Bitcoin price descending channel and loss of momentum could turn $60K to resistance

After a slight hiccup in BTC futures premium, traders seem comfortable despite the $58,000 support retest and the risk of $60,000 turning to resistance.


Source: Cointelegraph.com
Original Post: Bitcoin price descending channel and loss of momentum could turn K to resistance

Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, MATIC, FTM

Bitcoin is witnessing modest profit-booking, but the long-term trend remains intact and altcoins like ETH, BNB, MATIC and FTM may remain in focus in the short term.


Source: Cointelegraph.com
Original Post: Top 5 cryptocurrencies to watch this week: BTC, ETH, BNB, MATIC, FTM

Inside the blockchain developer’s mind: What is a testnet?

By familiarizing themselves with the nuances of testnets, blockchain developers can become better equipped to evaluate specific testnet releases.


Source: Cointelegraph.com
Original Post: Inside the blockchain developer’s mind: What is a testnet?

Trick or Treat: Will Halloween NFTs be hauntingly good or too spooky for crypto?

Halloween-inspired NFTs are gaining popularity this year, but will the trend continue over time and will they prove to be great investments?


Source: Cointelegraph.com
Original Post: Trick or Treat: Will Halloween NFTs be hauntingly good or too spooky for crypto?

The Bias That Propels Shiba Inu and Dogecoin

Bitcoin may be the alpha dog of crypto, but for many small retail investors these days, dogecoin and shiba inu are the pick of the litter.

Binance subsidiary WazirX, India’s largest cryptocurrency exchange, suffered outages as traders jumped into the fray, buying shiba inu and stressing out the platform’s servers to the point that trade executions were delayed this past Wednesday. Over half a billion dollars’ worth of trades were done on WazirX that day, the highest of any crypto exchange in India, CEO Nischal Shetty tweeted.

“It basically brought down our exchange,” Siddharth Menon, one of WazirX’s co-founders and its chief operating officer, said on CoinDesk TV’s “First Mover” program Thursday morning. “The kind of active numbers and the active users that we saw in the last 48 hours has actually shocked us. We were not ready for it. We were all ready for the bitcoin move, but we were never ready for shiba inu.”

Menon suspects that there is some amount of unit bias at play. That’s where a novice trader is prone to buy a lot of one kind of cryptocurrency because the price of one unit of it is relatively small compared with, say, bitcoin even though one can buy the same dollar amount in bitcoin as the low-priced coin.

For investors who are dipping their toes in the water with a relatively small amount of money, a low-priced coin can make one feel a little richer. For example, as of this writing, $620 buys 0.01 BTC. On the other hand, it buys about 10 million SHIB.

What the data show

And while some “smart money” is starting to appear to be trading shiba inu and dogecoin, “whales,” or large investors, remain in the more familiar seas of bitcoin and ether.

That can be seen in average trading volume.

Bitcoin and ether average trade sizes are larger than those of dogecoin and shiba inu on almost every exchange. On Coinbase, bitcoin’s average trade size is hovering at around $2,000, while ether trades average $1,600. On the other hand, the exchange sees average trades for dogecoin and shiba inu of roughly $800.

“This suggests price action is mostly retail-driven,” said Clara Medalie, strategic initiatives and research lead at digital asset data provider Kaiko, adding that on Binance, the average trade for bitcoin and ether is about $2,000. That figure is $1,200 for dogecoin and $900 for shibu inu.

“While average trade size isn’t a perfect gauge for institutional investment – most large traders break apart their orders into smaller sizes – we can still observe clear trends that correspond with waves of interest,” she said.

Dog days

Yet the data shows that meme coins face their own cycle, Medalie noted.

“It is interesting to note that average trade size for nearly all assets has increased considerably since the start of the bull run last November,” Medalie said. “With meme tokens such as DOGE and SHIB, we can observe spikes during the initial fervor and then sharp declines once the excitement wears off.”

And all crypto moves at least somewhat together, including how large trades get. “We can also observe that bitcoin, ethereum and doge seem to have similar trend lines for average trade size, strongly correlated to mini-bull runs,” Medalie said, pointing out that trade sizes for all assets spiked right before the May crash.

Meanwhile, meme coins serve another purpose.

Retail traders test out the experience of buying, holding and selling a small amount of cryptocurrency on new platforms by placing different types of orders and seeing how they get filled – or not. While holding $100 worth of bitcoin can be bought just the same, if not more easily, than $100 of dogecoin or shiba inu, it may take newbies a little bit of time to wrap their heads around that concept. What’s more, their experience with wild swings in meme coins will prime them for the volatile, though relatively “safer,” major cryptos like bitcoin or ether.

And when those novice traders finally realize that a single, low-priced meme coin will never surpass the price of bitcoin or ether as they currently trade (if shiba inu traded near bitcoin’s at around $62,000, its total market cap would be $36.5 quintillion, or 7,313 times the value of the earth’s estimated $5 quadrillion price tag), they may finally gain a little perspective, rid themselves of unit bias and use those meme coins instead to develop proper trader discipline.

Meme coins thus can be seen as the gateway for retail investors to become more experienced crypto traders.

