove this to the greater cryptocurrency community.

When asked about that particular moment in time, Andresen said he could have been fooled. “There are places in the private proving session where I could have been fooled, where somebody could have switched out the software that was being used or, perhaps, the laptop that was delivered was not a brand-new laptop, and it had been tampered with in some way. I was also jet-lagged,” Andresen said in the deposition.

He added:

I was not in the headspace of this is going to prove to the world that Craig Wright is Satoshi Nakamoto. I was in the headspace of, you know, this will prove to me beyond a reasonable doubt that Craig Wright is Satoshi Nakamoto. And my doubts arise because the proof that was presented to me is very different from the pseudo proof that was later presented to the world.

The entire deposition is very long and it discusses a variety of different meetings. Overall when he was asked about Wright’s Satoshi story, Andresen said he had “doubts.” “I have many, many doubts in my head about what parts of — What things Craig told me are true and what are not true,” Andresen stated further. The Andresen deposition may be changing the minds of many hardcore followers. Despite the fact that a good number of BSV supporters adore Wright and follow his every move, there are a number of individuals who have denounced him and want to focus on just BSV.

One person who has been vocal about Craig Wright lately is the well known Bitcoin advocate Daniel Krawisz. Krawisz supports Bitcoinsv (BSV) and in the past, he favored Craig Wright. However, more recently Krawisz has been speaking out against Wright and his story. On June 28, Krawisz tweeted:

There’s plagiarism in several of Craig Wright’s works. It’s easy to see if you look. Example. It would be a lot better if people stopped treating him like a hero and just made bitcoin successful on their own.

There have been many responses to Krawisz’s tweets about Craig Wright and even a response tweet from the billionaire gambling mogul Calvin Ayre. Many people thanked Krawisz for being honest, even though they said they didn’t like BSV. Others explained that the only reason why BSV exists is because of Craig Wright. “BSV exists because of Craig Wright, even the claim in its name. You got bamboozled,” one person wrote to Krawisz.

What do you think about the Gavin Andresen deposition and Daniel Krawisz’s recent change of opinion? Let us know what you think about this story in the comments below.

The post Bamboozled: Gavin Andresen Says He Could Have Been Fooled by Craig Wright, BSV Supporters Speak Out appeared first on Bitcoin News.


Source: Bitcoin.com
Original Post: Bamboozled: Gavin Andresen Says He Could Have Been Fooled by Craig Wright, BSV Supporters Speak Out

Are Bitcoin Futures, Tether better 'safe-havens' than Bitcoin?

COVID-19's impact on the financial industry has been strong and noticeable. In fact, there are reasons to believe that COVID-19 will have a dynamic and significant impact on the world's economic lands

The post Are Bitcoin Futures, Tether better 'safe-havens' than Bitcoin? appeared first on AMBCrypto.


Source: AMBcrypto
Original Post: Are Bitcoin Futures, Tether better 'safe-havens' than Bitcoin?

DeFi platform Balancer to reimburse $500k in hack losses; community threatens legal action

It’s been a difficult 48 hours for DeFi project Balancer.

Riding on the DeFi yield farming hyper, Balancer saw an influx of pool funds locked in its protocol, which in turn, attracted the bane of any technology project — the attention of hackers and loophole opportunists.

Attackers stole over $500,000 in wrapped Ether, Chainlink, and other alts early on June 29. The saga ended on June 30 with a bug bounty reward, legal threats, and reimbursement of all liquidity pools affected in the attack.

All losses to be reimbursed

Balancer Labs tweeted Tuesday that all liquidity pools affected in the $500k hack would be fully reimbursed. The firm said a community vote was taken in the regard, with the majority in favor of the decision:

Hex Capital, an algo-trading account created by one Ankur Agrawal, would be paid out the “highest” bug bounty for having earlier addressed the security lapses around listing Statera (STA) — the token which caused the vulnerability in the first place.

In a post, Balancer CEO Fernando Martinelli said the platform experience an unprecedented surge in both users and liquidity last week, leaving developers to play “catch up” on scaling the platform.

Twitter commentators said Balancer was, perhaps, setting a “dangerous” precedent for future DeFi projects and security lapses. However, others believe the sector is undergoing teething issues and developers could take this as a “learning” experience.

However, Martinelli was forthcoming in this regard. He said Balancer Labs will only reimburse the losses of liquidity providers in the attack as the team had already received a specific bug bounty report prior to the hack.

