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Cardano’s upcoming Shelley launch may spur price




The upcoming Shelley launch has been a major booster for Cardano’s [ADA] price movement. The native token has emerged as a “hot altcoin” and is currently one of the best performing crypto assets on the market. At the time of writing, the coin was being traded at $0.0786 and it appears that it might be readying itself for a bull run.

Cardano Daily Chart:

Source: ADA/USD on TradingView

Cardano has followed a strong upward trajectory since the March crash which led to the formation of an ascending channel pattern over a period of two months. A breakout from this pattern could lead to the formation of a potential bearish breakout.

However, the moving averages depicted a positive picture of the coin. The 50 daily moving average [Pink] underwent a golden cross with the 100 daily moving average [Purple] on the 19th of May following a brief rally. The gauge has been expanding since then and there were no signs of a bearish crossover in the near-term.

Source: ADA/USD on TradingView

In addition, even the MACD line was above the signal line depicting a potential bullish trend for the coin.

Case 1:

The placement of the daily moving averages and the MACD indicator provided validity to a potential bullish breakout in the near term. If this trend materializes, ADA could climb to $0.088 and if the trend persists it could also target another point of resistance at $0.1016.

Case 2:

A bearish case though backed by ascending parallel channel formation appeared to be bleak as the coin found support at points $0.066, $0.0515, and $0.036 respectively.


Cardano has outshined almost all other crypto-assets, within the top 20 by market capitalization, by closely following Bitcoin’s price action. According to Coin Metrics‘ data, the correlation coefficient for ADA-BTC stood at 0.84. If this continues, Bitcoin’s surge would be able to catapult Cardano to breach significant resistance levels.

Source: Coin Metrics


The above charts depicted a potential breakout to the positive side. The target points in case of an upside break for ADA stood at $0.088 and $0.1016 as it held its price stood firm at $0.066, $0.0515, and $0.036.

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Bitcoin Just Plunged Under $9,000: Here’s What Analysts Are Saying




Bitcoin has collapsed under $9,000 for the umpteenth time in the past few weeks.

Minutes ago, the leading cryptocurrency slipped under $9,000 for the second time in the past week. As of the time of this article’s writing, BTC trades for $8,960, having bounced $50 or so from the daily lows.

Bitcoin price chart from

Bitcoin slipping under $9,000 comes ahead of the weekly candle close and a few days after the monthly candle close.

Considering the timing of this drop, it may suggest that investors expect the S&P 500 and other global markets to open in the red. After all, the price of BTC has traded in tandem with the S&P 500 over recent months as global markets enter a period of uncertainty.

Bitcoin’s Drop Under $9,000 Did Not Spur Massive Liquidations

The ongoing drop has not spurred a massive liquidation even thus far.

According to data shared by crypto derivatives tracker, approximately $5.5 million worth of Bitcoin longs on BitMEX were liquidated in the past hour.

This may sound like a lot, but it’s far below the dozens of millions worth of liquidations normally seen during drops to the downside.

The low level of liquidations can be attributed to the fact that Bitcoin barely moved from a macro perspective, falling a mere $100.

What Are Analysts Saying?

As Bitcoin’s move below $9,000 took place just minutes ago, analysts are still reacting to it.

According to Blockroots founder Josh Rager, a move below $8,900 would spur a move to even lower levels. He stated last week in a separate analysis that Bitcoin losing the $8,900 support is likely to result to a drop to $8,500.


Bitcoin price chart from trader Josh Rager (@Josh_rager on Twitter). Chart from

Fortunately for bulls, the cryptocurrency has yet to lose that level. But considering that this move is still ongoing, it could happen.

Stepping back, others are more optimistic.

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, wrote on July 2nd:

“Volatility should continue declining as Bitcoin extends its transition to the crypto equivalent of gold from a highly speculative asset, yet we expect recent compression to be resolved via higher prices.”

This came shortly after he released an extensive report indicating Bitcoin will head higher due to fundamentals.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Chart from
Bitcoin Plunges Under $9,000: Here's What Analysts Are Saying


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Ethereum’s Vitalik Buterin may have made crypto-tribalism worse




Yes, crypto-tribalism is a big problem; Not Nazi Germany big!

