Armani Bins, Author at Coinedict

Parabolic Bitcoin Indicator Points To Dangerous Collapse To Below $20K

Armani Bins3 years ago2 years ago05 mins

Bitcoin price is in a downtrend, after spending nearly a full year in a parabolic uptrend. An indicator bearing the “parabolic” name on monthly timeframes has given a signal, that according to past instances, has always resulted in a catastrophic fall in the top cryptocurrency by market cap. Even if the resulting selloff ends up being the weakest ever following such a signal, it still could put Bitcoin at risk of a plunge to below $20,000 per coin. Here’s why. Remembering The Now Broken Bitcoin Uptrend Through Now 2020 was the perfect storm for Bitcoin and the rest of crypto. Talk of inflation, a supply shock, and nations in turmoil caused investors to flock with the scarce and innovative emerging assets. Institutions, hedge funds, and even corporations began to pay attention to Bitcoin, and the greater crypto market began to boom due to Ethereum, DeFi, NFTs, and Dogecoin. Related Reading | Bitcoin Bulls Bring Out Hammer Of Thor Reversal, But Support Must Hold More big names have been drawn to the space than ever before, and Bitcoin is now in the portfolios of the wealthy around the world. The scramble to buy BTC before everyone else sent the price per coin on a parabolic uptrend, and took it from under $4,000 to more than $65,000. All the attention helped take Coinbase public, but since then Bitcoin and the rest of crypto has been in a downtrend, and it could get a lot worse now that the parabola has been broken. The Parabolic SAR hasn’t been hit many times in Bitcoin’s history | Source: BTCUSD on TradingView.com Why The Parabolic SAR Could Be Warning Of Further Crypto Collapse When Bitcoin price broke its parabolic advance in early 2018, iconic trader Peter Brandt famously called for an 80% correction, give or take a few percentage points on either side. A year later the leading cryptocurrency by market cap plummeted to its bear market bottom for a full 84% retracement. A tool that can help tell traders when an asset has gone parabolic, and through that tool where to place stop losses, could be signaling that Bitcoin will drop a lot more now that again parabola has been broken – possibly as much as Brandt called for in the past. Related Reading | The Missing Ingredient From A Full On Bitcoin Reversal The technical analysis tool, called the Parabolic SAR can indicate when a trend has “stopped and reversed.” The recent selloff touched the Parabolic SAR on monthly timeframes, and in the past each time that happened, BTC dropped by 72% or more against the dollar. At the highest point the post-SAR plunge reached a staggering 86% – not far from the statistics shared by Brandt. With the tool triggered, even at the lowest ever drop in history percentage wise, Bitcoin is still at risk of dropping below $20,000 or even lower. At even 84%, which we now know happens when parabola is broken, it could take the top crypto asset back to around $10,000. Traders use the Parabolic SAR to move their stop losses up in profit, so the only hope left for bulls is that this level was hunted on purpose. The fall happened to coincide with the yearly open, so there are plenty of technical reasons for the target also. Featured image from iStockPhotos, Charts from TradingView.com

Ethereum Still Below 100 SMA, Why BTC Is Outperforming ETH

Armani Bins3 years ago2 years ago04 mins

Ethereum is still struggling to gain pace above $2,000 against the US Dollar. ETH price is still below the 100 hourly SMA, while bitcoin surpassed $35,000. Ethereum is still struggling to clear the $2,050 and $2,060 resistance levels. The price is trading near the $2,000 barrier and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair must clear $2,000 and $2,050 to start a strong upward move in the near term. Ethereum Price is Facing Resistance Ethereum remained strong above the $1,850 level and it moved higher. More importantly, bitcoin bulls cleared the 100 hourly SMA, opening the doors for a move above $35,000. However, ETH price is still facing resistance near the 100 hourly SMA and the $2,000 zone. There was a break above the 50% Fib retracement level of the of the main decline from the $2,283 swing high to $1,700 low. There was also a break above a key bearish trend line with resistance near $1,950 on the hourly chart of ETH/USD. The pair is now consolidating near the $2,000 zone. The next major resistance is near the $2,050 level. It is close to the 61.8% Fib retracement level of the of the main decline from the $2,283 swing high to $1,700 low. Source: ETHUSD on TradingView.com A clear upside break above the $2,000 level and then $2,050 could open the doors for more upsides. The next key resistance is near the $2,150 zone. Any more gains could set the pace for a move towards the $2,300 level. An intermediate resistance could be near the $2,250 level. Fresh Decline in ETH? If Ethereum fails to clear the $2,000 and $2,050 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,900 level. The first major support is now forming near the $1,850 level. A downside break below the $1,850 zone could lead the price further lower. In the stated case, the price could move down further towards the $1,700 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is struggling to gain pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is currently near the 50 level. Major Support Level – $1,850 Major Resistance Level – $2,050