Security audits and legal action

Statera, on its part, tweeted it was working with Balancer and actively collaborating on solutions. The firm added it would be reimbursing STA to all liquidity providers affected by the hack, while Balancer will reimburse the four other tokens.

Meanwhile, Dr. Julian Hosp of CakeDeFi claimed Balancer was audited twice previously:

“$BAL was audited twice. The problem here is neither the auditor nor Balancer Labs. it is the turing-complete game. Turing complete is amazing for trying out things and pushing the boundaries. It is terrible at providing guarantees.”

Before Balancer’s statements, some community members called for lawsuits against the firm and its developers hours after the hack came to light. The posts have since been deleted.

The post DeFi platform Balancer to reimburse $500k in hack losses; community threatens legal action appeared first on CryptoSlate.


Source: CryptoSlate
Original Post: DeFi platform Balancer to reimburse 0k in hack losses; community threatens legal action

Bank of Canada Experts Say CBDC Model Should Be Made Accessible

Maple leaf coin representing cryptocurrency in front of Canadian flag. The First Cryptocurrency Investment Fund launches in Canada, providing a safe way to invest in bitcoin

Some analysts from Canada’s central bank, the Bank of Canada (BoC), opined that some of the key characteristics of a proposed central bank digital currency (CBDC) model should be accessibility, efficiency, affordability, and resilience. Bank of Canada CBDC Could Adopt Cash Characteristics The Bank of Canada published a new staff analytical note detailing research carried

Read MoreRead More. The post by Anthonia Isichei appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
Source: BTCManager.com
Original Post: Bank of Canada Experts Say CBDC Model Should Be Made Accessible

Survey Shows 42% of Investors Expect a $15K Bitcoin Price in 2020

A staggering 57% of respondents said that they buy and hold cryptocurrency as a long-term investment.


Source: Cointelegraph.com
Original Post: Survey Shows 42% of Investors Expect a K Bitcoin Price in 2020

Crucial Factors to Consider Before Bitcoin Closes Its Monthly Candle

June has been a rather uninteresting month for Bitcoin. The cryptocurrency largely ranged between $9,000 and $10,000, with each break above or below this range being fleeting.

One interesting trend seen throughout the past four weeks has been BTC’s propensity to set lower highs, as it has been slowly grinding down to the lower end of its well-established trading range.

This seems to indicate that it will close its monthly candle in the coming few hours on a low note, disappointing bulls who were hoping to see a close at, or above, $10,000.

There are now a few factors that analysts are closely observing for insight into where the benchmark cryptocurrency may trend following its upcoming monthly candle close.

It does appear that July is positioned to be a volatile month for BTC, as its June candle is set to be one of the smallest seen in over a year – pointing to the strength of its recent consolidation phase.

Some top traders expect this volatility to favor the crypto’s buyers.

Bitcoin’s Monthly Candle Close Shows Just How Intense Recent Consolidation Has Been

Between May 31st and June 1st, Bitcoin’s price rallied from lows of $9,400 to highs of nearly $10,400.

This marked the highest price levels the cryptocurrency saw this month, as its price began sliding lower in the time since.

It is important to note that the decline from these highs was gradual and can largely be categorized as a slow grind lower due to it entering multiple consolidation phases along the way.

Bitcoin is now trading within the lower end of its well-established trading range between $9,000 and $10,000.

At the time of writing, Bitcoin is trading down less than 1% at its current price of $9,150. This marks a slight rebound from recent lows of $8,900 that were set late last week.

The price action seen throughout the past month is about to cause BTC to post the tightest monthly candle it has seen in over a year. This signals that volatility may be imminent.

“BTC – the monthly candle closes tomorrow, looks like Bitcoin will have its tightest candle body in over a year,” one analyst explained.

Bitcoin

Image Courtesy of Big Chonis. Chart via TradingView.

BTC Remains Well-Positioned to Rally Towards $13,000

As NewsBTC reported yesterday, Bitcoin currently has a major liquidity pool sitting around $10,500. These levels tend to be visited by assets at some point, and one analyst believes it will help spark a BTC rally up to $13,000.

“Macro BTC context: still think we’re heading towards $13K mid term. Massive liquidity pool around 10.5k, price tends to visit those sooner or later,” one respected pseudonymous trader explained.

Bitcoin

Image Courtesy of SalsaTekila. Chart via TradingView.

Featured image from Shutterstock.

Charts from TradingView.


