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Bitcoin and several altcoins have formed bearish divergences, which suggests that the bullish momentum has weakened.
PRICE ANALYSIS
Rich Dad Poor Dad author Robert Kiyosaki believes that Warren Buffet’s recent closure of his bank stock positions is a warning sign that the world might be starting a “major banking crisis.” Therefore, Kiyosaki suggests traders buy safe haven assets such as gold, silver and Bitcoin (BTC) to protect themselves from the downward spiraling value of the fiat currencies.
Popular Bitcoin derivatives trader Tone Vays believes that Bitcoin could breakout to new all-time highs in 2021. He pointed out that historically, Bitcoin has tended to double in price after breaking out of its all-time high, especially if it took years to do that. Hence, if Bitcoin breaks above $20,000, Vays expects a rally to at least “$45,000 to $50,000."
PRICE ANALYSIS
Rich Dad Poor Dad author Robert Kiyosaki believes that Warren Buffet’s recent closure of his bank stock positions is a warning sign that the world might be starting a “major banking crisis.” Therefore, Kiyosaki suggests traders buy safe haven assets such as gold, silver and Bitcoin (BTC) to protect themselves from the downward spiraling value of the fiat currencies.
Popular Bitcoin derivatives trader Tone Vays believes that Bitcoin could breakout to new all-time highs in 2021. He pointed out that historically, Bitcoin has tended to double in price after breaking out of its all-time high, especially if it took years to do that. Hence, if Bitcoin breaks above $20,000, Vays expects a rally to at least “$45,000 to $50,000."
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China’s nationwide blockchain project, the Blockchain Service Network, or BSN, will be integrating stablecoin support in 2021.
Yifan He, CEO of Red Date Technology, a major tech company involved in the BSN development, told Cointelegraph that the project will soon start integrating stablecoins.
Piloted in late 2019, China’s BSN is a state-backed initiative that intends to support medium-sized businesses in building and deploying blockchain applications.
The exec explained that stablecoins will be used as payment for various services on the BSN ecosystem, including cloud resources. “Only stablecoins can make it much easier, quicker and safer,” the executive noted.
Yifan He, CEO of Red Date Technology, a major tech company involved in the BSN development, told Cointelegraph that the project will soon start integrating stablecoins.
Piloted in late 2019, China’s BSN is a state-backed initiative that intends to support medium-sized businesses in building and deploying blockchain applications.
The exec explained that stablecoins will be used as payment for various services on the BSN ecosystem, including cloud resources. “Only stablecoins can make it much easier, quicker and safer,” the executive noted.
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Ethereum whale's uniswap token briefly hit $100K — but there’s a catch
Boa, a new Uniswap token created by the well-known pseudonymous Ether whale Bill Drummond, briefly hit $100,000.
MARKETS NEWS
On Aug. 25, the creator of the well-known Uniswap tokens Antiample (XAMP) and Tokens of Babel (TOB) launched Boa. The Ether whale’s projects have seen growing interest within the niche Uniswap market.
A common theme among the projects of the pseudonymous developer Bill Drummond is unique supply systems. Through unorthodox mechanisms, like rebasing, the supply of XAMP and TOB decreases through coin burns over time.
TOB, as an example, is a token that uses rebases to decrease its supply but ensures the holder has a certain percentage of the total supply. Bill explains:
“Rebases of TOB affect the number of tokens in your wallet, but not your overall share in the total supply. If you own 0.5% of the total supply, you will always own 0.5% of the total supply, regardless of the number of tokens in your wallet.”
Why did Boa briefly hit $100,000?
Similar to Bill’s other projects, Boa also has a special supply system that makes it a deflationary token. Atop the coin burns, Boa also applies a 1% tax on sellers, not buyers, which disincentivizes sellers.
On paper, Boa hit $100,000, but its circulating supply was below 50, and the supply goes down even further as time passes.
Hence, even at a price point of $100,000, the actual market cap of the token would remain below $5 million. Currently, according to Uniswap, the price of Boa is trading just below $51,000. That places the market capitalization of the token at around $2.5 million.
Boa, a new Uniswap token created by the well-known pseudonymous Ether whale Bill Drummond, briefly hit $100,000.
MARKETS NEWS
On Aug. 25, the creator of the well-known Uniswap tokens Antiample (XAMP) and Tokens of Babel (TOB) launched Boa. The Ether whale’s projects have seen growing interest within the niche Uniswap market.
A common theme among the projects of the pseudonymous developer Bill Drummond is unique supply systems. Through unorthodox mechanisms, like rebasing, the supply of XAMP and TOB decreases through coin burns over time.