Facebook, Google, Apple, Tesla Stocks Coming to Solana

Armani Bins3 years ago2 years ago07 mins

Share this article Digital Assets AG is bringing tokenized stocks for 55 companies to Solana. FTX exchange will be the first platform to enable trading for users who complete its KYC process. Blue Chip Stocks on Solana Solana will host tokenized stocks for a range of companies including Facebook, Apple, Google, Netflix, Nvidia, PayPal, Square, and Tesla. Digital Assets AG (DAAG) plans to list the 55 tokenized stocks on the Layer 1 blockchain platform. The Swiss firm provides free-floating stocks on exchanges like Binance and FTX, as well as on private blockchains. Free-floating tokens are regulated assets that represent the publicly issued supply of those shares. The securities prospectus of DAAG Tokenized Stocks is endorsed by the Financial Market Authority (FMA) of Liechtenstein, making the stocks valid in the European Economic Area. According to a press release shared with Crypto Briefing, FTX exchange will pilot trading DAAG’s stock tokens on Solana. Any users who complete the exchange’s KYC process and live in permitted jurisdictions will be able to trade the tokens. FTX is a leading supporter of Solana as a hub for next-generation DeFi applications. The exchange is run by Sam Bankman-Fried, who also owns Alameda Research, a trading firm that’s backed many projects in the blockchain’s ecosystem. Speaking of the launch, Bankman-Fried said: “DAAG’s tokenized stock infrastructure will help facilitate a paradigm shift in the underlying market structure, and we’re excited to continue working with Solana and DAAG to set the standard in this industry.” Anatoly Yakovenko, CEO of Solana Labs, added that DAAG was “primed to expand the financial technology that can be built on Solana, with DeFi products ready to support these new equity tokens.” Tokenized stocks are not new in the crypto world. FTX, Binance, and Bittrex Global enable trading of multiple stock and commodity tokens, but the tokens are not transferable across platforms. DAAG’s stock launch will allow for transfers to the secondary market, external apps, other Solana addresses, or applications, opening the gateway for access in DeFi applications. This news was brought to you by ANKR, our preferred DeFi Partner. Share this article The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. FTX Bets on Solana, Not Ethereum, for Its New Decentralized Exchange FTX is spearheading the launch of a new decentralized exchange (DEX) to kickstart a new DeFi ecosystem on the Solana blockchain. Touted as an “Ethereum Killer,” can Solana’s high throughput… Ren Bridge Adds Support for Bitcoin on Solana A tokenized version of Bitcoin is now available on Solana via Ren’s bridge. Ren Integrates Solana Ren has launched a bridge to Solana. The project announced the integration Thursday, remarking… Polygon, Solana, DeFi on Grayscale’s Radar Grayscale is exploring 13 new cryptocurrencies as tentative investment offerings, including Polygon and Solana’s native tokens. Grayscale Considering 13 New Assets Grayscale is weighing up adding a new list of… What is Polygon (MATIC): Ethereum’s Internet of Blockchains In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…

