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Market Flips Bullish — Ready for the Next Move?
The DeFi narrative has finally pushed beyond the cadre of small to mid-cap lending platform tokens like LEND, COMP, and CEL.
As the realization crystallizes that Ethereum contains DeFi value dominance, ETH begins to see action along with several other majors.
Let's take a look at a few storylines in play for the upcoming week.
Is $ETH undervalued? The market seems to think so
Is $ETH undervalued? The market seems to think so
With 4 million ETH ($1.2B) locked into DeFi smart contracts, traders have finally agreed that ETH is an undervalued asset.
Adding to the bullish propulsion firing the engines right now is the 2.5 year downward cycle ETH appears to be escaping from + the upcoming ETH 2.0 testnet (August 4th).
Bulls are salivating at the magical $360 target, a major point of resistance wherein an epic battle is sure to form. Should ETH reach and surpass $360, bulls will be well and fully in control of painting the digital asset's mid-term destiny.
BTC correlation with legacy markets might be subsiding
For weeks, a major consideration for BTC traders has been the asset's strong correlation with the S&P 500.
However, with the S&P 500, Dow Jones, and Nasdaq all flipping red before the weekend, Bitcoin has decidedly turned up with several majors in tow.
The decoupled price action is also taking place over the weekend, adding intrigue to what will happen when markets get back online Monday.
Bitcoin's divergence from legacy market performance bodes well for cryptocurrency traders, but a strong *downward* move in traditional assets will likely throw cold water on the red hot crypto market.
Which tokens are making the next move?
DeFi tokens went, Ethereum is going, Bitcoin is rising, and both Cardano & Litecoin have broken out.
So, who's joining the party next?
Other majors have been relatively silent thus far, namely XRP, XTZ, TRX — three projects with staunch investor bases and much to gain from a bull market.
Additionally, with small to mid-cap altcoins having provided face-melting gains over the past few weeks, the theory goes that profits flow back into larger caps before launching BTC into space.
While some tokens, such as ADA, have already posted massive rallies, others have seen gains in the 15-20% range, which, for crypto, doesn't constitute a *real* move yet.
Watch for moves coming from the top-20 marketcap tokens if this market rally is truly a sustainable one.
The DeFi narrative has finally pushed beyond the cadre of small to mid-cap lending platform tokens like LEND, COMP, and CEL.
As the realization crystallizes that Ethereum contains DeFi value dominance, ETH begins to see action along with several other majors.
Let's take a look at a few storylines in play for the upcoming week.
Is $ETH undervalued? The market seems to think so
Is $ETH undervalued? The market seems to think so
With 4 million ETH ($1.2B) locked into DeFi smart contracts, traders have finally agreed that ETH is an undervalued asset.
Adding to the bullish propulsion firing the engines right now is the 2.5 year downward cycle ETH appears to be escaping from + the upcoming ETH 2.0 testnet (August 4th).
Bulls are salivating at the magical $360 target, a major point of resistance wherein an epic battle is sure to form. Should ETH reach and surpass $360, bulls will be well and fully in control of painting the digital asset's mid-term destiny.
BTC correlation with legacy markets might be subsiding
For weeks, a major consideration for BTC traders has been the asset's strong correlation with the S&P 500.
However, with the S&P 500, Dow Jones, and Nasdaq all flipping red before the weekend, Bitcoin has decidedly turned up with several majors in tow.
The decoupled price action is also taking place over the weekend, adding intrigue to what will happen when markets get back online Monday.
Bitcoin's divergence from legacy market performance bodes well for cryptocurrency traders, but a strong *downward* move in traditional assets will likely throw cold water on the red hot crypto market.
Which tokens are making the next move?
DeFi tokens went, Ethereum is going, Bitcoin is rising, and both Cardano & Litecoin have broken out.
So, who's joining the party next?
Other majors have been relatively silent thus far, namely XRP, XTZ, TRX — three projects with staunch investor bases and much to gain from a bull market.
Additionally, with small to mid-cap altcoins having provided face-melting gains over the past few weeks, the theory goes that profits flow back into larger caps before launching BTC into space.
While some tokens, such as ADA, have already posted massive rallies, others have seen gains in the 15-20% range, which, for crypto, doesn't constitute a *real* move yet.
Watch for moves coming from the top-20 marketcap tokens if this market rally is truly a sustainable one.
Forwarded from Canva
We are really Bullish on $SXP
Our only long term altcoin hold
$SXP Apex breakout is coincidently on Saturday August 1(Major Announcement)
Funny how bots set it up perfectly
Wave 5 target 34K sats
Extended target 52K+ sats
Bullish indicators across all time frames
Very tight Bollinger Bands
Our only long term altcoin hold
$SXP Apex breakout is coincidently on Saturday August 1(Major Announcement)
Funny how bots set it up perfectly
Wave 5 target 34K sats
Extended target 52K+ sats
Bullish indicators across all time frames
Very tight Bollinger Bands
Forwarded from Canva
Bitcoin Futures Traders Bet on Bullish Price Action, but Not Too Fast
Bitcoin futures open interest on a high, but low trading volumes and rising PCR signal an upcoming price correction for BTC
Bitcoin futures open interest on a high, but low trading volumes and rising PCR signal an upcoming price correction for BTC
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BTC dropped 1600 usd from 12100 to 10500 within 2 minutes and now traded at 11200
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Bitfinex Offers Up to $400M For Information Leading to BTC Stolen in 2016
Bitfinex wants to recover Bitcoin stolen from them in 2016, even if that means paying to find the hackers responsible for the attack.