Tribalism is rife in the crypto-community. Ten years ago, there was Bitcoin. Today, there is Bitcoin and everything else, the latter popularly known as altcoins. The foremost among these altcoins is Ethereum. However, for long, Ethereum has been the target of ridicule and criticism, with its co-founder, Vitalik Buterin, often the subject of a lot of trolling.

The level of discourse in the ecosystem and the crypto-tribalism was recently decried by Buterin after he shared screenshots of an article that looked at the in-group/out-group dynamics of World War II. The article in question argued that for the German Nazis in WWII, the Japanese were the unexpected ingroup while the German Jews were the outgroup, despite the fact that they had more cultural and linguistic similarities with the latter.

Citing the same, Buterin hinted that Ethereum were the German Jews to Bitcoin’s German Nazis and Tron’s Japan.

For now, let us keep the questionable nature of such historical comparisons aside, and let’s look at them objectively and singularly.

As was noted at the beginning, Ethereum has long been the target of a lot of trolling, something not helped by the fact that its much-anticipated plans for ETH 2.0 seem to be constantly bogged down by delays. Bitcoin remains the market’s most important cryptocurrency, with its proponents and developers often having an overwhelming influence on general crypto-market discussions.

Tron, however, is a curious case. A blockchain-based platform that intends to build the infrastructure for a truly decentralized Internet, Tron has for long been advertised as being the “Ethereum killer,” even by CEO Justin Sun, who has also in the past gone on to claim that it is “100% faster than #ETH.”

Ethereum killer – This is a crucial piece of advertising since Tron has more in common with Ethereum than Bitcoin. Tron, therefore, is openly antagonistic towards Ethereum, a blockchain it perhaps sees as a rival and a competitor, whereas it is happy to join Bitcoin folks in trolling Ethereum and its community members. This satisfies the “strategic alliance” part of the article Buterin cited.

Here, the keyword is “strategic” because many of the Bitcoin folk ridiculing Ethereum are often those who subscribe to the maximalist school of thought under which Bitcoin is the one, true cryptocurrency to rule them all. Sh*tcoins – the term many of these guys use for the market’s alts.

Game of Thrones and The Lord of the Rings references aside, the fact that these people have allied with Tron for the sole purpose of going after Buterin and Ethereum confirms what the Ethereum co-founder was trying to say with his dubious analogies.

This is the state of crypto-tribalism in the community in a microcosm. For many, the blockchain and cryptocurrency they believe in and support is Bible. No longer is the community a thriving pool of ideas and discourse. Long gone is the time when some believed that cryptocurrencies and blockchains with different use cases can co-exist together. Instead, it has largely come down to upmanship and social popularity, one where every blockchain project needs to have had the last word to “win.”

Just look at how these projects are using emojis. For now, Bitcoin, Binance Coin, Coin, and Tron are the only ones to get a Twitter emoji. Ethereum doesn’t have one and suddenly, being the world’s largest altcoin isn’t enough. For many, including those who are trending “Tron>Ethereum,” having an emoji is the gold standard. On the other end of the spectrum, the fact that Tron and the rest had to pay Twitter for emojis supports those who argue that projects such as Tron run on marketing and hype alone.

You see, crypto-tribalism was already bad, well before Buterin made it worse with the analogy he presented. Not only did he prove Godwin’s law which asserts that as an online discussion grows longer, the probability of a comparison involving Nazis or Hitler approaches 1, but it also did little to dispel the notion that the Ethereum co-founder gets triggered too easily.

While he did later clarify that there was “definitely no intent to make any comparison to genocidalness,” the damage has been done.

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Bitcoin Stagnates, Criminals Targeted, $288K Prediction: Hodler’s Digest, June 29–July 5




Coming every Sunday, 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

Bored with Bitcoin? This price level is key for a big breakout

It has been a sleepy week in the crypto markets — and there’s barely been any movement in Bitcoin. At the time of writing, BTC is down 0.75% compared with where it was seven days ago. Traders were braced for a big drop this week after Bitcoin dipped below $9,000 for the seventh time in two months. Cointelegraph analyst Michaël van de Poppe says BTC is consolidating below $9,300, but this isn’t necessarily bearish as a major breakout may be in the works. He’s warned support must hold at $8,900–$9,000 to prevent a further drop into bearish territory — and a key resistance level at $9,300 must be broken. All eyes are on the equities markets amid fears that a nasty downturn here could drag BTC down with it. The coronavirus crisis is going from bad to worse in the U.S., with a key member of the White House’s COVID-19 taskforce warning the country could see 100,000 cases per day unless immediate precautions are taken to stop it from spreading.