Ethereum Trims Losses, Why ETH Could Face Hurdles Near $2,060

Armani Bins3 years ago2 years ago04 mins

Ethereum dived towards the $1,700 level before it started a strong recovery against the US Dollar. ETH price is back above $2,000, but it is likely to face hurdles near $2,060. Ethereum extended its decline below $1,800 before it started a steady recovery. The price is still trading below $2,100 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to face a strong resistance near the $2,060 and $2,100 levels in the near term. Ethereum Price Recovers Losses Ethereum extended its decline below the $1,850 support, like bitcoin. ETH even traded below the $1,800 and $1,750 support levels to move further into a bearish zone. The price tested the $1,700 level before it started a decent recovery wave. Ether climbed higher nicely above the $1,880 and $1,950 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the of the recent decline from the $2,280 swing high to $1,703 low. Moreover, there was a break above a short-term bearish trend line with resistance near $1,940 on the hourly chart of ETH/USD. The pair is still trading below $2,100 and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com The 61.8% Fib retracement level of the of the recent decline from the $2,280 swing high to $1,703 low is also near the $2,060 zone. The main resistance is now forming near the $2,150 level. There is also another major bearish trend line forming with resistance near $2,140 on the same chart. To move into a positive zone, ether price must clear the $2,060 and $2,150 levels in the near term. Fresh Drop in ETH? If Ethereum fails to clear the $2,060 and $2,150 resistance levels, it could start a fresh decline. An initial support on the downside is near the $1,940 level. The first major support is now forming near the $1,900 level and the broken trend line. The main breakdown support is now forming near the $1,840 level. A downside break below the $1,840 could start a fresh slide towards the $1,700 zone in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is now moving in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently rising towards the 60 level. Major Support Level – $1,940 Major Resistance Level – $2,060

John Paller – Cointelegraph Magazine

Armani Bins3 years ago2 years ago021 mins

John Paller is training a new generation of blockchain workers and giving them the tools to live free from the chains of full-time employment. After a chance conversation with a “Russian dude” wearing a weird T-shirt at a 2014 conference — Vitalik Buterin’s father, Dmitry — John Paller’s life was transformed by having a front-row seat for the birth of Ethereum. He went on to create the largest Ethereum hackathon and founded an initiative to help at-risk youth find job opportunities in the burgeoning crypto industry.According to Paller, the majority of workers in the United States will be independent and not tied to a particular employer within just a few years from now. But with so many of the necessities of life provided by employers rather than the government, he has set up a new token-based employment co-op to provide independent contractors with benefits, such as medical insurance and retirement plans.Purple state EthereumGrowing up in the predominantly Mormon state of Utah, which he describes as “a rather dogmatic society,” Paller remembers that as a child, he “always asked too many questions.” Not feeling like he fit in, he moved east — over the Rocky Mountains — to Denver, Colorado a few years after graduating from Southern Utah University with a business administration degree in accounting and finance in 1997. Denver, according to Paller, is “more pragmatic politically — we don’t get caught up in political dogma as much as other states seem to do.” This, he surmises, is due to a mixture of geographical and cultural influences, with a libertarian wild west culture from Wyoming in the north merging with a more “liberal, progressive” approach from the south in New Mexico and west from California.“I think that Ethereum as a concept really relates well to this sort of egalitarian approach — building next-generation public infrastructure using smart contracts. We have a good tech scene here in Colorado.”He serves as the executive steward of ETHDenver, which started with monthly meetups of “a couple dozen people” before growing into the hundreds suddenly in 2017. This rapid growth inspired him to organize a hackathon in February 2018, a project for which he called up various industry players, such as Ethereum co-founder Joe Lubin, cryptocurrency entrepreneur Erik Voorhees, and dozens of other top projects and luminaries.“We were hoping for 401 people, and the reason for that was because ETH Waterloo in the fall of 2017 had 400 people, and we wanted to be the biggest one ever,” he says.The first event, which Paller describes as “part Burning Man, part SXSW, part DevCon, and part Hack the North,” was a huge success with 1,500 participants. With four years running so far, the event has become a home turf of the Ethereum movement. “This year, we did a fully virtual event, and we hosted over 31,000 people from 94 countries,” Paller explains proudly, adding that ETHDenver is transitioning into a true community-owned ecosystem called SporkDAO with a virtual launch party and NFT auction on June 26.Worker woesPaller’s background is in human resources and finance, and in 2002, he co-founded a staffing company called PeoplePartners to focus on recruiting in the financial sector. After some success, the company managed to buy and merge with another, Lakeshore, where Paller continued to serve as CEO, while the new firm focused on HR technologies in what he refers to as the “Uber-for economy” — where the firm was trying to create an app that would help companies find talent as quickly as Uber finds rides.Much of Paller’s vision for his HR firm revolved around a vague desire to help “democratize employment,” referring to what he saw as a lopsided social contract where employers have a huge amount of power over employees within U.S. society. Questions started to gnaw at him — Why is employment so disproportionate in power and value distribution? Why is healthcare in the United States tied to employment?It was while reading more broadly into economics and game theory, in hopes of answering these questions, that Paller came across Bitcoin from a friend working at a technology startup who told him it was the future of money. “I read the white paper, and I kind of didn’t get it, but I bought some,” he recalls.My name is Buterin, Dmitry ButerinBuying some Bitcoin on a whim was, however, not Paller’s only harbinger of blockchain destiny. While attending a small entrepreneurship conference in California in early 2014, he met Dmitry Buterin. “There was only probably like 30 people there, so it was a very intimate affair, and he was the interesting, you know, Russian dude with the weird T-shirts,” he says. As fathers, they connected over their families and because “politically speaking, we’re both libertarians.”Due to this chance connection, Paller had a direct line to Vitalik’s father, who made “social media posts on the Ethereum white paper and the ICO.” This meant that he had exposure to the project from an early stage and, in early 2016, asked Dmitry to connect him with his son, Vitalik, who “was kind enough to spend several hours with me talking about my ideas for use cases. In hindsight, he was very gracious because my use case ideas were terrible — I didn’t understand decentralization at all,” he recounts, adding that his mind was still stuck in the old world of centralized corporate structures.He eventually did have “the lights go on,” at which point he decided to do a full pivot in life. “It was almost kind of like my version of a midlife crisis,” he explains regarding his sudden decision to sell his business, effectively turning his back on a successful career. Apprentio and the next generationIn 2018, Paller co-created Apprentio in collaboration with a local boys and girls club in hopes of providing at-risk youth with opportunities in the emerging blockchain ecosystem. Paller believes that the commonly prescribed path of high school/college/degree/job is not for everyone, especially considering that a four-year college degree in the U.S. can easily result in $100,000 of debt,…

