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Analyst Targets $8,100 as Bitcoin Dives Below Cruicial Support Level

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  • Bitcoin is on the verge of invalidating a critical bullish technical pattern.
  • The analogy surfaced after the cryptocurrency broke below the pattern’s support level.
  • A prominent analyst sees the latest downside move to extend itself towards Bitcoin’s 200-day moving average.

Up until Monday morning, Bitcoin had a substantial likelihood of continuing its bull run towards $11,800. But the sentiment flipped after a sharp downside move.

The cryptocurrency fell by 2.26 percent to $9,114 in the early morning trade, pointing to more losses ahead as it invalidated a critical bullish technical pattern called Ascending Triangle. Against an original upside target towards $11,800, Bitcoin broke below the Triangle’s support.

bitcoin, cryptocurrency, btcusd, btcusdt, xbtusd, crypto

Bitcoin price chart from TradingView.com showing the invalidation of the Ascending Triangle. Source: TradingView.com

Breakdowns in the Ascending Triangle typically lead an asset’s price to as low as the height of the pattern. In the current scenario, the maximum height of the Triangle stands near $1,800. That roughly puts Bitcoin’s downside target towards $7,500 after its bearish move.

More Reasons to Be Bearish

A prominent analyst in the cryptocurrency market highlighted a string of reasons why Bitcoin could continue its fall after breaking below the Ascending Triangle’s support level.

The pseudonymous trader noted that the “diagonal support has [now] turned into resistance,” and Bitcoin’s attempt to break above it all over again stands rejected. Meanwhile, the cryptocurrency’s downside move also took it below the 50-daily moving average, a long-standing price floor.

bitcoin, cryptocurrency, btcusd, btcusdt, xbtusd, crypto

BTCUSD breaking bearish on critical support levels. Source: CryptoHamster, TradingView.com

“50-days moving average held so far,” the analyst commented before the breakdown. “If this correction continues, the 100- and 200-days moving averages could be considered as the next support levels.”

Bitcoin’s 200-day moving average falls near $8,100.

Bad Bitcoin Fundamentals

Bearish technicals also took its cues from the dives in the U.S. stock market.

Bitcoin’s losses almost tailed the ones noted in the S&P 500. The cryptocurrency reversed its uptrend after testing $9,481 on Sunday, right around the time the futures tied to the S&P 500 opened negative, now down by 1.21 percent as per CNBC pre-markets data.

bitcoin, cryptocurrency, btcusd, btcusdt, xbtusd, crypto

S&P 500 Mini chart from TradingView showing its intraday plunge. Source: TradingView.com

The bearish moves point to a weaker opening for the U.S. stocks on Monday. Analysts believe it is due to investors’ fears of a second wave of virus infections amid the reopening economy.

“The meltup may need to take a break, as sentiment has turned too bullish too rapidly,” Ed Yardeni president and chief investment strategist at Yardeni Research, said in a note Monday.

“Now that reopening is happening, there’s the fear of suboptimal results: less social distancing triggering a second wave of the virus, followed by another round of lockdowns.”

Bitcoin has followed the S&P 500 in its losses and subsequent recovery since March 2020. Nevertheless, with bearish predictions coming in for the U.S. stocks, the cryptocurrency, too, risks a deeper downside correction.

Source: https://bitcoinist.com/analyst-targets-8100-as-bitcoin-dives-below-cruicial-support-level/?utm_source=rss&utm_medium=rss&utm_campaign=analyst-targets-8100-as-bitcoin-dives-below-cruicial-support-level

Blockchain

TRAMS DEX Propels Global Adoption of DeFi with Automated Market Maker (AMM) protocol

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TRAMS DEX Propels Global Adoption of Defi with Automated Market Maker (AMM) protocol, as Industry Leader VIP Guests, Global Participants, and Management Team concludes Webinar Session Marking a Successful First-Phase Launch.

 

VIP Speakers Unanimously Acknowledge Perfect Market Timing of TRAMS DEX in Decentralized Finance Industry, High Industry Growth Factors, Following 2 Hour-Long Launch Session.

The TRAMS DEX founder and senior management team today concluded a high-impact webinar session as an official launch of its Automated Liquidity Provider protocol, the first of three phases for TRAMS’ Decentralized Finance Business. Industry leader VIP guests and participating members pledge support for open finance and Defi for creating more access to financial products at much lower costs to anyone on demand.

