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Bitcoin Remittances to El Salvador Surge 300% Ahead of BTC Becoming Legal Tender

Bitcoin Remittances to El Salvador Jump 300% Ahead of Law Making BTC Legal TenderBitcoin remittances to El Salvador jumped more than fourfold in May from the previous year, according to data from blockchain analytics firm Chainalysis. Last week, El Salvador passed a bill making bitcoin legal tender in the country alongside the U.S. dollar. The monthly bitcoin transfers of under $1,000 to El Salvador totaled $1.7 million in […]

Algorand (ALGO) price strengthens as institutional investors back the project

Backing from institutional investors and a series of new partnerships could help ALGO break from its current range in the coming week.

Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

MicroStrategy Is Ready To Splash Half A Billion Dollars On The Bitcoin Market

MicroStrategy Wants To Buy An Additional $600 Million Worth Of Bitcoin

Michael Saylor’s MicroStrategy is gearing up to invest nearly half a billion dollars in bitcoin following the close of its offering as it pertains to the sales of senior secured notes. Earlier this month, the company announced plans to sell with a view to funding additional investment in Bitcoin. The press release revealing as much […]

Subcontractors and Builders Located in China’s Xiong’an New Area Are Being Paid in Digital Yuan 

Subcontractors and Builders Located in China's Xiong'an New Area Are Being Paid in Digital YuanXiong’an New Area, a state-level new area in Hebei, China, is seeing the use of onchain digital yuan payments, according to a circular issued by the Xiong’an government. The announcement details that Xiong’an subcontractors and builders are being paid using the central bank digital currency (CBDC) via the People’s Bank of China and the new […]

Price analysis 6/14: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCH

Bitcoin’s surge above $40,000 and the breakouts from select altcoins may be signals that the bottoming process has begun.

Bitcoin (BTC) has risen above the psychological resistance at $40,000 following a series of positive news flow over the past week. The first bit of bullish news that impacted the price of Bitcoin was a tweet from Tesla CEO Elon Musk who said the carmaker wil accept Bitcoin payments if more than 50% clean energy is used by Bitcoin miners with a “positive future trend.”

Another piece of news that may have boosted the recovery in Bitcoin was Paul Tudor Jones' suggestion that 5% of every investment portfolio have exposure to Bitcoin,  which is equal to that of gold, cash and commodities. Jones was al critical of the U.S. Fed’s view that the current rise in inflation numbers is transitory.

The recent bullish news is proof that the current drop has not altered the fundamentals of Bitcoin. Therefore, as the price stabilizes, Bitcoin may again attract institutional investment.

Daily cryptocurrency market performance. Source: Coin360

Meanwhile, MicroStrategy has completed its $500 million offering of secured notes, which the company plans to use for buying Bitcoin. After deducting various expenses, the business intelligence firm is left with $488 million that will be used to purchase Bitcoin. This will add to the company’s existing stack of 92,079 Bitcoin.

Related: Bitcoin sell pressure may hit zero in July thanks to Grayscale’s giant 16K BTC unlocking

With demand likely to return, could Bitcoin lead the recovery in the crypto markets? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned up on June 13 and soared above the resistance line of the developing descending triangle pattern. This move invalidated the bearish setup, which is a bullish sign. The buyers have continued their purchase today and pushed the price above $40,000.

BTC/USDT daily chart. Source: TradingView

The 20-day simple moving average ($36,779) has flattened out and the relative strength index (RSI) has risen into the positive territory, indicating that the selling pressure has reduced.

The BTC/USDT pair could now attempt a rally to the 50-day SMA ($44,571), which may act as a stiff resistance. If the price turns down from this resistance but finds support at the 20-day SMA, it will suggest the sentiment has turned bullish.

A breakout of the 50-day SMA will signal a possible change in trend and the pair could then rally to $51,483. This bullish view will be negated if the pair turns down and plummets below the $34,600.36 support. Such a move will suggest that traders are dumping their positions on minor rallies.

ETH/USDT

Ether (ETH) dropped below the support line of the symmetrical triangle on June 12 but the bears could not sustain the lower levels. This suggests that buyers are accumulating on dips.

ETH/USDT daily chart. Source: TradingView

The ETH/USDT pair rebounded off the trendline on June 13 and the bulls are now trying to push the price above the 20-day SMA ($2,581). If they succeed, the pair could rally to the resistance line of the triangle.

A breakout and close above the triangle and the 50-day SMA ($2,940) will indicate that the downtrend is over. The pair could then move up to the 78.6% Fibonacci retracement level at $3,806.91.

This positive view will invalidate if the pair turns down from the current level or the overhead resistance and breaks below $2,200. That could open the doors for a fall to $2,079 and then $1,728.74.

BNB/USDT

Binance Coin (BNB) bounced off the trendline on June 13 and the bulls have pushed the price above the 20-day SMA ($364). This suggests that the bulls are defending the trendline aggressively.