An obedience school, if you will.


Source: Coindesk
Original Post: The Bias That Propels Shiba Inu and Dogecoin

What is the worst nightmare that could happen to crypto? Experts answer

What are decentralized-tech representatives most scared of? And what are their deepest fears in the crypto space?


Source: Cointelegraph.com
Original Post: What is the worst nightmare that could happen to crypto? Experts answer

Bitcoin set for record monthly close with BTC price still below 'worst case scenario'

$60,000 would be a monthly record, but longstanding analysis demands a minimum of $63,000 by the start of November.


Source: Cointelegraph.com
Original Post: Bitcoin set for record monthly close with BTC price still below 'worst case scenario'

Bitcoin white paper turns 13 years old: The journey so far

The Bitcoin white paper only has nine pages, yet it contained enough to change the world. Here's how it came to be 13 years ago.


Source: Cointelegraph.com
Original Post: Bitcoin white paper turns 13 years old: The journey so far

Where Bitcoin Fits in a Post-Scarcity World

This episode is sponsored by NYDIG.

Download this episode

This week’s “Long Reads Sunday” is a reading of EY Global Blockchain Lead Paul Brody’s latest essay for CoinDesk: “We Are Already Living in a Post-Scarcity World.”

See also: MicroStrategy CEO Michael Saylor’s 17,732 BTC Holdings Now Worth $1.1B

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Nuthawut Somsuk/iStock/Getty Images Plus, modified by CoinDesk.


Source: Coindesk
Original Post: Where Bitcoin Fits in a Post-Scarcity World

Patreon Considers Allowing Creators to Use Crypto for Monetization

patreon

Patreon, the membership platform, is pondering the idea of letting creators in its platform issue their own creator coins. The statement, that constituted a revelation, was offered by Patreon CEO and co-founder Jack Conte and Chief Product Officer Julian Gutman during The Information’s 2021 Creator Economy Summit. This is consistent with a report presented last September that evaluated using crypto as part of the platform.

Patreon Flirts With Crypto

Patreon, the well known membership organization, is now pondering the idea of introducing crypto elements to add new revenue paths, according to statements from CEO Jack Conte and Chief Product Officer Julian Gutman. During The Information’s 2021 Creator Economy Summit, both directives admitted the idea of introducing a membership token for content creators is on the table.

While Patreon has explicitly forbidden the introduction of coins as an investment form in its platform, this rise in the crypto along with other circumstances that the platform is facing could push it to modify these rules in the near future. About this, Gutman stated:

I think we’re certainly interested in evaluating and understanding how NFTs or some of the underlying technologies help us create that sustainable long-term earnings for creators.

Conte also praised the crypto worked due to its permissionless and direct traits. This allows creators to own their products and the data from their followers without having to rely on any platform to serve as the middleman, what strangely, Patreon is. “I think that’s what a lot of this technology is getting at, and what I think is really deeply exciting about it,” he stressed.


Crypto as an Alternative

Patreon has had problems with some content creators in the past, which has prompted them to consider crypto-based services as an alternative. In December 2018, Patreon de-platformed some creators from its service including “Sargon of Akkad” aka Carl Benjamin, leaving him without the income from the subscribers that followed him.

This caused Jordan Peterson, another influencer in Patreon’s service, to close his account and launch a new alternative service with more lax rules regarding content moderation. However, the inclusion of crypto in a periodic membership service has been tried before, but without much success.

Ironically, Patreon could be the platform to implement crypto as a response to the new adult policies of Mastercard. The platform hinted at this in its latest policy engagement update, where it declared:

One opportunity creators have expressed interest in is developing a creator coin or social token which could be included as a membership benefit.

What do you think about Patreon’s recent approach to cryptocurrencies? Tell us in the comment section below.


Source: Bitcoin.com
Original Post: Patreon Considers Allowing Creators to Use Crypto for Monetization

Satoshi Nakamoto’s Bitcoin white paper is now a 13-year-old teenager

Today, Bitcoin maintains a stable trading value well above $60k after experiencing a gradual appreciation of 7,749,999,900% since its launch.


Source: Cointelegraph.com
Original Post: Satoshi Nakamoto’s Bitcoin white paper is now a 13-year-old teenager

Finder Survey: Nigeria’s 24.2% Adoption Rating Is the Highest Rate of Crypto Ownership Globally

Finder Survey: Nigeria's 24.2% Adoption Rating Is the Highest Rate of Crypto Ownership Globally

According to the latest Finder Cryptocurrency Adoption Index, in October 2021, Nigeria had the highest rate of cryptocurrency ownership globally, at 24.2%.

Bitcoin Is the Most Popular Coin in Nigeria


In addition to finding the West African nation as the country with the highest proportion of citizens that hold cryptocurrencies globally, the survey also discovered that “of the 1 in 4 online adults in Nigeria who own some form of cryptocurrency, bitcoin is the most popular coin in Nigeria at 66.5% of crypto owners.” Alternatively, this means more than half of the 24.2% of Nigerian respondents that own cryptocurrencies are in fact bitcoin holders.