TOB, as an example, is a token that uses rebases to decrease its supply but ensures the holder has a certain percentage of the total supply. Bill explains:
“Rebases of TOB affect the number of tokens in your wallet, but not your overall share in the total supply. If you own 0.5% of the total supply, you will always own 0.5% of the total supply, regardless of the number of tokens in your wallet.”
Why did Boa briefly hit $100,000?
Similar to Bill’s other projects, Boa also has a special supply system that makes it a deflationary token. Atop the coin burns, Boa also applies a 1% tax on sellers, not buyers, which disincentivizes sellers.
On paper, Boa hit $100,000, but its circulating supply was below 50, and the supply goes down even further as time passes.
Hence, even at a price point of $100,000, the actual market cap of the token would remain below $5 million. Currently, according to Uniswap, the price of Boa is trading just below $51,000. That places the market capitalization of the token at around $2.5 million.
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BTC/USD
Although Bitcoin had been trading below the 20-day exponential moving average ($11,530) for the past two days, the bears could not sink the price below the $11,000 support, which suggests that bulls are buying on dips.
The 20-day EMA has flattened out and the relative strength index is close to the midpoint, which shows a balance between supply and demand.
If the bulls can push the price above the 20-day EMA, a retest of the overhead resistance at $12,113.50 is likely. The next uptrend is likely to start after the bulls can sustain the BTC/USD pair above the $12,113.50–$12,460 resistance.
Conversely, if the pair turns down from $12,113.50, the bears will once again attempt to sink the price below the $11,000 support. If successful, a retest of the critical support at $10,400 is possible. A break below this level will be a huge negative.
Although Bitcoin had been trading below the 20-day exponential moving average ($11,530) for the past two days, the bears could not sink the price below the $11,000 support, which suggests that bulls are buying on dips.
The 20-day EMA has flattened out and the relative strength index is close to the midpoint, which shows a balance between supply and demand.
If the bulls can push the price above the 20-day EMA, a retest of the overhead resistance at $12,113.50 is likely. The next uptrend is likely to start after the bulls can sustain the BTC/USD pair above the $12,113.50–$12,460 resistance.
Conversely, if the pair turns down from $12,113.50, the bears will once again attempt to sink the price below the $11,000 support. If successful, a retest of the critical support at $10,400 is possible. A break below this level will be a huge negative.
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The price of Bitcoin (BTC) is approaching the last weekly candle for the month of August. Some traders believe Bitcoin’s performance over the next two weeks could decide whether its price drops below $10,000 again or sees an extended uptrend.
The week’s weekly candle close coincides with the expiration of CME’s Bitcoin futures contracts and Deribit’s options contracts. It could potentially set a precedent for September, especially if Bitcoin closes above or below key levels.
In the short term, technical analysts generally consider $11,800 as the key level for Bitcoin. A high time frame close below the level would raise the chances of a deeper pullback. A close above it, maintaining a green monthly candle, could cause Bitcoin to see another leg up.
Mohit Sorout, a founding partner at Bitazu Capital, said in a tweet that a rally to $11,800 would “put sellers to sleep.” Sorout referred to the daily chart of Bitcoin with Bollinger Bands, showing the area of interest for both sellers and buyers.
The week’s weekly candle close coincides with the expiration of CME’s Bitcoin futures contracts and Deribit’s options contracts. It could potentially set a precedent for September, especially if Bitcoin closes above or below key levels.
In the short term, technical analysts generally consider $11,800 as the key level for Bitcoin. A high time frame close below the level would raise the chances of a deeper pullback. A close above it, maintaining a green monthly candle, could cause Bitcoin to see another leg up.
Mohit Sorout, a founding partner at Bitazu Capital, said in a tweet that a rally to $11,800 would “put sellers to sleep.” Sorout referred to the daily chart of Bitcoin with Bollinger Bands, showing the area of interest for both sellers and buyers.
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Trading volume on decentralized exchanges, or DEXs, surpassed $11 billion in August, as DeFi madness continues making headlines.
Numbers from analysis firm, Dune Analytics, revealed that August trading volume represented an uptick of 152% month-over-month.
The main driver behind the skyrocketing DEX volume is Uniswap, which has become a dominant exchange over the last couple of months. Uniswap accounts for $2.8 billion in volume over the last seven days, and $877 million in the last 24-hours.
Uniswap even surpassed Coinbase in daily volume on Aug 30, as investors flock to DeFi and decentralized exchanges.
