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Analysts Target a Sub-$200 Move for Ethereum Once it Taps This Crucial Level

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  • Ethereum has been closely tracking Bitcoin’s price action throughout the past several weeks and months
  • The cryptocurrency did recently form an incredibly bearish technical pattern that analysts are still closely watching
  • There’s a strong possibility that the crypto could be positioned to see notable downside in the near-term due to this pattern
  • One analyst is even targeting a movement down to the sub-$200 region
  • This price action could be magnified by a recent surge in ETH’s open interest

Ethereum’s price action has been strikingly similar to that seen by Bitcoin and the aggregated crypto market throughout the past several days and weeks.

It has been unable to garner any momentum independent of its peers, and this may be due to the U.S. equities market once again flashing signs of weakness due to its recent capitulatory slide.

The long-held consolidation phase seen by ETH may soon come to a harsh end, however, as the crypto has flashed some signs of bearing intense technical weakness due to a recently formed pattern.

If one analyst’s prediction plays out, Ethereum could soon be trading within the sub-$200 region.

This decline could be magnified by the massive rise ETH’s open interest has seen as of late – which has been heavily skewed in favor of longs.

Ethereum Flashes Signs of Weakness as Consolidation Phase Persists

Throughout the past several weeks, Ethereum is been trading between $230 and $255 – struggling to garner enough momentum to break above or below either of these levels.

This consolidation channel came close to breaking earlier this week when sellers sent ETH down to lows of $230, but this level was ardently defended by bulls.

Per a Bitcoinist report from yesterday, this consolidation phase has coincided with a massive uptrend seen while looking towards the crypto’s open interest.

According to data, OI for the crypto across major trading platforms has grown by hundreds of millions of dollars over the past few weeks.

Ethereum

Data via Coinalyze

Once Ethereum’s price action breaks this consolidation phase, this OI is likely to fuel a massive movement. If the channel breaks down and ETH begins reeling lower, investors could witness another cascade of liquidations that fuel a capitulatory decline.

ETH Likely to Reach Sub-$200 Region, Claims Analyst 

One popular cryptocurrency analyst noted earlier this month that Ethereum has been forming what appeared at the time to be a bearish broadening wedge pattern.

In the days since this was posted, ETH has been ranging sideways and has yet to break beneath it.

That being said, the analyst recently offered an update in which he noted that he still anticipates it to see a breakdown – putting forth a chart showing a clear downside target in the sub-$200 region.

“ETH / USD H4 TF- A lot more sideways PA than expected, I am short again looking for another touch of this ascending channel,” he noted while pointing to the chart seen below.

Ethereum

Image Courtesy of Escobar. Chart via TradingView

Featured image from Shutterstock. Charts via TradingView.

Source: https://bitcoinist.com/analysts-target-a-sub-200-move-for-ethereum-once-it-taps-this-crucial-level/?utm_source=rss&utm_medium=rss&utm_campaign=analysts-target-a-sub-200-move-for-ethereum-once-it-taps-this-crucial-level

Blockchain

Digital Assets AG Launching Stock Tokens on Solana

Digital Assets AG is launching tokenized stocks on the Solana Blockchain, which will be exclusively available though crypto exchange FTX.

The post Digital Assets AG Launching Stock Tokens on Solana appeared first on BeInCrypto.

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Digital Assets AG is launching tokenized stocks on the Solana Blockchain, which will be exclusively available though crypto exchange FTX.

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Digital Assets AG (DAAG) is based in Switzerland and specializes in designing and issuing tokenized financial instruments. It is now bringing its tokenized stock infrastructure to the Solana blockchain. During this initial debut, DAAG will also launch the free-floating security tokens exclusively on crypto exchange FTX. This will allow for the risk-free, compliant transfer of tokenized stocks.

According to Brandon Williams, Corporate Development Lead at DAAG, “operating on Solana will offer a much more efficient, and cost-effective environment for the trading and utilization of tokenized stocks.”

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Secondary-market stock token trading

In April, Binance became the first major exchange to offer stock tokens, in partnership with DAAG. Binance inaugurated its stock token offerings with Tesla, but later added MicroStrategy, Microsoft and Apple to its portfolio. However, these stock tokens are limited to being traded on Binance exclusively, with users only able to open or close positions. This restricts their ability to make withdrawals, or transfer cross-chain or to an external party. 

But now, DAAG has also launched free-floating tokenized stocks on Solana. This means that users can now trade these tokens between different centralized and decentralized exchanges built on the Solana blockchain. Sam Bankman-Fried, founder and CEO of FTX said that this could set a new standard and “help facilitate a paradigm shift in the underlying market structure.” 