Source: News BTC
Original Post: Crucial Factors to Consider Before Bitcoin Closes Its Monthly Candle

Digitale dollar staat centraal in hoorzitting van de Amerikaanse senaat

Tijdens een hoorzitting van de ‘Amerikaanse Senaatscommissie voor bankwezen’ vandaag stonden digitale valuta’s van de centrale bank centraal. Een publiek van senatoren, die de financiële infrastructuur willen verbeteren discussieerde over een mogelijke digitale dollar. Er is innovatie nodig Het comité verwelkomde een aantal belangrijke gasten, namelijk de CEO van Paxos, Charles Cascarilla, de professor financiële inclusie Nakita Cuttino, en voormalig CFTC-voorzitter Chris Giancarlo. Cascarilla leverde expertise over de werking van bestaande stablecoins en de hiaten in de huidige financiering die ze kunnen opvullen. Hij vertelde: “Stablecoins pakken het verouderde sanitair van ons financiële systeem aan.” Ook professor Cuttino vertelt dat

Het bericht Digitale dollar staat centraal in hoorzitting van de Amerikaanse senaat verscheen eerst op Newsbit.


Source: Newsbit (NL)
Original Post: Digitale dollar staat centraal in hoorzitting van de Amerikaanse senaat

Investors Defrauded by South Korean Pyramid Scheme

An alleged crypto pyramid scheme stole hundreds of millions of dollars from investors.


Source: Cointelegraph.com
Original Post: Investors Defrauded by South Korean Pyramid Scheme

Ethereum is “Hinting Danger” as Potential Distribution Pattern Emerges

Ethereum has continued consolidating alongside Bitcoin and the aggregated cryptocurrency market
The crypto is flashing some signs of weakness due to its recent break below its over-month-long trading range between $230 and $250.
Buyers have been ardently guarding against a dip below $220, which remains the cryptocurrency’s crucial near-term support
Analysts believe that ETH’s weakness is far from being over
One trader is pointing to a potential distribution pattern as a technical factor that could cause it to reel significantly lower in the coming several days and weeks

Ethereum and the aggregated crypto market have been unable to garner any clear trend following the turbulence seen last week.
ETH is now hovering within the $220 region, with its crucial support sitting just below its current price at $220.
If buyers are unable to continue defending this level, the crypto doesn’t have any notable resistance until somewhere between $198 and $200, meaning that a further 10% decline against USD could be imminent.
One popular trader is now flipping short on Ethereum and other digital assets, noting that his bullish thesis is being invalidated by the weak price action seen presently.
It is also important to keep in mind that this weakness caused the cryptocurrency to cause a “death cross” earlier this week.
Ethereum Plagued by Underlying Weakness Due to Recent Downtrend
At the time of writing, Ethereum is trading down just over 1% at its current price of $224. This is around the level at which it has been hovering over the past couple of days.
Last week, ETH was able to garner some momentum when its price rallied up to highs of $242, but it met significant resistance here that then led it to reel down to lows of $220.
Its rejection at this level caused it to underperform Bitcoin and plunge below the lower boundary of its trading range.
It also caused it to confirm a dreaded “death cross” that hasn’t been seen since right before the mid-March meltdown.
Bitcoinist reported about this yesterday, citing one analyst who said “confirmed, death cross here as well – didn’t happen since March.”

Image Courtesy of Teddy. Chart via TradingView.
ETH Forms Potential Distribution Pattern
The recently formed death cross isn’t the only thing currently working in Ethereum bears’ favor.
One respected trader recently explained that this recent price action has largely invalidated his bullish thesis for both ETH and BTC.
He is now noting that Ethereum could be forming distribution above a bearish “double top” – signaling that downside is imminent.
“Capitulated my ETH long… everything starting to look bad, even making me doubt my BTC bullish thesis. Looks like potential distribution above double top, had to ditch,” he explained.

Image Courtesy of SalsaTekila. Chart via TradingView.

Featured image from Shutterstock.
Charts from TradingView.
Source: Bitcoinist.com
Original Post: Ethereum is “Hinting Danger” as Potential Distribution Pattern Emerges

Is there any point in wishing away Bitcoin whales?

Wealth distribution is a tricky subject, primarily because the crisis is real and has been around for such a long time that inequality is now shockingly entrenched. Here’s a wild statistic - A littl

The post Is there any point in wishing away Bitcoin whales? appeared first on AMBCrypto.


Source: AMBcrypto
Original Post: Is there any point in wishing away Bitcoin whales?