Karura Wins $100 Million Parachain Auction on Kusama

Armani Bins3 years ago2 years ago08 mins

Key Takeaways Karura Network won the first parachain auction on Kusama. The second auction began today with Moonriver in the lead for second parachain slot. The downtrend in crypto markets has dragged KSM 52% lower this month. Share this article Karura Network, the testnet version of Acala, has won the first parachain auction on Kusama, backed by millions in community contributions. Kusama Ends First Parachain Action Karura is the testnet version of Acala, a DeFi app being built on Polkadot. The Karura network has now secured a 48-week lease to build on Polkadot’s testnet environment, Kusama. Over 14,000 community members backed Karura’s bid with 500k KSM tokens, worth $95 million. The contributors will get Karura’s native token KAR in return. Although, the present amount of total contributions to Kusama crowd loans is less than $100 million. In reality, investors have paid a lot more than that. A week before the auction, Karura raised 200,000 KSM tokens for $100 million, pushing its price to a peak of $514 on Jun. 10. The crowd loan for Karura and other projects began at the beginning of this month. KSM has dropped 52% since Jun. 1, last trading at $170. The downtrend in crypto markets and lack of demand after the initial crowd loans have dragged Kusama’s price below $200 this morning. Polkadot’s DOT is trading 42.8% lower. KSM Daily price chart. Source: Trading ViewParachain Auctions Explained The Kusama parachain actions, although expensive, are highly sought-after slots by the community and investors of the Polkadot ecosystem. Polkadot is a scalable layer-1 blockchain ecosystem for hosting decentralized applications. It is one of the leading competitors of Ethereum and also offers compatibility with existing decentralized applications on Ethereum. The crowd loan participants are eligible for token airdrops at the time of launch. Currently, investors have to weigh the opportunity cost between investing early and the price drop in the current bear market. The Kusama parachain auctions will be conducted every week for the first five auctions and every two weeks after that. There are around 100 parachain slots available. Although, the projects have been raising KSM tokens via crowd loans for the slot auctions since the beginning of the year. The second parachain auction began today. Projects like Moonriver, Bifrost, and Khala Network are the lead contenders for the second slot. Parachain Auctions on Polkadot are set to launch sometime later this year. This news was brought to you by ANKR, our preferred DeFi Partner. Share this article The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. After Solana, Tether Launches on Polkadot, Kusama Another two chains for Tether: USDT will soon be available on Polkadot and Kusama. Tether Primed for Growth Tether is preparing to launch on another two blockchains. The Tether team… Karura Raises $100M, Kusama Soars Ahead of Parachain Auction Karura, an Acala sister project on Kusama, has raised more than $100 million in KSM as part of a crowd loan. The funds will be used to bid in Kusama’s… Polkadot Ready for Kusama Parachain Auctions Polkadot’s founder Gavin Wood has announced that parachain auctions on Kusama should take place from next week. First Parachain Auctions to Launch Parachain auctions on Polkadot’s canary network Kusama will… What is Polygon (MATIC): Ethereum’s Internet of Blockchains In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…