The launch took place in District Singapore, Republic Plaza 9 Raffles Place with a Zoom Webinar hosting a global Defi community and TRAMS DEX protocol members/users community. The discerning VIP panels and participants from ranging continents stencil the much-needed change in the financial sector especially in traditional banking plagued with corruption and scandals where only a small closed and selected groups are the main beneficiaries.

The webinar introduces the protocol with its open finance principles and guides participants into the operations with these key points: TRAMS DEX is one of three key operations from the TRAMS ecosystem with the main operating principle of Decentralized Finance (Defi). TRAMS DEX is an Automated Liquidity Provider that enables better and faster user interactions with digital assets. With the innovation of the Automated Market Maker (AMM) solution, traders can easily exchange digital assets at any time with guaranteed market supplies from the liquidity pool without giving up the custody of their digital assets. As a decentralized exchange, TRAMS DEX is able to create open access opportunities for participation without discrimination and any controlling institution barrier.

At TRAMS.io, anyone with an Internet connection and a Web 3.0 wallet can gain access to liquidity where otherwise would be ineligible through traditional finance or banking. TRAMS DEX operates a Decentralized Exchange that offers three (3) impactful functions with a minimal user interface designed for clear navigation.

The first function, global liquidity access or buyable, sellable, or tradable market access. Users of the protocol can easily gain access to “constant” liquidity with a simple crypto assets swap function at a minimal cost of 0.3% transaction fee. Direct wallet connections are automated as well with a few simple clicks. All transactions are secured with blockchain encryptions and conducted on-chain with transaction data records automatically recorded for open access viewing on Ether can in real-time.

The second function, make money from idle assets. TRAMS DEX creates a money-making model for liquidity providers (LPs) on the platform. By supplying idle crypto assets to any pools listed on the protocol, the LP earns a profit share generated from the swapping fees on TRAMS DEX. The liquidity provider profit sharing is proportional to contribution. Profits are calculated at least once every twenty-four hours (24 hrs). True to open finance principles and Defi, participating LPs can withdraw their contribution at any time without any fee or penalty.

Thirdly, earn a high passive income. The TRAMS DEX incentive model lets participants earn high passive income in the form of yields, calculated in APY% (annual percentage yield), simply by staking (or depositing) its native token (TRAMS) on the platform. This encourages participants to remain active on the platform and better maintains constant liquidity reserve. This translates to double benefits for participating LPs, more profits are added on-top of the profit-sharing earning from staking LP tokens on TRAMS DEX.

TRAMS DEX is accessible constantly 24/7 to anyone globally. All associated costs of operations are kept very low and precise by utilizing automated smart contracts and AMM trading algorithms for trade executions and operations. Compared to traditional financial institutions and banks, TRAMS DEX provides better, cheaper, more accurate services.

Bryan Feinberg of Plato Data Intelligence, the Founder/CEO of Etheralabs, commented from New York City via Zoom video call with the support of blockchain as the fundamental architecture of TRAMS DEX and Defi space which offers high data security and transaction transparency for users. As a member of the Blockchain Venture Advisory, he believes Decentralized Finance such as TRAMS DEX has a high adoption rate and direct use case for blockchain applications.

Mamadou Toure, Forbes 10 Most Influential person in Africa and President/CEO of Ubuntu Capital Group, tributes TRAMS DEX for providing access channel to liquidity where traditional banking and capital access are limited to non-existent. He further acknowledged the opportunities TRAMS DEX would create for users world-wide to easily finance business initiatives.

Victor Kong, CEO of VK Capital Digital Funds Pte Ltd endorses William Tien, TRAMS DEX’ Founder/CEO, for his vision and ambition in creating a Decentralized Ecosystem starting with TRAMS DEX following by TRAMS Finance and TRAMS Assets, for phase 2 & 3, respectively, as an alternative to private equity funds for real estates and infrastructure projects with a portfolio size of 1-10 million USD. TRAMS DEX removes the high barrier to entry by drastically reducing mandatory due diligence costs of raising capital, which remains the same as a 50 million USD project. He also credits the intention of listing the ecosystem, TRAMS DEX included, on the London Stock Exchange via reverse IPO within 3-6 months.

 

 

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Press Releases

Bixin Ventures Announces $100M Proprietary Capital Fund to Support Global Blockchain Ecosystem

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HONG KONG, Oct 22, 2020 – (ACN Newswire) -:  Bixin Ventures has launched a $100 million proprietary capital fund to support the global blockchain ecosystem and infrastructure necessary for the future of open finance through a permissionless and decentralized network.