BNB/USDT daily chart. Source: TradingView

If the bulls sustain the price above the 20-day SMA, the BNB/USDT pair may move up to $433. This level may act as a resistance but if the bulls can push the price above it, the ascending triangle pattern will complete.

This bullish setup has a target objective at $609. The gradually rising 20-day SMA and the RSI above 46 suggest the buyers are trying to make a comeback.

However, if the price turns down from the current level and breaks below the trendline, it will suggest that supply exceeds demand. The pair could then drop to $291.06 and then to $211.70.

ADA/USDT

Cardano (ADA) slipped below the trendline on June 11 but the bears could not sustain the lower levels. This suggests that the bulls are buying on dips. The altcoin rose above the trendline on June 13 and the bulls are currently trying to push the price above the moving averages.

ADA/USDT daily chart. Source: TradingView

If they manage to do that, the ADA/USDT pair could rise to $1.94 where the bears are likely to pose a stiff challenge. However, a breakout and close above this resistance will suggest the correction is over.

Contrary to this assumption, if the price turns down from the moving averages, the pair could again drop to $1.33. A break below this support will indicate weakness and the pair could then plummet to $1.

DOGE/USDT

Dogecoin (DOGE) is attempting to rebound off the neckline of the head and shoulders pattern. This suggests the bulls are attempting to defend this support. If buyers push the price above the 20-day SMA ($0.34), the altcoin could start its journey to the 50-day SMA ($0.40).

DOGE/USDT daily chart. Source: TradingView

The bears are again likely to mount a stiff resistance at the 50-day SMA. If the price turns down from this resistance, the DOGE/USDT pair could drop to the neckline and remain range-bound for a few days.

The flattening moving averages and the RSI just below 46 points to a range-bound action in the near term. This neutral view will invalidate if buyers push the price above $0.45 or bears sink the pair below the neckline.

XRP/USDT

XRP has been trading below the 20-day SMA ($0.92) for the past few days but the bears have not been able to sink the price below the $0.75 support. This suggests that bulls are accumulating at lower levels.

XRP/USDT daily chart. Source: TradingView

The 20-day SMA is flattening out and the RSI is above 44, indicating the bulls are trying to make a comeback. A breakout and close above the 20-day SMA will be the first sign of strength. It will indicate that traders have resumed their purchases.

That could push the price to $1.10 where the bears will try to defend the level aggressively. However, if buyers thrust the price above this level, the XRP/USDT pair could rise to the 50-day SMA ($1.19). This positive view will invalidate if the price turns down and plummets below $0.75.

DOT/USDT

Polkadot’s (DOT) price action of the past few days has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears.

DOT/USDT daily chart. Source: TradingView

The flattish 20-day SMA ($22.98) and the RSI above 48 points to a possible range-bound action in the short term. However, if bulls push the price above the resistance line of the triangle, the DOT/USDT pair may start a relief rally to $31.28 and then to $41.40.

On the contrary, if the price turns down from the resistance line, the bears will make one more attempt to sink the pair below $19.50. If they succeed, the pair could start its journey toward the next critical support at $15.

UNI/USDT

Uniswap (UNI) is trading between the $21.50 support and the $30 resistance for the past few days. Although the bears pulled the price below $21.50 on June 12 and 13, they could not sustain the lower levels. This suggests that the bulls purchased the dip below $21.50.

UNI/USDT daily chart. Source: TradingView

The relief rally is likely to face stiff resistance at the downtrend line. This shows that the bears have not thrown in the towel yet. If the price turns down from the current level, the sellers will make another attempt to sink the UNI/USDT pair below the $21.50 to $20.23 support.

If they succeed, the pair could drop to $16.49 and then $13.04. Contrary to this assumption, if the bulls push the price above the downtrend line, the pair may move up to the 20-day SMA ($25.45).

If the price turns down from the 20-day SMA, it will suggest the sentiment remains negative. However, if the bulls push the price above the 20-day SMA, the pair could rise to $30.

LTC/USDT

Litecoin (LTC) has failed to break above or below the symmetrical triangle as the bulls are buying on dips to the support line and bears are selling at the resistance line. If the price reaches the apex of the triangle without breaking out, the pattern will be invalidated.

LTC/USDT daily chart. Source: TradingView

The bulls are currently attempting to push the price above the resistance line. If they succeed in sustaining the price above the triangle, it will suggest that buyers are back in the game. That could open the doors for a move to $225 and then to the 50-day SMA ($237).

Alternatively, if the price turns down from the current level, the bears will make one more attempt to sink the LTC/USDT pair below the support line. If that happens, the pair could drop to $140 and then to $118.03.

BCH/USDT

Bitcoin Cash (BCH) has been trading inside a descending triangle pattern for the past few days, which will complete on a breakdown and close below $538.11.