Numbers from analysis firm, Dune Analytics, revealed that August trading volume represented an uptick of 152% month-over-month.
The main driver behind the skyrocketing DEX volume is Uniswap, which has become a dominant exchange over the last couple of months. Uniswap accounts for $2.8 billion in volume over the last seven days, and $877 million in the last 24-hours.
Uniswap even surpassed Coinbase in daily volume on Aug 30, as investors flock to DeFi and decentralized exchanges.
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South Korean authorities have reportedly seized Bithumb, one of the country’s biggest cryptocurrency exchanges by trading volume.
The Seoul Newspaper reported Wednesday that officers from the Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit had raided Bithumb's headquarters, located in the capital's central Gangnam District.
The police action was apparently linked to a $25 million token sale hosted on Bithumb and a proposed acquisition by a Singapore platform, BTHMB, that never materialized.
Per a report from TheNews, some investors said they lost millions participating in the sale.
Bithumb's chairman, Lee Jung-hoon has been accused of fraud and illicitly sending funds overseas.
CoinDesk has approached Bithumb for confirmation.
This is the second raid on a Korean cryptocurrency exchange in a week.
Last week, police seized Coinbit – the country's third-largest exchange – on allegations it had faked most of its trading volumes.
Bithumb is one of Korea's largest cryptocurrency exchanges – 24h trading volume stood at over $365 million, according to CoinGecko.
The exchange appeared to still be active at press time.
The Seoul Newspaper reported Wednesday that officers from the Seoul Metropolitan Police Agency's Intelligent Crime Investigation Unit had raided Bithumb's headquarters, located in the capital's central Gangnam District.
The police action was apparently linked to a $25 million token sale hosted on Bithumb and a proposed acquisition by a Singapore platform, BTHMB, that never materialized.
Per a report from TheNews, some investors said they lost millions participating in the sale.
Bithumb's chairman, Lee Jung-hoon has been accused of fraud and illicitly sending funds overseas.
CoinDesk has approached Bithumb for confirmation.
This is the second raid on a Korean cryptocurrency exchange in a week.
Last week, police seized Coinbit – the country's third-largest exchange – on allegations it had faked most of its trading volumes.
Bithumb is one of Korea's largest cryptocurrency exchanges – 24h trading volume stood at over $365 million, according to CoinGecko.
The exchange appeared to still be active at press time.
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In September’s crypto outlook newsletter, Bloomberg’s analyst Mike McGlone observed that the price of Bitcoin (BTC) could either be heading to the $500,000 mark, or it could fail. McGlone has continued to reiterate that in his view, Bitcoin is set to become digital gold. He emphasized once again how Bitcoin’s limited supply and increasing demand were key adoption indicators, and drew comparisons to the 2017 bull run.
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A massive dump has just occurred with the entire crypto market losing $20 billion in market capitalization in just minutes. Bitcoin price is currently down at $10,167 but has been as low as $9,960 on Binance and other exchanges. The digital asset started plummeting this morning after the dollar started bouncing, however, the U.S. stock market also had a significant crash today with the Dow Jones losing almost 3% and 900 points.
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Degenerator, or MEME, an obscure project that began life as an airdrop to Telegram users, has managed to garner a $3 million market cap and is seeking to carve a niche for itself as a non-fungible token (NFT) farming protocol.
MEME emerged from a joke posted by ConsenSys’ DeFi product lead Jordan Lyall, who created a joke advertisement ‘The Degenerator’ — a fictitious tool for creating ponzinomics-inspired yield farming tokens.
The joke quickly struck a chord with the crypto community, receiving significant engagement on Twitter. However, within hours of Lyall publishing the post, someone had minted a token dubbed the Degenerator and listed it on CoinGecko under the ticker ‘MEME’. The asset’s total supply of 28,000 tokens was then quickly distributed to interested parties on Telegram.
MEME emerged from a joke posted by ConsenSys’ DeFi product lead Jordan Lyall, who created a joke advertisement ‘The Degenerator’ — a fictitious tool for creating ponzinomics-inspired yield farming tokens.
The joke quickly struck a chord with the crypto community, receiving significant engagement on Twitter. However, within hours of Lyall publishing the post, someone had minted a token dubbed the Degenerator and listed it on CoinGecko under the ticker ‘MEME’. The asset’s total supply of 28,000 tokens was then quickly distributed to interested parties on Telegram.
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Crypto exchange giant Binance is delving deeper into the world of DeFi-style products with its latest offering, an automated market maker called Binance Liquid Swap.