Bitcoin Eyes Recovery, Here’s Why BTC Could Struggle Near $35K

Armani Bins3 years ago2 years ago04 mins

Bitcoin price extended its decline and tested the $31,500 zone against the US Dollar. BTC is now recovering losses, but it is likely to face sellers near $34,000 and $35,000. Bitcoin remained in a bearish zone and it even broke the $32,000 support zone. The price is now trading well below $35,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to correct higher, but the bears could prevent gains above $35,000 in the near term. Bitcoin Price Could Recover Losses Bitcoin struggled to stay above the $33,000 zone and it extended its decline. BTC broke the $32,500 and $32,000 support levels to move further into a bearish zone. The price even spiked below the $31,500 level and settled well below the 100 hourly simple moving average. It traded as low as $31,310 and it recently started an upside correction. Bitcoin is now back above the $32,000 and $32,500 resistance levels. There was also a break above the 23.6% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low. An initial resistance on the upside is near the $33,800 level (the recent breakdown zone). The 50% Fib retracement level of the recent drop from the $36,170 swing high to $31,310 low is also near $33,800. The main resistance is now forming near the $35,000 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com Therefore, bitcoin bulls are likely to face a major resistance near the $35,000 zone and the 100 hourly SMA. The next major resistance on the upside sits at $36,200. More Losses in BTC? If bitcoin fails to clear the $33,800 resistance or the trend line resistance, it could continue to move down. An immediate support on the downside is near the $32,000 level. The next major support is near the $31,500 level. A downside break below $31,500 could open the doors for more losses. In the stated case, the price might even test $30,000. Technical indicators: Hourly MACD – The MACD is slowly moving into the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to clear the 50 level. Major Support Levels – $32,000, followed by $31,500. Major Resistance Levels – $33,800, $34,000 and $35,000.

Bitcoin under threat, El Salvador rejected, Mark Cuban stung, McAfee ‘has nothing’