Bixin Ventures participated as co-lead investor in a strategic round for O(1) Labs, the team incubating Mina Protocol, contributing US$ 2M to the raise, and has invested in projects including Microbit, xDai, Algorand, Nervous, Arweave, Conflux, Certik, and Marlin.

Earlier in 2020, Bixin Ventures announced a $66 million proprietary fund of funds enabling hedge funds and liquidity providers to strengthen the global liquidity framework in Bitcoin markets, with qualifying fund recipients satisfying fully denominated BTC criteria.

“One of our primary priorities is to help make the ecosystem truly global. Our investment team is working alongside the founders to provide guidance and expertise for growth in Asia,” said Wang Xi, partner at Bixin Ventures.”

Bixin mining operations are currently operating at 300 megawatt-hour capacity, boasting ~3,000 Peta hash per second (PH/s) of computing power, which accounts for roughly 2% of the global Bitcoin network. Bixin Wallet has over 1 million retail users and has been one of the incumbent crypto wallets available in Asia.

Bixin has a presence around the world with primary offices located in Hong Kong. Bixin aims to solve long-standing issues, create long term value, and provide long term support for the Bitcoin ecosystem.

Please visit the official websites at –

https://bixin.com/ and https://bixinvc.com

to learn more.

Media Contact
invest@bixin.com

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Press Releases

SHANGHAI, Oct 26, 2020 – (ACN Newswire)

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SHANGHAI, Oct 26, 2020 – (ACN Newswire)-: CyberVein, the next generation big data and analytics company, announced yet another major technological breakthrough during its Third Anniversary and Re-branding Conference in Shanghai today. The technology company introduced the first-of-a-kind decentralized non-fungible token (NFT) issuance platform, CROSS.

With DAVE (Data Analytics and Valuation Engine), an alliance that enables data-driven and technology companies to utilize their resources more efficiently, the CyberVein team unveiled the CROSS NFT auction functionality during the Renaissance Conference – a celebration of CyberVein’s three-year-long journey of technological achievements.

“During the last three years, CyberVein has continued to develop new technologies, built and tested new solutions, and created a whole ecosystem with our partners,” stated Jerry Ning, CyberVein’s China Operations Director, who’s covering the company’s activities. He continued: “We are also ever-grateful for our international communities’ support, who stood by us since 2017.”

CyberVein’s Cutting-Edge Technologies

The CROSS-platform garners support from the DAVE ecosystem, with more partner companies and foundations set to join the alliance in coming months. CROSS has a unique value proposition in its decentralized NFT issuance and trading capabilities, with a full-category financial derivatives option, which combines Centralized and Decentralized Finance (CeFi+DeFi). CROSS’ main objective is to make data more valuable.

DAVE Alliance aims to integrate blockchain companies that work with adjacent technologies, such as big data, Internet-of-Things (IoT), Artificial Intelligence (AI), 5G, and cloud computing, in a bid to create efficiencies. CyberVein will combine the two initiatives by creating a pool of resources with the DAVE engine while underwriting transactions through the CROSS platform’s NFT issuance.

“While DAVE combines our existing technologies – directed acyclic graph (DAG), cloud Computing Power GPU, Federated Learning, and PISR Database, we are also keen to collaborate with other technology companies,” stated Jack Ge, CyberVein’s Global Ambassador. Ge said: “We look forward to achieving even greater things at scale in 2021. Together with our partners, we can make data truly valuable.”

About CyberVein

CyberVein was founded in Singapore, CV Technology Foundation, in 2017. It is focusing on the enterprise-level blockchain and big-data customized services. CyberVein is building a new smart city based on ubiquitous connection, digital platform, and omnipresent intelligence to promote the integrated linkage effect of learning, research, finance, industry, and politics. For more information, please visit:

CyberVeinhttps://www.cybervein.org
Facebook: https://www.facebook.com/cyberveinteam
Twitter: https://twitter.com/cyberveingroup
LinkedIn: https://www.linkedin.com/company/13692190/
Telegram: https://t.me/CyberVeinCommunity
Medium: https://medium.com/cybervein
Reddit: https://www.reddit.com/r/CyberVeinOfficial/
Youtube: https://www.youtube.com/channel/UCpIgOnNTu4FPFsa9LBdQjCw

 

Media Contact
Rachel, rachelyu@cybervein.org

 

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