Regulatory approval

Initially, these stock tokens will be exclusively available on crypto exchange FTX to KYC’d buyers and sellers in permitted jurisdictions. Users will be able to buy, sell and withdraw the 55 free-floating stocks in a 24/7/365 trading cycle. These will include stock tokens for Facebook, Google, Netflix, Nvidia, PayPal, Square and Tesla. Users will also be able to make transfers to secondary markets without restriction, with near-instantaneous settlement and no counterparty risk.

These free-floating tokens are regulatory-approved security tokens that can be used for tokenized stock trading. Each stock token is worth one share of stock, backed by a corresponding share in a portfolio of underlying securities. Previously, there had been some issue with Binance’s stock tokens, about whether they required a securities’ prospectus. However, in this instance the Financial Market Authority (FMA) of Liechtenstein endorsed a securities’ prospectus, making DAAG Tokenized Stocks valid in the European Economic Area (EEA).

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/digital-assets-ag-launching-stock-tokens-on-solana/

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CryptoPunt Announces World’s First Effort at Truly Decentralized Gambling

The concept of gambling has undergone multiple iterations over the years. What started out as an illegal practice is now considered legal physical and online entertainment in numerous regions. The role of cryptocurrencies in this segment cannot be underestimated, as decentralized gambling is the next step in the evolution to a truly fair ecosystem.

The post CryptoPunt Announces World’s First Effort at Truly Decentralized Gambling appeared first on BeInCrypto.

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The concept of gambling has undergone multiple iterations over the years. What started out as an illegal practice is now considered legal physical and online entertainment in numerous regions.

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The role of cryptocurrencies in this segment cannot be underestimated, as decentralized gambling is the next step in the evolution to a truly fair ecosystem.

Crypto gambling is on the rise

Over the past few years, there have been numerous initiatives to combine the best of online gambling and cryptocurrencies. Digital assets provide pseudonymity, improve accessibility, and are widely accepted among casino and gambling providers. It is a payment method that protects both users and providers alike, operating outside the control of banks and governments. 

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Whereas the initial push was focused on centralized platforms accepting cryptocurrency payments, that is no longer the case today. Decentralization is the new norm, although it is not always straightforward to achieve. Decentralized gambling applications have gained some momentum over the years, although they mainly cater to existing cryptocurrency enthusiasts. That approach is successful, but it will do very little to convince the mainstream of this option.

That is a bit strange, as crypto gambling also introduces the concept of provable fairness. Allowing all users to verify the outcome of a wager independently creates an unprecedented sense of empowerment. Removing the need to rely on the service provider to confirm whether an outcome is both fair and crucial. The gambling industry has always had a transparency issue, but that can be resolved by innovative projects such as CryptoPunt.

The potential of CryptoPunt

As a platform focusing on gambling and gaming, CryptoPunt goes well beyond traditional crypto casinos. It will support initial games such as Blackjack, Jackpot, and CoinFlip, whilst continuously adding many more entertaining options whose outcomes are always recorded on-chain, staying true to the crypto ethos of decentralization. All bets are recorded on the Polygon Matic ecosystem, a layer-two solution for the Ethereum blockchain. 

Onboarding new users is essential in the decentralized gambling industry. Making this process as straightforward as possible is crucial, and CryptoPunt checks the right boxes. It requires no traditional registration but rather a connection through a Web3 wallet like MetaMask or Coinbase Wallet, forgoing manual deposits/withdrawals, KYC procedures, and other cumbersome aspects. On that count, this solution is far more approachable than most other gambling options on the market today.

Another crucial benefit of dealing with cryptocurrencies is how it leads to faster deposits and withdrawals. For CryptoPunt users, those transactions are instant. The platform is not responsible for the payments, as it maintains a non-custodial solution. User winnings appear directly in one’s wallet, speeding up the transactions and enhancing the control users can experience.

All of this sounds good on paper, but it wouldn’t be worth much without a convenient user experience. CryptoPunt offers a sleek gaming interface to minimize navigational delays and increase the overall gaming enjoyment. The interface looks very intuitive in its current beta version, yet more touch-ups will be introduced prior to the full release.

The PUN token’s purpose

As is courtesy in the cryptocurrency industry, new platforms will usually have a native token. For CryptoPunt, that token is $PUN, rewarding affiliate marketers with a revenue share from referrals. It also grants access to exclusive promotions and better platform rates. In the future, PUN will be useful for accessing prizes and plenty of other incentives. 

On the referral front, markets earn 0.1% of every bet made by referrals. That offer applies to games against house only. Additionally, there is a reduced house edge for PUN holders, allowing for bigger profits to be pocketed when winning. Community members will be able to increase their holdings through various community-oriented campaigns running on Telegram, social media, and so forth. There is also an in-game chat where holders must hold $PUN to deter scammers approaching them in-chat.

