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Bitcoin breaks $11,500 as sentiment metrics show it’s still undervalued

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The DeFi-induced bullrun has arguably pushed the crypto market upwards the past week, with Bitcoin, Ethereum, and other major cryptocurrencies giving gains of over 10-15 percent to investors.

Data feeds from one quantitative on-chain data provider prove the above, with sentiment metrics, in particular, paving the path for even higher prices.

Bitcoin public sentiment increases

Data on The TIE — a provider of alternative data for digital assets that quantifies investor perceptions on hundreds of digital assets — shows Bitcoin is showing bullish action in both short- and mid-term trades.

The chart below maps the “long-term sentiment score” with Bitcoin’s price, showing the latter has just begun to catch up with the public perception of the pioneering digital asset:

Long Term Sentiment Score vs. Price (Source: The TIE)

Sentiment remained stable even when Bitcoin suffered the infamous “Black Thursday” event in March when prices fell by over 45 percent over two trading sessions. However, public perception stably grew since, with prices catching on to reflect the metric.

Just going by the data alone — Bitcoin has still not converged with the long-term public sentiment. A “gap” still remains, showing BTC is undervalued according to this particular metric.

Meanwhile, another chart shows the Twitter-verse is starting to be less concerned about Bitcoin’s price. Tweet dominance is just 42 percent even as prices go up. This can be attributed to the rise of Ethereum, DeFi, and DEX-based altcoins in recent weeks — with the trio featuring massive retail interest after some tokens surged 1000x in a few days.

Bitcoin Tweet Dominance (Source: The TIE)

U.S. high-income earners pile into crypto

The sentiment metrics followed yesterday’s report of American high-income earners, and millennials, being among the most prolific buyers of large-cap cryptocurrencies in the U.S.

As CryptoSlate reported, U.S. citizens purchased a massive $67 billion worth of cryptocurrencies in the first six months of 2020 alone. The numbers mean an average crypto purchase of $4,000 per person. However, the figure is still lesser than last year’s $111 billion, or $7,000 per person.

The U.S. also leads in crypto adoption. The survey said that among the top-ten countries, America had a 15 percent penetration of digital asset investment and awareness as of 2019. The leaders are, rather unsurprisingly, developing markets like Turkey and Brazil as citizens look to cryptocurrencies as a better store-of-value compared to traditional finance.

Firms like Coin Metrics, a crypto markets data and investment provider, say that if these growth rates are maintained, Bitcoin will exceed even the U.S. bond market:

“Bitcoin’s current daily volume would need “fewer than 4 years of growth to exceed the daily volume of all US equities and fewer than 5 years to exceed the daily volume of all US bonds.”

With the high sentiment and adoption rates; the data shows a two-year-long bear market might just be ending soon.

Bitcoin, currently ranked #1 by market cap, is up 4.73% over the past 24 hours. BTC has a market cap of $215.09B with a 24 hour volume of $26.46B.

Bitcoin Price Chart

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Source: https://cryptoslate.com/bitcoin-breaks-11500-as-sentiment-metrics-show-its-still-undervalued/

Amb Crypto

Former Chief Digital Officer of Luxury brand LVMH joins Ledger 

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Former Chief Digital Officer of design house LVMH, Ian Rogers, will join the French digital asset security company – Ledger – as its first Chief Experience Officer. With this appointment, Rogers will focus on consumer interaction and user proficiency and “accelerate” Ledger’s Business to consumer development. Further, Rogers will be involved in “reinventing the user experience” of Ledger’s products, according to a release shared with AMBCrypto. 

Rogers worked at LMVH from 2015 onwards and focused on e-commerce strategy at luxury brands and implemented new technologies, such as big data and AI. Headquartered in Paris, LVMH Moët Hennessy Louis Vuitton, commonly known as LVMH, is a well known French multinational corporation and conglomerate specializing in luxury goods. 

Prior to his role in LVMH, Ian Rogers had held roles with brands such as Sephora. 24Sas as well as Apple Music, Beats Music and Yahoo! Music. The executive remains in an advisory role for LVMH and sits on the board of Lyst.com. However now, whilst sharing his plans with regard to his new role, Rogers said in a statement: 

I remember when you couldn’t simply say ‘go to my website. You had to first explain the concept of the internet[…] I remember when you couldn’t simply send someone a link to your new song. […] I love those moments when technology moves from science fiction to mainstream. Digital assets are standing on the verge of this move[…]

In addition to this, Rogers noted the “inevitable transformation” of technology and referred to the cryptocurrency “revolution” with regard to Ledger as well as the nascent digital assets industry.