Armani Bins3 years ago2 years ago020 mins

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This Week Hawkish Fed comments push Bitcoin price and stocks lower againThe crypto markets had started the week with a spring in their step.Last Sunday, Elon Musk revealed that Tesla would be prepared to accept Bitcoin as a payment method again — once it could be proved that 50% of the energy used by miners comes from clean, renewable sources.Traders reacted positively to the tweet, and there were green candles aplenty. Upbeat sentiment helped drive Bitcoin above $40,000 for the first time in over a fortnight. Unfortunately, though, it seems prices above this level were unsustainable.A new wave of selling reared its ugly head days later after Federal Reserve chairman Jerome Powell suggested that interest rates may rise in 2023 — a year earlier than planned. Other officials went further, indicating the first increase could happen in late 2022.Bitcoin wasn’t alone in suffering the sell-off. Stocks and gold also fell, eating away at the narrative that BTC is an uncorrelated asset.With prices falling as low as $35,000, there are now fears that a “death cross” may be forming for Bitcoin. Some traders are forecasting that $32,500 could be the next stop before BTC revisits the swing low at $30,000. World Bank refuses El Salvador’s request for help on BTC transitionAs determined as El Salvador’s president may be to introduce Bitcoin as legal tender, a series of unfortunate events this week showed that it’s harder than it looks.The World Bank has refused to assist the country in its transition, citing “the environmental and transparency shortcomings” associated with the digital asset.Although prominent Bitcoiners weren’t pleased with the World Bank’s refusal, it’s fair to say that they weren’t surprised either.One particularly sarcastic contribution came from Blockstream’s chief strategy officer Samson Mow, who tweeted: “BREAKING: WORLD BANK CANNOT HELP EL SALVADOR MAKE WORLD BANK OBSOLETE.” Miaow.Elsewhere, an El Salvadorean minister denied reports that the country was examining the possibility of using Bitcoin for salary payments, warning such talk was “too premature.”Economists have also been continuing to issue warnings about the potential ramifications of El Salvador’s move. Steve Hanke pulled no punches when he said going through with this law has the potential to “completely collapse” the country’s already fragile economy.Striking a cheery note, he said the politicians who backed President Nayib Bukele’s Bitcoin Law were “stupid,” adding: “You’re not going to pay for your taxi ride with a Bitcoin. It’s ridiculous. […] 70% of the people in El Salvador don’t even have bank accounts.” Mark Cuban calls for stablecoin regulation in wake of Iron Finance “bank run” Billionaire crypto enthusiast Mark Cuban has called for stablecoins to be regulated after losing money in a dramatic “rug pull.”Iron Finance fell victim to a “historical bank run” that detailed the price of the IRON stablecoin. Consequently, the value of its native token TITAN crashed by almost 100% over two days — from all-time highs of $64.04 to a mere fraction of one cent.In an email sent to Bloomberg, Cuban wrote: “Even though I got rugged on this, it’s really on me for being lazy. The thing about DeFi plays like this is that it’s all about revenue and math and I was too lazy to do the math to determine what the key metrics were.”Crypto Twitter, already reeling from the U-turn performed by Elon Musk, wasn’t a fan of Cuban’s remarks.Kraken’s CEO Jesse Powell said a lack of regulation wasn’t the problem, tweeting: “Not doing your own research and YOLOing in to a terrible investment because your time was worth more than your money is your problem.” The death of NFTs? CNN, Fox, Mila Kunis (and the U.S. Space Force) don’t think soEarlier this month, some critics were sounding the death knell for nonfungible tokens after a Protos report suggested that sales had slumped by 90% since the peak in early May. However, things may not be as dire as they first appear.First off, let’s not forget that Sotheby’s auctioned off a rare CryptoPunk for $11.8 million earlier this month… setting a new world record in the process. Also, it’s worth noting that there’s no shortage of new NFT announcements.Here’s just a few that have emerged in recent days. CNN said that it’s planning to tokenize historic moments from the news. That came as Fox, another U.S. media behemoth, revealed it’s launching a $100 million fund for NFT content creation. Sotheby’s confirmed that it is going to auction off the source code for the World Wide Web in the form of a digital collectible. And not to be outdone, A-lister Mila Kunis is wading into the “very masculine” crypto space by launching her very own NFT project.Even the much-ridiculed U.S. Space Force thinks that NFTs are out of this world. Its tokens are literally going to the moon — paying tribute to Neil Armstrong, the first person to set foot on the lunar surface.Given how all of these projects have the chance to capture the public’s imagination, it may be unwise to characterize NFTs as a passing fad that’s fading away. ‘I have nothing’: Imprisoned John McAfee claims his crypto fortune is goneStill behind bars in Spain as he battles extradition to the U.S., antivirus software pioneer John McAfee has told his one million Twitter followers that he doesn’t have hidden crypto.He wrote: “I wish I did but it has dissolved through the many hands of Team McAfee (your belief is not required), and my remaining assets are all seized. My friends evaporated through fear of association.”And, striking a defiant note, he added: “I have nothing. Yet, I regret nothing.”A Spanish court is set to make a decision on whether to approve McAfee’s extradition within days. The businessman is accused of tax evasion and failing to declare income from paid crypto promotions, consultancy work, and gains from his investments.During a…