OKCoin exec says PayPal will boost crypto adoption if the rumors are true

Some fear PayPal is out to steal the lunch money of crypto exchanges with rumored plans to add Bitcoin to its platform. But not everyone subscribes to this theory. OKCoin chief operating officer Jason Lau believes any PayPal foray into digital assets would be “sure to have a positive impact in highlighting cryptocurrencies to a big new audience,” telling Cointelegraph: “PayPal adding crypto would bring additional awareness, adoption and a new low friction payment method for individual users.” Lau explained that many crypto users often get involved through mainstream, user-friendly and simple avenues at first. The OKCoin executive added: “Typically, our users first get initiated to crypto via an app like Square Cash, Robinhood or now potentially Venmo, and then come to OKCoin to develop and execute their investing and trading plans.”

Picture 1

Authorities take down biggest criminal chat network yet

Police forces across Europe have “successfully penetrated” an encrypted chat network that suspected top-tier criminals used to ferry drugs and import guns. Almost 800 people, including two law enforcement officers, were arrested as part of a dramatic three-month operation. The network is called EncroChat, and the company behind it sold modified Android phones that offered a guarantee of anonymity. The question now is whether this bust is part of a coordinated campaign to discredit privacy-preserving technologies in the eyes of the general public. In recent weeks, a bill was introduced to the U.S. Senate that would ban end-to-end encryption.

FCA research says 2.6 million U.K. residents have bought crypto

The United Kingdom’s Financial Conduct Authority has estimated that roughly 2.6 million British consumers have bought cryptocurrency “at some point.” Approximately 1.9 million — 3.86% of the adult population — currently own digital assets. The FCA says this is a “statistically significant increase” from its report in 2019. Awareness of the industry also appears to be on the rise… 73% of adults have heard of cryptocurrencies, compared with 42% last year. The FCA’s research suggests that 75% of British crypto holders have digital assets worth less than £1,000 ($1,229) — and 83% buy their crypto from exchanges that aren’t based in the U.K.

Report: $300 billion worth of food will be traced using blockchain and IoT by 2027

A new report by Cointelegraph Consulting and VeChain forecasts that food items worth $300 billion will be tracked using blockchain technology every year by 2027. As well as solving some of the industry’s most pressing challenges, the research suggests that businesses could also save $100 billion annually. It’s estimated that as much as 20% of global wine sales are counterfeit — and up to 70% of wild salmon and Atlantic cod are “disguised by species that are less desirable, cheaper or more readily available.” Global industry leaders such as Walmart, Carrefour and Dole are among those who are already using blockchain to track items along the supply chain.

Winners and Losers

Picture 2

At the end of the week, Bitcoin is at $9,038.38, Ether at $225.39 and XRP at $0.17. The total market cap is at $258,996,382,559.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Flexacoin, VeChain and Digitex Futures. The top three altcoin losers of the week are The Midas Touch Gold, Compound and Celsius.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“I don’t think a fully decentralized platform will necessarily replace YouTube; some content types will probably remain better suited for a centralized platform. But a decentralized alternative can co-exist alongside YouTube, to give streamers and viewers more freedom to choose their content platforms online.”

Wes Levitt, Theta Labs head of strategy

“The main difference between Coinbase and traditional banks, which were at issue in Miller, is that Coinbase deals with virtual currency while traditional banks deal with physical currency.”

Judge Catharina Haynes

“We expected Millennials to continue buying into cryptocurrencies, but to see more experienced investors also become increasingly interested in Bitcoin, is extremely promising for the growth of the industry.”

Janis Legler, Mode chief product officer

“Boomers and Gen X’rs will move to own massive amounts of #Bitcoin and control exponentially more of the asset than millennials when it should be the other way around.”