Finder Survey: Nigeria's 24.2% Adoption Rating Is the Highest Rate of Crypto Ownership Globally

On the other hand, the survey findings suggest ethereum (ETH) is the second most popular coin with Nigerian cryptocurrency holders, at 23.8%. Despite this seemingly high rate of interest in ETH, the ratio of Nigerians holding this cryptocurrency relative to other countries is still lower, the survey data suggests.

Finder Survey: Nigeria's 24.2% Adoption Rating Is the Highest Rate of Crypto Ownership Globally

In fact, according to the survey, the 23.8% ETH ownership ratio is only enough to see Nigeria being ranked the 15th country out of a total of 22 countries.

Dogecoin in Third Place


Meanwhile, the survey findings show the meme coin, dogecoin, in third place at 21.8%. This ratio in turn is enough to see Nigeria feature in the top ten. The survey report explains:

Dogecoin is the third most popular choice with crypto adopters in Nigeria, with 21.8% of adults who own crypto holding the coin. This makes it the 8th ranked country in our list of 22 countries in terms of dogecoin ownership among those that own crypto.


In terms of the makeup of cryptocurrency owners in Nigeria, the survey found 62.9% of Nigerian crypto owners to be men while women account for the remainder.

Finder Survey: Nigeria's 24.2% Adoption Rating Is the Highest Rate of Crypto Ownership Globally

In other words, this disparity between the number of males and females that own crypto means men are 1.7 times more likely to own crypto. With the average figure globally at 1.5, this means Nigeria has the 11th highest male dominance of the 22 countries.

Do you agree with the findings of this survey? Tell us what you think in the comments section below.


Source: Bitcoin.com
Original Post: Finder Survey: Nigeria’s 24.2% Adoption Rating Is the Highest Rate of Crypto Ownership Globally

Latinx communities continue to rise above Bitcoin adoption obstacles

Latinx communities are driving forward adoption, as crypto is proven to meet their diverse needs in a way that traditional finance cannot.


Source: Cointelegraph.com
Original Post: Latinx communities continue to rise above Bitcoin adoption obstacles

Bakkt stock goes parabolic, GBTC outpaces BITO ETF and Tom Brady offers 1 BTC for 600th touchdown ball: Hodler’s Digest, Oct. 24-30


Source: Cointelegraph.com
Original Post: Bakkt stock goes parabolic, GBTC outpaces BITO ETF and Tom Brady offers 1 BTC for 600th touchdown ball: Hodler’s Digest, Oct. 24-30

Celebrities are embracing NFTs in a big way

The next few years are likely to be very interesting, as the nonfungible token market opens digital collectibles for fans and investors.


Source: Cointelegraph.com
Original Post: Celebrities are embracing NFTs in a big way

Amazon Web Services Looks to Drive Crypto Settlement and Custody to the Cloud

Amazon Web Services (AWS) is searching for a specialist to foster digital asset underwriting, transaction processing, and custody in the cloud, according to a recent job posting.

The infrastructure giant wants to hire a Financial Services Specialist to work with global financial institutions and innovative fintechs, and “transform the way they transact digital assets (ex. cryptocurrencies, CBDCs [central bank digital currencies], stable coins, security-backed tokens, asset-backed tokens and NFTs [non-fungible tokens]) from price discovery to execution, settlement and custody.”

Amazon’s much-anticipated move into digital assets is expected to include some kind of payment token, a so-called “Amazon coin,” based on previous job postings.

Read more: Amazon Preparing to Launch a ‘Digital Currency’ Project in Mexico

Meanwhile, AWS tailoring its infrastructure to things like cryptocurrency transaction processing and custody will likely be seen as a smart move, one that IBM is also doing.

”Working hand in hand with our sales teams, solution architects, ISVs and systems integrators you will help deliver the solutions that move customers towards end-to-end digital asset underwriting, transaction processing, and custody in the cloud,” said the AWS job ad.


Source: Coindesk
Original Post: Amazon Web Services Looks to Drive Crypto Settlement and Custody to the Cloud

The United States will become the global crypto and blockchain leader

The United States is rapidly embracing decentralized finance, the cryptocurrency sector and the innovative industry of blockchain technology.


Source: Cointelegraph.com
Original Post: The United States will become the global crypto and blockchain leader

The major tax myths about cryptocurrency debunked

More crypto tax enforcement is coming, and many taxpayers are complying going forward, and amending prior returns if they have something to clean up.


Source: Cointelegraph.com
Original Post: The major tax myths about cryptocurrency debunked

AVAX tops the crypto predictability list... but the other tokens may surprise you

Two of the top DeFi tokens are also the most perplexing, while layer one and two coins trade more predictably.


Source: Cointelegraph.com
Original Post: AVAX tops the crypto predictability list... but the other tokens may surprise you

Elon Musk-named meme token 'Dogelon Mars' gains nearly 4000% in October

The humongous bull run appeared in sync with similar price rallies across Dogecoin-inspired joke cryptocurrencies, notably Shiba Inu.


Source: Cointelegraph.com
Original Post: Elon Musk-named meme token 'Dogelon Mars' gains nearly 4000% in October