Source: https://eng.ambcrypto.com/former-chief-digital-officer-of-luxury-brand-lvmh-joins-ledger/

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J.P. Morgan Analysts Foreshadow Further Bitcoin Declines

For context, the bitcoin (BTC) price started off last week with a significant increase, arriving at a new yearly high of $19,500 before suffering a sharp (almost 14%) drop on Nov. 26. The decline coincided with Black Friday, as BTC/USD fell at roughly the same time as the famous discount shopping day, leading many to … Continued

The post J.P. Morgan Analysts Foreshadow Further Bitcoin Declines appeared first on BeInCrypto.

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Bitcoin’s recent price drop has wiped away some speculative “froth” but further downtrends remain possible, according to analysts at JPMorgan Chase.

For context, the bitcoin (BTC) price started off last week with a significant increase, arriving at a new yearly high of $19,500 before suffering a sharp (almost 14%) drop on Nov. 26.

The decline coincided with Black Friday, as BTC/USD fell at roughly the same time as the famous discount shopping day, leading many to note the comparison.

According to an article in Bloomberg, the primary causes of the slump were profit-taking, concern about new regulations, and the unwinding of Bitcoin futures. Since then, the price has recovered from the mini-crash and has been moving upwards again.

Per BeInCrypto analysis, the increase is likely a retracement rather than the beginning of a new upward trend.

Although bitcoin has bounced back from precipitous price losses during the Thanksgiving holiday, analysts from JPMorgan Chase also forecasted further declines.

As cited in Bloomberg, Nikolaos Panigirtzoglou, Managing Director at J.P. Morgan, said, “momentum traders have room to further propagate” [a bitcoin price decline].

The Importance of Grayscale

Panigirtzoglou also highlighted Grayscale, and its sizable Bitcoin Trust, as playing a central role in future BTC price developments.

The cryptocurrency asset management company has long been important because it’s said to be favored by institutional investors wanting to get exposure to bitcoin (and other digital assets).

Grayscale has added significantly to its crypto holdings since the start of 2020. After an eleven months filled with ever higher prices, as of November 27, Grayscale’s assets under management (AUM) have risen to yet another all-time high.

The interest (or lack thereof) towards the Grayscale bitcoin trust in the coming months will be a key signal as to whether there indeed is strong institutional interest in BTC.

As the JPM analysts put it,

“a failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

While this may be true, bitcoin is still up more than 150% on the year. Many Bitcoin advocates will feel vindicated by this and point to the need for additional inflation hedge assets during the pandemic as fuel for further gains.

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Colin is a writer, researcher, and content marketer with a keen interest in the future of money. His writing has been featured in numerous cryptocurrency publications, and his holdings don’t amount to more than a handful of BAT.

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Source: https://beincrypto.com/j-p-morgan-analysts-foreshadow-further-bitcoin-declines/

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Chainlink (LINK) Falls Putting Bullish Structure In Doubt

If the price were to break down from the longer-term channel, it would likely confirm that the trend is bearish and the price is heading lower.   LINK Long-Term Rejection During the week of Nov. 23-30, the LINK price created a small-bodied bearish candlestick with wicks on each side. The price failed to reach a … Continued

The post Chainlink (LINK) Falls Putting Bullish Structure In Doubt appeared first on BeInCrypto.

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The Chainlink (LINK) price has broken down from a short-term parallel ascending channel but is still trading inside a longer-term channel.

If the price were to break down from the longer-term channel, it would likely confirm that the trend is bearish and the price is heading lower.

 

LINK Long-Term Rejection

During the week of Nov. 23-30, the LINK price created a small-bodied bearish candlestick with wicks on each side. The price failed to reach a close above the previous support area at $14 and instead created a long upper wick and fell back to validate the area as resistance.

Even though the RSI is above 50 and the MACD is above 0, the Stochastic oscillator has made a bearish cross. This is a sign that the long-term trend might be bearish, especially if LINK fails to reclaim the $14 area.

LINK Chart By TradingView

LINK Resumes Channel Trading

The LINK price has been increasing since reaching a low of $7.22 on Sept. 23. The upward movement culminated with a high of $17.30 on Nov. 24.

While the increase was substantial, the price was rejected by the 0.618 Fib retracement level of the entire decrease and fell sharply afterward.

While the LINK price initially broke out from the level, it failed to reach a close above it and created a long upper wick instead. In addition, the movement since making the lows has been perfectly contained within a parallel ascending channel, indicating that it is likely a corrective movement.

At the time of press, LINK was facing resistance from the middle of the channel.

LINK Chart By TradingView

Technical indicators provide mixed signals:

  • For the bullish case, there is a hidden bullish divergence in the RSI, which is above 50.
  • For the bearish case, both the MACD & Stochastic oscillator are decreasing.