Bitfinex wants to recover Bitcoin stolen from them in 2016, even if that means paying to find the hackers responsible for the attack.
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Russia’s Biggest Bank Hypothesizes Its Crypto Token
Shortly after Russia’s President Vladimir Putin signed the country’s recent cryptocurrency law, the country’s largest bank voiced its considerations.
Shortly after Russia’s President Vladimir Putin signed the country’s recent cryptocurrency law, the country’s largest bank voiced its considerations.
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Ethereum Transaction Fees Fall by 75% as Congestion Eases
Ethereum gas fees appear to be finally going down as activity levels fall from the highs of July.
Ethereum gas fees appear to be finally going down as activity levels fall from the highs of July.
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Coca-Cola Embraces DLT and Ethereum for Supply Chain Efficiency
The partner of Coca-Cola’s largest U.S.-based bottling company is expanding its use of blockchain to enhance efficiency across the beverage company’s supply chain.
The partner of Coca-Cola’s largest U.S.-based bottling company is expanding its use of blockchain to enhance efficiency across the beverage company’s supply chain.
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Binance launches permanent Futures leaderboards with social functions
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Darknet Vendor and Pharmacist Charged With $270 Million Bitcoin Drug Trade
Two Costa Rican residents were charged for selling drugs worth $270 million on the darknet.
Two Costa Rican residents were charged for selling drugs worth $270 million on the darknet.
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Coinbase Follows Huobi in Supporting .Crypto Domains-Based Payments
Coinbase Wallet now allows to register and store “.crypto” domains, featuring payments through domain handles instead of cryptographic addresses.
Coinbase Wallet now allows to register and store “.crypto” domains, featuring payments through domain handles instead of cryptographic addresses.
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Pavel Durov Denies He’s Selling Telegram Following TON Failure
Telegram CEO Pavel Durov denies reports that Telegram is considering selling the company to Russian owners like Mail dot ru
Telegram CEO Pavel Durov denies reports that Telegram is considering selling the company to Russian owners like Mail dot ru
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Bloomberg: Bitcoin Is Stabilizing At 6x The Price of Gold
Bloomberg: Bitcoin stabilizing at 6x the price of gold, but still undervalued
Bloomberg: Bitcoin stabilizing at 6x the price of gold, but still undervalued
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Newly Discovered Ledger Wallet Vulnerability Could Be Disastrous if Not Fully Patched
Ledger has a major security vulnerability that it has failed to fully fix
Ledger has a major security vulnerability that it has failed to fully fix
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'The Sandbox' Game Announces $3M Token Sale Through Binance Launchpad
Blockchain-powered game, The Sandbox, announces a $3 million sale of its SAND tokens through Binance Launchpad
Blockchain-powered game, The Sandbox, announces a $3 million sale of its SAND tokens through Binance Launchpad
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Bitcoin Will Break $400K in Long-Term, Morgan Creek's Pomp Predicts
Bitcoin will one day surpass the $8 trillion gold market, Morgan Creek’s Anthony Pompliano predicts
Bitcoin will one day surpass the $8 trillion gold market, Morgan Creek’s Anthony Pompliano predicts
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Bitcoin Dominance Slides to 12-Month Low as Crypto Market Cap Tests Resistance
Bitcoin’s dominance has fallen to a 12-month low despite its recent rally, signaling renewed strength in the altcoins markets.
Bitcoin’s dominance has fallen to a 12-month low despite its recent rally, signaling renewed strength in the altcoins markets.
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Authorities Find Illegal Bitcoin Mining Farm in Kyrgyzstan Free Economic Zone
Government authorities and executives at Free Economic Zone “Bishkek” are reportedly involved in running a large-scale illegal mining farm.
Government authorities and executives at Free Economic Zone “Bishkek” are reportedly involved in running a large-scale illegal mining farm.
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No One Knows Why Binance.US Is Down Right Now
Binance's U.S. trading platform is currently experiencing unexpected platform malfunctions.
"At 11:26am EST, we noticed our systems not functioning as intended," Binance.US tweeted on Aug. 7.
The tweet added:
"To protect our users, we will be stopping trading, order processing, buy crypto, deposits, and withdrawals. We will let users cancel their orders 30min before we reopen trading. We expect this will take 6 hours."
Binance's U.S. trading platform is currently experiencing unexpected platform malfunctions.
"At 11:26am EST, we noticed our systems not functioning as intended," Binance.US tweeted on Aug. 7.
The tweet added:
"To protect our users, we will be stopping trading, order processing, buy crypto, deposits, and withdrawals. We will let users cancel their orders 30min before we reopen trading. We expect this will take 6 hours."
Forwarded from Canva
An Official North Dakota Cryptocurrency Could Be on the Horizon
Following the early 2019 initiation of North Dakota's deep dive into blockchain use cases, a state representative who was a leader in the study, mentioned a future digital asset concept for the region.
Following the early 2019 initiation of North Dakota's deep dive into blockchain use cases, a state representative who was a leader in the study, mentioned a future digital asset concept for the region.