How Ethereum Close Below $2.3K Could Spark Larger Degree Decline

Armani Bins3 years ago2 years ago04 mins

Ethereum remains in a bearish zone and it traded below $2,350 against the US Dollar. ETH price could accelerate lower if there is a close below $2,300. Ethereum extended its decline below the $2,400 and $2,350 levels. The price is now trading well below $2,400 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its decline if the bulls fail to protect the key $2,300 support zone. Ethereum Price Remains At Risk Ethereum started a steady decline from well above $2,500, similar to bitcoin. ETH traded below the $2,450 and $2,400 support levels to move into a bearish zone. There was also a break below the $2,350 support zone and yesterday’s low. The price is now trading well below $2,400 and the 100 hourly simple moving average. Ether is managing to stay above the key $2,300 support zone. A low is formed near $2,304 and the price is consolidating losses. An initial resistance is near the $2,350 level. The first key resistance is near the $2,380 level. There is also a crucial bearish trend line forming with resistance near $2,380 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The trend line is near the 23.6% Fib retracement level of the of the recent drop from the $2,640 swing high to $2,304 low. The first major resistance is near the $2,400 level. The main resistance is now forming near the $2,450 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the of the recent drop from the $2,640 swing high to $2,304 low. More Losses in ETH? If Ethereum fails to clear the $2,380 and $2,400 resistance levels, it could continue to move down. An initial support on the downside is near the $2,320 level. The main breakdown support is now forming near the $2,300 level. A downside break below the recent low and the $2,300 support level may possibly spark a major decline. In the stated case, ether price is likely to decline towards $2,150 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is struggling to gain pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently near the 40 level. Major Support Level – $2,300 Major Resistance Level – $2,400

Ren Bridge Adds Support for Bitcoin on Solana

Armani Bins3 years ago2 years ago07 mins

Share this article A tokenized version of Bitcoin is now available on Solana via Ren’s bridge. Ren Integrates Solana Ren has launched a bridge to Solana. The project announced the integration Thursday, remarking that “Solana brings a unique set of features to the Layer One space, along with a growing ecosystem and community.” Solana is a high-throughput Layer One blockchain that offers similar DeFi functionality to Ethereum. However, it processes transactions at a much higher speed and lower cost than the second-ranked blockchain. The ecosystem has grown at a rapid pace this year and the project has received a significant amount of attention: the blockchain’s native SOL token has climbed to 13th rank of all cryptocurrencies. Ren, also known as RenVM, will bring more activity to Solana by offering a bridge to bring assets onto the network. It works by allowing users to mint tokenized versions of the asset they bring onto the bridge. It aims to achieve cross-chain interoperability, and it’s been particularly successful in offering a way to use Bitcoin in DeFi on Ethereum. It also integrated Polygon last month and partnered with Alameda Research to bring Solana-based assets to Ethereum’s DeFi network in February. The Solana x RenVM bridge will initially support four assets: BTC, BCH, ZEC, and DOGE. It will later add DGB, LUNA, and FIL. The Ren-based versions of each asset will then be available to use on Solana. In the blog post announcing the integration, Ren added that it would work “to ensure Ren-based assets are adopted throughout the Solana ecosystem,” making specific reference to projects like Serum, Mango, Oxygen, and Step Finance. Perhaps the most notable development is Ren’s support for Bitcoin on the Layer 1 network. Tokenized versions of the original crypto asset are most frequently put to work in Ethereum’s DeFi ecosystem today, but that could soon change if Solana sees wider adoption. Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, MATIC, and several other cryptocurrencies. This news was brought to you by ANKR, our preferred DeFi Partner. Share this article The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities. See full terms and conditions. Ren Launches Polygon Bridge with Support for Bitcoin Ren has integrated Polygon. Ren Unveils Polygon Bridge Ren has launched a bridge to Polygon. The project announced the expansion Thursday, noting that Polygon is home to “a burgeoning DeFi… Ren Protocol Partners With Alameda to Bridge Solana Assets to DeFi Ren Protocol and Alameda Research have teamed up to bring more assets and liquidity to RenVM and integrate the widely-used Solana blockchain, bringing SOL assets to the DeFi space. Ren… What is Polygon (MATIC): Ethereum’s Internet of Blockchains In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several… Solana Closes $314 Million Funding Round Solana Labs has raised over $314 million in a funding round led by Andreessen Horowitz and Polychain Capital. Solana Announces Fundraiser Solana Labs has raised a nine-figure sum in a…