Chase Says Technical Issue to Blame After Customers Report Wildly Incorrect Account Balances

JP Morgan Chase says a technical issue triggered concern and confusion over the weekend, as some customers logged into their accounts to discover wildly incorrect balances.

On Sunday morning, customers say they woke up to find that their individual and business accounts had money either debited or credited incorrect amounts, with some users reporting more than $100,000 missing.

Shortly after, #Chasebank began trending on Twitter as users expressed their concerns.

“Really Chase… nobody manning the phones or digital support until tomorrow morning!? I, like thousands of others, have a mortgage payment due this week that just disappeared from my account overnight.”

“Chase missing over $600 from my account what is going on??”

A spokesperson for JPMorgan Chase says that a technical issue delayed updates to checking accounts, causing users’ accounts to show incorrect balances.

“We know some customers reporting seeing incorrect balances in their checking account overnight. This was caused by a technical issue that delayed updates on what displayed on Chase Mobile & Chase Online. We resolved this issue as of 9 AM ET and accounts now show current balances.”

Cryptocurrency enthusiasts are quick to point out that the glitch highlights the potential pitfalls of traditional, centralized financial institutions.

In contrast, the Bitcoin network does not rely on a single data source in order to track user’s balances.

Instead, ledger data is shared and distributed across the many servers around the world that make up the Bitcoin network, which makes it extremely difficult to hack and can prevent single points of failure from affecting overall performance.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

The post Chase Says Technical Issue to Blame After Customers Report Wildly Incorrect Account Balances appeared first on The Daily Hodl.


Source: Daily HODL
Original Post: Chase Says Technical Issue to Blame After Customers Report Wildly Incorrect Account Balances

Cardano’s ‘Shelley’ Mainnet to Launch Soon

Cardano launches Shelly mainnet two days before Virtual Summit.


Source: Cointelegraph.com
Original Post: Cardano’s ‘Shelley’ Mainnet to Launch Soon

Chainlink Price Analysis: $5 Seems Less Likely As LINK’s Volume Fades

LINK/USD: Trading Volume Is Fading Away

Key Resistance Levels: $4.9, $5, $5.5

Key Support Levels: $4.27, $3.9, $3.5

linkusd_chart
LINK/USD. Source: TradingView

Chainlink’s performance has been quite impressive during the second quarter of 2020. The bulls are still trying to remain in control of the market.

Looking at the volume on the daily chart – which reveals a consistent decrease in liquidity flow for the past months – buyers appeared weak, and they may lose control soon. However, the trend still looks bullish as the price remains trapped in an ascending channel.

A strong bearish momentum could be considered if the price drops off this channel. At the moment, Link trades around $4.60. The price may increase further if the bulls regroup.

Chainlink Price Analysis

Following the recent rejections at around $4.9 – $5 resistance levels, Link dropped to $4.27, but it is slowly bouncing back toward these levels. An increase above it could fuel more gains to $5.5.

If Chainlink initiates a sell from the current trading price, it would need to clear the current holding support at $4.27, followed by $3.9 before rolling straight into the grey demand area of $3.5. The next key support below this area is located at $3.

LINK/BTC: Buyers Are Plotting Another Move

Key Resistance Levels: 52586 SAT, 56739 SAT, 60000 SAT

Key Support Levels: 48382 SAT, 47267 SAT, 44780 SAT

linkbtc_chart
LINK/BTC. Source: TradingView

After three months of correction, Chainlink finally broke a crucial resistance line – (the green descending trend line in the above chart) that suppressed bullish actions since March. From around 40000 SAT, the price surged to about 52500 SAT last week before witnessing a slight drop to 50492 SAT at the time of writing.

While relying on the 48382 SAT level, the price is currently charging back at 52500 SAT, but the buying pressure is still low at the moment.

Chainlink Price Analysis

The key resistance to keep an eye on is the 52586 SAT level that was marked last week. Once it breaks, the next price targets for the bulls would be 56739 SAT before rising further to the channel’s resistance at 60000 SAT.

Below 48382 SAT, the critical level to watch is 47267 SAT. But if it fails to hold the selling pressure, Link could find a rebound at 44780 SAT level. A drop beneath this channel would set a bearish tone for the 13th largest cryptocurrency by market cap.

The post Chainlink Price Analysis: $5 Seems Less Likely As LINK’s Volume Fades appeared first on CryptoPotato.


Source: CryptoPotato
Original Post: Chainlink Price Analysis: Seems Less Likely As LINK’s Volume Fades