BCH/USDT daily chart. Source: TradingView

If that happens, the BCH/USDT pair could witness aggressive selling and may drop to $400 and then to $370. The gradually downsloping 20-day SMA ($656) and the RSI in the negative territory suggest the path of least resistance is to the downside.

This negative view will invalidate if the bulls propel the price above the downtrend line. Such a move could catch several aggressive bears off guard and may result in a short squeeze, pushing the price to the 50-day SMA ($894).

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Paul Tudor Jones: Bitcoin Is “100% Certain”

Bitcoin price is back to around $40,000 but whether or not the bull market is over or not isn’t yet certain. What is certain, according to Paul Tudor Jones, is the cryptocurrency itself. Not the asset or its price, but the underlying ironclad cryptographic code. Here’s why the billionaire investor has allocated as much as […]

Crypto Cyberthreats Spike This Year With Russia Hit the Hardest, Report Reveals

Crypto Cyberthreats Spike This Year With Russia Hit the Hardest, Report RevealsCyberthreats related to cryptocurrencies have increased with rising demand for the digital assets, a study has concluded. Russia, Thailand and Peru are the most affected countries by malicious attacks designed to exploit the heightened interest in decentralized money, the authors point out. Booming Crypto Markets Bring Out Cybercriminals Despite the ongoing Covid pandemic still leading […]

After Central Bank Devalues Naira by 5% Finance Minister Attributes Drop to ‘Market Forces’

Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s remarks come just a few weeks after the official naira exchange rate dropped […]

Here’s how pros safely trade Bitcoin while it range trades near $40K

Traders who are unsure about Bitcoin’s chance of continuation above $40,000 can use a combination of protective put options to generate profit.

Investors tend to define the market as either bullish or bearish, but sometimes the price can remain within a specific range for an extended period. 

This type of sideways movement is not necessarily stable because cryptocurrency markets have high volatility that stems from a range of uncertainties and the early adoption cycle.

For example, investors who concluded that the Bitcoin (BTC) bull run was over after the first week of 2021 probably regret that decision.

Bitcoin price at Coinbase in USD, Jan. 2021. Source: TradingView

Starting on Jan. 8, Bitcoin price traded in a descending channel within a $10,000 range. The movement lasted for 26 days until it finally broke out in early February.

Bitcoin price at Coinbase in USD, Aug. 2020. Source: TradingView

In August and September 2020, Bitcoin had two distinct ranging periods. However, it is not possible to consider those movements as a bull market. On the other hand, bears had few reasons to celebrate since the $10,000 bottom was tested multiple times, but the market recovered from it.

Is Bitcoin price in an ascending channel?

Although it seems premature to call it, there is a possibility that Bitcoin has entered a positive range aiming for $40,000 by the end of June.

Bitcoin price at Coinbase in USD, current. Source: TradingView

The present range indicates a $37,000 to $43,000 range for June 25, but with crypto’s extreme volatility, the channel’s support and resistance levels are sometimes drastically tested.

There is reason to believe that an impending short-squeeze could quickly recover a $50,000 support for Bitcoin, considering the $500 million raised by MicroStrategy and Paul Tudor Jones’s intention to increase his BTC position.

On the other hand, there are also fears that U.S. Treasury Secretary Janet Yellen’s remarks about digital assets being used for money laundering and illicit payments standing as a threat to Bitcoin price. Furthermore, Gary Gensler, the U.S. Securities and Exchange Commission chair, recently expressed concerns about the absence of regulation on crypto exchanges.

Smart traders take less risk on range trading moves

For options traders, the best option sometimes is to bet on maintaining the current range, especially for short-term periods. That’s where the Christmas tree spread with puts strategy enters into play.

Deribit position builder profit & loss simulator. Source: Deribit

Instead of betting on a bull or bear market, this option strategy uses protective put options to benefit traders with a neutral stance. The investor will profit if Bitcoin remains between $37,170 and $44,000 on June 25. Therefore, it offers protection both from an 8.5% move in either direction.

To achieve this, one needs to buy 2 BTC worth of the $36,000 put, sell 3.33 BTC worth of the $40,000 put in addition to buying 1.33 BTC of the $46,000 put. Each contract is maturing on June 25.

The Christmas tree spread with puts is a low-risk strategy

With less than 11 days left before the June 25 expiry, it is reasonable to assume that there is a good probability that the market stays within this range. However, this strategy offers a 0.062 BTC ($2,515 at $40,570) maximum loss in case of a surprise move.

Profit-wise, the strategy can yield a 0.1375 BTC ($5,500) gain at $40,000.

Therefore, it seems like a smart choice for an investor that expects the current uptick in bullish momentum to continue. It is worth noting that most derivative exchanges offer options trading from as little as 0.10 BTC.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.