Given the backing by renowned VCs, including VYSYN Ventures, DutchCryptoInvestors, CryptoMarvels, ChinaPolk, BMW Capital, and others, there is a lot of attention on CryptoPunt and its PUN token, with the launch leading up to be a success. Unlike other tokens, $PUN supports both the ERC-20 and BEP-20 token standards, an industry first. With trading to go live on PancakeSwap and Uniswap, there will be broad access to the token and overall liquidity, whilst also allowing inter-chain bridging.

Closing thoughts

It is evident there are numerous ways to decentralize the gambling industry further. Rather than just focusing on the decentralized aspect of the games, CryptoPunt goes one step further by creating a sleek and massively entertaining experience, fit for the current state of the online gambling market. Its non-custodial solution for deposits and withdrawals creates a direct line of communication between players and CryptoPunt, whereas its modular features and focus on user-friendliness can make a big difference when catering to millions of players globally.

Provably fair gambling and gaming will become more commonplace over the coming years. Users need the ability to verify the outcome of wagers without relying on the service provider to share details that may or may not be accurate. The dual-pronged approach through gambling and gaming is a breath of fresh air in the decentralized gambling world, as the model caters to the needs of millions of people rather than just cryptocurrency enthusiasts.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Source: https://beincrypto.com/cryptopunt-to-offer-truly-decentralized-gambling/

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President Nayib Bukele Explains El Salvador’s Bitcoin Law

We at Bitcoinist already analyzed the controversial Article 7 from El Salvador’s Bitcoin Law from every angle. But, did we? The President himself, Nayib Bukele, defends and explains it in a way that leaves little doubt. They really thought this through. This is an elegant law that keeps everyone in mind. To say that Peter […]

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We at Bitcoinist already analyzed the controversial Article 7 from El Salvador’s Bitcoin Law from every angle. But, did we? The President himself, Nayib Bukele, defends and explains it in a way that leaves little doubt. They really thought this through. This is an elegant law that keeps everyone in mind.

To say that Peter McCormack was at the right place at the right time would be an understatement. The host of the What Bitcoin Did podcast scores a major victory with the President’s first interview after declaring Bitcoin as legal tender in the Center American nation. For his part, Nayib Bukele passes the test with flying colors. He really knows his Bitcoin.

Related Reading | President Bukele Teases El Salvador’s Volcano-Powered Bitcoin Mining Preview

His opening phrase says it all, “In the case of Bitcoin, the system is just beautiful.” No argument there. However, we’ll have to get into Bukele’s views at another time. First, we have to go to the heart of the matter and talk about the controversial article that got the world talking. “Article 7 is very important. But you cannot look into Article 7, without looking into Article 8 and Article 12, because they work together.” He thinks that would be, “Getting Article 7 out of context.” 

And we wouldn’t want to do that. So, let’s see what Bukele thinks about all three.

The Controversial Article 7 Of The Bitcoin Law

Art. 7. Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.

Article 7 actually protects the people,” Bukele says. It’s for the 70% of people that’s outside of the financial system, those who don’t have bank accounts, or credit and debit cards. How?

Imagine these people in El Zonte or some other places working in an ecosystem with Bitcoin. And then having their sats and going into a pharmacy to buy medicine.” Without Article 7, the pharmacy could refuse because it’s a private agent. And that, “Would be a discrimination against the 70% of the people that you want to benefit.” They don’t have another method of payment. They have to be able to go to buy medicine or food, “and have them receive their sats.

Ok, that makes sense. But, who protects the pharmacy?

Article 8, Nayib Bukele’s Protection To Merchants

Art. 8. Without prejudice to the actions of the private sector, the State shall provide alternatives that allow the user to carry out transactions in bitcoin and have automatic and instant convertibility from bitcoin to USD if they wish. Furthermore, the State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.

President Bukele expresses clarity, “Bitcoin is something that promotes freedom. So, you need the freedom to either accept or not accept Bitcoin.” They want to protect the pharmacy from Bitcoin’s volatility, and from the fear of the new. “Article 8 gives you the power to immediately and automatically exchange the Bitcoin they’re giving to you into Dollars.” It’s as simple as that, “If they don’t want to receive Bitcoin, they just press the button and they’ll receive US Dollars.”

To summarize, “We need Article 7 to protect 70% of the people, and Article 8 to protect 30% of the people. Now, we have Article 12” 

BTCUSD price chart for 06/24/2021 - TradingView

BTC price chart on Bitbay | Source: BTC/USD on TradingView.com

At Their Own Pace, Article 12

Art. 12. Those who, by evident and notorious fact, do not have access to the technologies that allow them to carry out transactions in bitcoin are excluded from the obligation expressed in Art. 7 of this law. The State will promote the necessary training and mechanisms so that the population can access bitcoin transactions.

This one is for those who don’t have the technology, don’t have Internet, don’t have a smartphone, or don’t know how to use the app. “He doesn’t have to use it if he can’t use it. And if course, we’ll promote the use of it because we don’t want them to be left behind from the benefits of Bitcoin.” They’ll be able to learn at their own pace. If it takes five years, so be it, but the government will provide training and tools to speed up the process.