Aimed directly at Uniswap and its clones, Binance will launch an AMM liquidity pool that allows users to provide liquidity by depositing tokens. Just like the world’s most popular decentralized exchange, Binance Liquid Swap will also enable users to earn interest in addition to a cut of the trading fees for the pool.
It’s the first AMM pool product on a centralized exchange and will be integrated into the Binance.com exchange, allowing users to pool tokens in their wallets to earn rewards.
The AMM will use a pricing module instead of an order book to provide more stable prices and lower transaction according to the announcement. The company is prioritizing liquidity for its own tokens so the first pools offered on launch will be USDT/BUSD, BUSD/DAI and USDT/DAI.
Earnings will be accrued with a corresponding 7-day annual percentage yield (APY) with returns converted into the assets in the respective pools. Transaction fees and prices will be determined by the number of assets in the liquidity pools.
Aimed directly at Uniswap and its clones, Binance will launch an AMM liquidity pool that allows users to provide liquidity by depositing tokens. Just like the world’s most popular decentralized exchange, Binance Liquid Swap will also enable users to earn interest in addition to a cut of the trading fees for the pool.
It’s the first AMM pool product on a centralized exchange and will be integrated into the Binance.com exchange, allowing users to pool tokens in their wallets to earn rewards.
The AMM will use a pricing module instead of an order book to provide more stable prices and lower transaction according to the announcement. The company is prioritizing liquidity for its own tokens so the first pools offered on launch will be USDT/BUSD, BUSD/DAI and USDT/DAI.
Earnings will be accrued with a corresponding 7-day annual percentage yield (APY) with returns converted into the assets in the respective pools. Transaction fees and prices will be determined by the number of assets in the liquidity pools.
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Migration of $180 million worth of SUSHI from UniSwap to SushiSwap has been approved
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In the past 24 hours, Bitcoin (BTC) dropped to as low as $9,875.50 before bouncing back above $10,300. At present, BTC is trading at $10,430.3 (-2.04% in the past 24 hours).
Major cryptocurrencies:
EOS: $3.03 (+5.70%)
XRP: $0.2517 (-3.36%)
ETH: $385.38 (-3.45%)
ADA: $0.0996 (-4.15%)
BCH: $229.49 (-4.26%)
LTC: $49.98 (-5.76%)
BNB: $20.8151 (-5.95%)
LINK: $12.4 (-6.59%)
ETC: $5.21 (-9.10%)
Major cryptocurrencies:
EOS: $3.03 (+5.70%)
XRP: $0.2517 (-3.36%)
ETH: $385.38 (-3.45%)
ADA: $0.0996 (-4.15%)
BCH: $229.49 (-4.26%)
LTC: $49.98 (-5.76%)
BNB: $20.8151 (-5.95%)
LINK: $12.4 (-6.59%)
ETC: $5.21 (-9.10%)
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Bitcoin price charts hint at double-bottom, relief rally to $10,800
Bitcoin has been clinging to the key $10,000 BTC price level all weekend as technical factors point to a short-term relief rally.
Bitcoin has been clinging to the key $10,000 BTC price level all weekend as technical factors point to a short-term relief rally.
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$BTC
If they can sink the BTC/USD pair below $9,835.20, there is a minor support at $9,540, which is close to the large symmetrical triangle and is also the target objective of the head and shoulders breakdown.
If this support also cracks, a drop to $9,000 and then to $8,000 is possible. Such a move will shatter sentiment and could drive away buyers.
This bearish view will be invalidated if the bulls can push the price above $11,000 and sustain it.
If they can sink the BTC/USD pair below $9,835.20, there is a minor support at $9,540, which is close to the large symmetrical triangle and is also the target objective of the head and shoulders breakdown.
If this support also cracks, a drop to $9,000 and then to $8,000 is possible. Such a move will shatter sentiment and could drive away buyers.
This bearish view will be invalidated if the bulls can push the price above $11,000 and sustain it.
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Just Eat, a major British online food order and delivery platform operating across 13 countries, has added cryptocurrency payment support for its France subsidiary.
The company has partnered with the cryptocurrency payment provider Bitpay to allow its users to pay in Bitcoin (BTC). Just Eat users will now be able to order food from across 15,000 restaurants in France by paying in either of these cryptocurrencies, Decrypt first reported on Sept. 7.
The company has partnered with the cryptocurrency payment provider Bitpay to allow its users to pay in Bitcoin (BTC). Just Eat users will now be able to order food from across 15,000 restaurants in France by paying in either of these cryptocurrencies, Decrypt first reported on Sept. 7.