Jason Williams, Morgan Creek Digital co-founder

“The transition to Eth2 is incredibly important for the crypto ecosystem because it allows one of the most important and most adopted blockchains—with millions of users and tens of thousands of dApps—to introduce new scalability options for the protocol and that’s a big deal.”

Joe Lallouz, Bison Trails CEO

Picture 3

“And then at some point America will say, ‘We’ve got to enter the 21st century space race of mining Bitcoin,’ and then they’ll try to seek 20% of the hash rate, and then security goes up dramatically, and the price goes to $400,000, $500,000.”

Max Keiser, TV host

“The price of $7,200 at the end of 2019 suggests that Bitcoin has penetrated less than 0.44% of its total addressable markets [worth $212 trillion]. If this penetration manages to reach 10%, its non-discounted utility price should reach nearly $400,000.”

Crypto Research Group

Prediction of the Week

Bitcoin set for $288,000 bull run in 2020, popular BTC price model says

PlanB has updated his stock-to-flow forecast — and according to his popular model, the next big shift in Bitcoin’s price is set to come before the end of 2020. Despite BTC struggling to hit $10,000 right now, the analyst believes the world’s biggest cryptocurrency is on track to begin surging toward $288,000 in a matter of months. PlanB’s model has faced criticism of late, but he maintains that critics have yet to produce a viable alternative to his forecast, which has traditionally tracked price behavior extremely accurately. One of the skeptics is Nico Cordeiro, the chief investment officer at the crypto quant fund Strix Leviathan. “The model’s accuracy will likely be about as successful at forecasting Bitcoin’s future price as the astrological models of the past were at predicting financial outcomes,” he said.

FUD of the Week

Mac users beware — new ransomware targets Apple computers

A new ransomware is targeting macOS users who download installers for popular apps via torrent files. “EvilQuest” asks victims to pay a ransom through the same static BTC address in every documented attack. One of the first signs that EvilQuest has deployed an attack is that MacOS Finder freezes. Once file encryption is complete, a text file is generated with ransom instructions. Emsisoft threat analyst Brett Callow believes EvilQuest is unlikely to be anything other than a small-scale threat, telling Cointelegraph: “The fact that Macs have a relatively small market share means they’re not a particularly attractive target for ransomware groups, and they’re unlikely to invest significant resources in targeting Mac users.”

Russian court: Theft of 100 BTC isn’t a crime because Bitcoin isn’t property

A Russian court has effectively declared that Bitcoin theft is not a crime. Back in 2018, two men impersonating FSB agents kidnapped someone and forced him into giving them 5 million rubles ($90,000) in cash and 99.7 BTC — worth about $900,000 at the time. The kidnappers were sentenced to eight and ten-year prison sentences, respectively — and as part of the criminal proceedings, the victim asked the court for the thieves to repay the funds they stole from him. Although the court said the criminals must repay the rubles, it declared it is unable to satisfy the claim for the BTC because cryptocurrencies aren’t recognized by Russia’s laws as legal tender.

Uber angel investor: “99% of crypto projects are garbage”

Prominent angel investor and internet entrepreneur Jason Calacanis says 99% of altcoin projects are “garbage” run by unqualified individuals but holds out hope for the 1% with the power to change the world. Calacanis, who backed the ride-hailing app Uber and the crypto trading app Robinhood, claimed almost all projects are under the control of “unqualified idiots” or “grifters” with below-average skills. “I’m waiting for that 1% to deliver their product so I can talk to their customers,” he added.

Picture 4

Best Cointelegraph Features

NFT and Blockchain Gaming Week

Cointelegraph Magazine’s special feature looks at the evolving use of nonfungible tokens to drive mass adoption of blockchain tech — with art, collectibles and video games just some of the use cases.

Cointelegraph Talks recap: Blockchain giving power to LGBTQ+ people

Seven experts from different institutions and organizations discussed topics relating to diversity, inclusion, challenges and opportunities for LGBTQ+ with Cointelegraph. Read our neat summary of what happened here.

CZ and Buterin among top speakers at five-day online conference

Find out more about Unitize, a five-day online conference that’s being organized by BlockShow and San Francisco Blockchain Week and taking place from July 6–10.


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