Bukele’s Three Articles Together

According to Nayib Bukele, El Salvador’s Bitcoin law is, “very clean. Simple, short, easy to read. Easy to understand. Nothing hidden.” And even though some people thought Article 7 was problematic, after the explanation it’s hard not to agree with him. “Article 7 is not there just to enforce the legal tenderness. It’s there to protect the people that’s going to work in the Bitcoin ecosystem.”

Related Reading | How El Salvador Embracing Bitcoin Signifies “The Separation Of Money And State”

A notable characteristic of the law is that ”you can actually opt-out. You have to accept the sats, but you don’t have to receive them. You can actually receive US Dollars. So, how can you complain? I mean, you’re receiving what you ask for.” El Salvador will have a trust fund dedicated to these currency exchanges. They’ll buy the Bitcoin from those who choose to receive Dollars, and they’ll protect their earnings from possible volatility in Bitcoin’s price. If the vendor does a transaction for $5, that’s exactly what he or she’s going to get.

According to President Bukele, El Salvador’s Bitcoin law “gives full freedom to the seller, but also gives full freedom to the buyer.” 

Do you buy his explanation?

Featured Image by David Peterson from Pixabay - Charts by TradingView

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/president-nayib-bukele-explains-el-salvadors-bitcoin-law/?utm_source=rss&utm_medium=rss&utm_campaign=president-nayib-bukele-explains-el-salvadors-bitcoin-law

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Blockchain

Bitcoin, XRP, Dogecoin Price Analysis: 24 June

While the market continued to make a slow and steady recovery, some altcoins bounced back up earlier than expected. In the meanwhile, however, these altcoins were in the news for a host of different r

The post Bitcoin, XRP, Dogecoin Price Analysis: 24 June appeared first on AMBCrypto.

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While the market continued to make a slow and steady recovery, some altcoins bounced back up earlier than expected. In the meanwhile, however, these altcoins were in the news for a host of different reasons. Ripple Labs, for instance, recently served a deposition subpoena on a former SEC official in the ongoing lawsuit against the SEC, one that charges XRP with being a security.

What’s more, former trader and analyst Nassim Taleb stated that he believes Bitcoin is not a store of value and is worth 0. On the contrary, Dogecoin managed to recover by 25.4% in 24 hours.

Bitcoin [BTC]

Source: BTC/USD – TradingView

Even though Bitcoin fell by 12% during the dip, 23 June’s 8% recovery kept the king coin from falling any further. The said hike also maintained the $31,547-level as support and while BTC did break past the $33,810-resistance for a while, it came back down to consolidate between the active resistance and support level. On the charts, the Bollinger Bands could be observed converging and discouraging any imminent volatility.

The Squeeze Momentum Indicator displayed an active squeeze due to the presence of black dots on the indicator. Also, bearish pressure could be seen rising at a steady pace with the appearance of the light green bars. Even though the Chaikin Money Flow did not point to strong capital inflows, a small uptick kept the indicator just above zero.

The aforementioned levels are key levels and if the coin breaks either of them, the movement will be in that direction for a while.

XRP

Source: XRP/USD – TradingView

As expected, XRP kept moving within the $0.644-resistance and $0.548-support level, trading at $0.638. Despite repeated attempts to break through the resistance in the last 24 hours, the coin hasn’t been able to. However, going forward, it might be possible as the indicators pointed towards the same.

The Awesome Oscillator, for instance, pictured a hike in bullish momentum as green bars have been dominant over the last 24 hours.

The Parabolic SAR noted an uptrend, at the time of writing, with the white dotted line appearing under the candlesticks. This uptrend was supported somewhat by the directional movement of the Average Directional Index (ADX). The red line indicator could be seen falling as its weakening momentum works in favor of the active trend. Once ADX is under 25, the uptrend can be expected to become stronger.

 In that case, XRP could flip $0.644 into a support level going forward.

Dogecoin [DOGE]

Source: DOGE/USD – TradingView

Although the aforementioned dip did push Dogecoin far below expectations, at press time, the coin had risen back up to trade at $0.229. At this rate, DOGE would soon recover its losses worth 36.3%. The Relative Strength Index (RSI) has been rising since 22 June, right after it fell into the oversold region. Buying pressure pushed the indicator back into the neutral zone. 

The Simple Moving Averages – 50 SMA (orange) and 100 SMA (red) – both acted strongly bearish for DOGE. However, the MACD continued to note an active bullish crossover with the fast-moving blue line moving above the Signal line. The histogram too showed bullish momentum.

For a while, DOGE will continue to consolidate within the $0.285-resistance and $0.21-support levels.


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Source: https://ambcrypto.com/bitcoin-xrp-dogecoin-price-analysis-24-june

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