However, the Stochastic oscillator has not yet made a bearish cross, nor is the MACD negative.

A breakdown from the aforementioned parallel channel would likely cause both of these events to occur and confirm that the trend is bearish.

LINK Chart By TradingView

Potential Rejection

Cryptocurrency trader @CryptoTony_ stated that the current price level of $14 will be a major determining factor for the direction of LINK’s trend.

The level is the middle of the channel we have outlined, increasing its significance.

Source: Twitter

A closer look at the price movement shows that LINK has already broken down from a shorter-term parallel ascending channel and is currently in the process of being rejected from its support line. 

The current price level is the:

  • 0.618 Fib retracement of the most recent decrease.
  • The middle of a long-term parallel channel.
  • The support line of a short-term parallel channel.

A rejection could cause a drop all the way to the $9.90 support area.

LINK Chart By TradingView

Wave Count

Measuring from the $20.11 high reached on Aug. 16, LINK seems to be trading in the C wave of an A-B-C corrective structure (shown in orange below). The sub-wave count is shown in black.

If the count is accurate, LINK is nearing the completion of its second sub-wave, after which a sharp drop will likely follow. In the most bearish scenario, the entire downward move would take LINK back to the range of $5-$5.26.

An increase above the B wave high of $16.39 (red line) would invalidate this particular wave count.

LINK Chart By TradingView

Conclusion

LINK is trading at a crucial resistance level, which is expected to reject the price and initiate a downward move.

Successfully reclaiming the $14 area would put the bearish outlook in doubt.

For BeInCrypto’s latest Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/chainlink-link-falls-putting-bullish-structure-in-doubt/

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Yearn Finance Continues Growing with Latest DeFi Acquisitions

Decentralized finance (DeFi) protocol Yearn has had an eventful week of new mergers, acquisitions, and further tweaks to its farming strategies. Yearn Finance has been expanding its reach in the DeFi ecosystem by absorbing a number of smaller protocols, the latest of which being Cover, a market coverage provider. In the announcement, founder Andre Cronje … Continued

The post Yearn Finance Continues Growing with Latest DeFi Acquisitions appeared first on BeInCrypto.

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Decentralized finance (DeFi) protocol Yearn has had an eventful week of new mergers, acquisitions, and further tweaks to its farming strategies.

Yearn Finance has been expanding its reach in the DeFi ecosystem by absorbing a number of smaller protocols, the latest of which being Cover, a market coverage provider.

In the announcement, founder Andre Cronje stated that it was a natural collaboration since Yearn developers have been working with Cover Protocol coders since its inception.  Cover will be providing a wider range of coverage and accepting more types of collateral in addition to making its native CLAIM token a borrowable asset.

Cover will also be used as a provider for other DeFi protocols, allowing communities and developers to create their own coverage ecosystems with no additional overhead, the blog post added.

In early September, Yearn partnered with Nexus Mutual to launch yInsure, so providing coverage for its investors is a clear priority.

Consuming DeFi Protocols

Cover is not the only new partner for Yearn Finance. It absorbed Pickle Finance last week in order to boost incentives and work on new strategies for the stablecoin based DeFi protocol.

A merger with the C.R.E.A.M. lending platform also took place last week as the two teams joined forces to launch Cream v2 which will enable earning yield with leverage. The announcement added;

“This is an exciting new development for us as we have been evaluating how to incorporate a lending platform natively into our ecosystem, and also find a suitable partner to help us launch StableCredit.”

Governance token lending platform PowerPool integrated Yearn’s native YFI token last week. The protocol oversees the PowerIndex, a decentralized ETF consisting of eight governance tokens.

The mergers have generally been seen as a good thing for the DeFi sector though some have questioned the lack of governance voting for such large decisions;

It appears that Yearn is also amassing resources in terms of developers that come with these new partnerships:

“Yearn is a yield-aggregator and relies on composability of many different protocols within DeFi on the Ethereum blockchain. This translates to a developer community that encourages collaboration between other developers and protocols in order to create new, innovative technology.”

YFI Price Outlook

Yearn’s native YFI token is up almost 6% on the day as crypto markets recover from a weekend attack of the bears.

Trading at just over $26,000, YFI prices have over doubled in November as the token leads a DeFi recovery. In terms of total value locked, Yearn Finance has $445 million which places the protocol at tenth in the TVL list according to DeFi Pulse.

Collateral on the platform has fallen to half of what it was in early September, however.

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Martin Young

Martin has been writing on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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Source: https://beincrypto.com/yearn-finance-continues-growing-with-latest-defi-acquisitions/

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