Bitcoin Dips From $40K, Here’s Why Uptrend Is Still Intact In BTC

Armani Bins3 years ago2 years ago04 mins

Bitcoin price started a downside correction from well above $40,000 against the US Dollar. BTC is now trading near a major support at $38,000, where the bulls are currently active. Bitcoin started a downside correction after it failed to stay above $40,000. The price is currently just below $39,000 and the 100 hourly simple moving average. There was a break below a key contracting triangle with support near $39,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to start a fresh increase unless there is a close below the $38,000 support=. Bitcoin Price Revisits Key Support Bitcoin topped near the $41,350 before it started a downside correction. BTC consolidated above $40,000 for some time before the bulls failed to protect the mentioned support zone. The price declined below the $40,000 and $39,500 support levels. There was also a break below a key contracting triangle with support near $39,900 on the hourly chart of the BTC/USD pair. The pair even broke the $38,500 support level and the 100 hourly simple moving average. However, the bulls are protecting the $38,000 support zone (the last breakout zone). The price is now consolidating above the $38,000 level. It is also just below $39,000 and the 100 hourly simple moving average. The 23.6% Fib retracement level of the recent decline from the $41,350 swing high to $38,154 low is also near the 100 hourly SMA. Source: BTCUSD on TradingView.com The first major resistance is near the $39,750 level. It is close to the 50% Fib retracement level of the recent decline from the $41,350 swing high to $38,154 low. The main resistance is now forming near the $40,000 zone. A clear upside break above the $40,000 zone is likely to set the pace for a fresh rally in the near term. More Losses in BTC? If bitcoin fails to clear the $39,750 resistance and $40,000, it could extend its decline. An initial support on the downside is near the $38,150 level. The first major support is near the $38,000 level. A downside break below the recent low and the $38,000 level could open the doors for a larger decline towards $36,500. Technical indicators: Hourly MACD – The MACD is slowly moving into the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is rising towards the 50 level. Major Support Levels – $38,150, followed by $38,000. Major Resistance Levels – $39,500, $39,750 and $40,000.

TA: Ethereum Gearing For Another Lift-Off to $2.8K: Rally Isn’t Over Yet

Armani Bins3 years ago2 years ago04 mins

Ethereum is showing positive signs above $2,500 against the US Dollar. ETH price is likely to accelerate higher above $2,650 and it could revisit $2,800. Ethereum started a steady increase above the $2,500 resistance and $2,550. The price is now trading well above $2,500 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to climb further higher above $2,650 and $2,700 in the near term. Ethereum Price Gains Bullish Momentum Ethereum formed a base above the $2,350 level and started a fresh increase. ETH broke the $2,450 resistance zone to move into a bullish zone. There was a break above a major bearish trend line with resistance near $2,480 on the hourly chart of ETH/USD. The pair even settled nicely above the $2,500 level and the 100 hourly simple moving average. The pair climbed above the $2,550 resistance level. Ether is now trading well above the 76.4% Fib retracement level of the of the key decline from the $2,626 high to $2,260 swing low. An immediate resistance is near the $2,626 high. A clear upside break above the $2,626 high could set the pace for a larger increase in the coming sessions. Source: ETHUSD on TradingView.com The next key resistance is near the $2,715 level. It is near the 1.226 Fib extension level the of the key decline from the $2,626 high to $2,260 swing low. Any more gains above $2,720 could open the doors for a larger increase. The next major barrier for the bulls is near the $2,800 level. Downsides Limited in ETH? If Ethereum fails to clear the $2,620 and $2,650 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,580 level. The first major support is near the $2,550 level. Any more losses could possibly call for a test of the $2,500 support and the 100 hourly SMA in the coming sessions. A downside break below the 100 hourly SMA could push ether price towards the $2,450 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is currently well above the 50 level. Major Support Level – $2,500 Major Resistance Level – $2,650