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Litecoin Price Prediction: LTC/USD Recovers to $41, More Gains Incoming?

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LTC Price Prediction – June 29

The price of the Litecoin is currently changing hands at $41.59 as the technical indicator moves above 40-level.

LTC/USD Market

Key Levels:

Resistance levels: $44, $46, $48

Support levels: $38, $36, $34

LTCUSD – Daily Chart

LTC/USD took several bad hits as the coin fell through multiple support levels, eventually hitting a low of about $39.17 a few days ago. Since this incident, the Litecoin (LTC) has been working on its recovery. At the time of writing, the Litecoin (LTC) price is hovering at $41.59, with 0.65% in the green. Furthermore, LTC/USD is been trapped in an incredibly narrow trading range after a few days ago; the bullish rally has failed to materialize several times.

However, the Litecoin (LTC) is yet to clear the hurdles towards the resistance level of $42. Instead, the bears are trying to force their way back to the $40 support level. A break below $40 support level may provoke an even deeper decline towards the $38, $36, and $34 support levels. Looking at the RSI (14), Litecoin may exhibit the tendencies to follow an upward trend as the coin is still moving above 40-level.

Moreover, if the bulls can gather enough strength and push the market above the 9-day and 21-day moving averages within the channel, then the price may likely hit the resistance levels of $44, $46, and $48 respectively. So, further movement above these key resistance levels should, therefore, encourage more buying.

When compares with Bitcoin, LTC is still experiencing some difficulties since the beginning of this month, the coin recently exploded above the solid resistance of 4732 SAT and continues to fall towards the 4400 SAT. The critical support level is located below the lower boundary of the channel at level 4300 SAT and below.

LTCBTC – Daily Chart

However, any attempt by the bulls to re-power the market, the coin may likely trade above the moving averages to find the resistance level at 4800 SAT and above. Meanwhile, the price of Litecoin is currently changing hands at 4538 SAT and a spike in volatility could occur as the technical indicator RSI (14) moves around 45-level, suggesting sideways movement.

Source: https://insidebitcoins.com/news/litecoin-price-prediction-ltc-usd-recovers-to-41-more-gains-incoming

Blockchain

Willy Woo: Bitcoin to Decouple From Traditional Markets Soon

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On-chain market analyst Willy Woo believes that bitcoin’s market movement will soon cease to correlate with that of traditional markets, as has been the case until now.

Writing on his Twitter account, Woo shared data from Glassnode showing a clear multiyear uptrend in bitcoin adoption.

In his view, this is part of a growing body of evidence that bitcoin now functions as a long-term store of value for a growing number of ‘HODLers.’ This, he says, will exert more influence over the bitcoin price than “hedge fund and whale traders,” which will effectively decouple bitcoin’s performance from the S&P 500.

Background of Woo’s Prediction

Woo’s prediction comes against a backdrop of a significant correlation between bitcoin and stocks. This has led to fears in some quarters that macroeconomic factors such as interest rates, unemployment and inflation could exert influence over the bitcoin price — and by extension the entire crypto market, which largely defers to bitcoin.

Not every analyst, however, agrees that there is in fact a correlation. Heisenberg Capital founder Max Keiser believes that in fact “bitcoin…is inversely correlated to the USD — not the stock market.” He adds, “Don’t be fooled by randomness.”

The charts below illustrate an apparent correlation between stocks and bitcoin over a five-year period

Source: CoinMarketCap
Source: TradingView

Woo’s Decoupling Prediction

According to Woo, bitcoin is nearing a point in its life cycle where something he describes as “internal adoption” is exerting greater influence over market movements than investment from external sources. Explaining what “internal adoption” means, he wrote in a tweet:

“It’s adoption from long-term organic growth of HODLers. As opposed to hedge funds and whale traders moving capital in and out of BTC as they trade and hedge positions.”

Source: Twitter

Woo’s view is that traditional investors interact with bitcoin as a hedge, with the unintended consequence of creating correlation. This position on mainstream bitcoin investment is in line with that described by Fortune Brainstorm Finance Co-Chair Robert Hackett in June 2020.

According to Woo, however, bitcoin’s user adoption rubicon has already been crossed. This, he says, effectively reduces the importance of institutional investment as a fundamental driver of bitcoin’s price.

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Source: https://beincrypto.com/willy-woo-bitcoin-to-decouple-from-traditional-markets-soon/

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Most crypto exchanges are vulnerable by design, says Bybit CEO

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Crypto exchange security is once again in the news after hackers breached KuCoin. But this shouldn’t surprise people as exchanges are vulnerable by design, according to Bybit CEO Ben Zhou. 

Zhou told Cointelegraph that exchanges act as a single point of failure. As a centralized web application, exchanges are susceptible to the same security issues as all other websites. 

Security becomes even more important as investors and traders are increasingly taking exchanges to task to protect funds. 

The vast majority of crypto exchange servers and storage networks, Zhou said, keep digital currencies in hot wallets. If hot wallets are not properly protected, then this opens them up to theft. Zhou thinks that a cold wallet system is more secure since hot wallets are connected to the internet, making them more vulnerable to hacking. Cold wallets, on the other hand, are not connected online. The only downside is not being able to make large withdrawals from an exchange immediately.

According to Zhou, investing in security should be one of the highest priorities on an exchange platform’s agenda, especially if it operates online. To combat potential hacking threats, exchanges also need to better address vulnerable areas and apply multiple security layers for penetration testing. 

Any security system should also protect information across all points of interaction. This means protecting user data from account registration, login, trading, and any information exchange with the platform. Zhou added that:

“This can be accomplished by applying best practices for application lifecycle management, hiring knowledgeable and reputable security consultants for penetration testing and running bounty programs within the white hat community to identify any potential vulnerabilities.” 

Zhou also recommends cryptocurrency exchanges work with reputable security firms to carry out security audits, apply strict management processes, and invest in zero-trust architecture. Zero-trust architecture requires verification for anyone accessing a service to prevent any potential data breaches both internally and externally. 

He said there are several bespoke security solutions from third-party vendors that exchanges can use but noted these could also be developed in-house.

Zhou revealed that Bybit invested considerable resources in developing and enhancing its own security protocols and solutions. They have implemented a multi-signature cold wallet system to protect the safety of users’ funds. ​

When it comes to combating potential hacking threats, Bybit organized and conducted multiple red alert scenarios and bounty programs with the white hat hacker community. This is to ensure there are no system vulnerabilities. Zhou added that: 

“Even when it comes to withdrawals, we subject any requests to at least three layers of risk-control verifications. Crypto asset consolidation among cold wallets follows the strictest policy, including physical environment security, system security, encryption techniques, operation authentication, monitoring and audit.” 

As Cointelegraph previously reported, the recent crypto twitter hack was a wake-up call for centralized platforms to address online security issues. 

Source: https://cointelegraph.com/news/most-crypto-exchanges-are-vulnerable-by-design-says-bybit-ceo

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Here’s how Bitcoin spot, derivatives will do, following the expiry

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Bitcoin Options are holding steady, despite Friday’s expiries that amounted to over $1B. As predicted a week ago, the expiry event was a smokescreen. In fact, the outcome was the opposite of the anticipated crash on the CME, with Open Interest and Volumes remaining consistent.  

According to data from Skew, $7B worth of contracts expired last month on 28 August 2020, with the Open Interest dropping by 32% in less than a week. Recovery wasn’t complete yet, however, and the price on spot exchanges soon dropped 10% within a week of expiration.

This time around, there has been no drop in price on spot exchanges so far. In fact, Bitcoin’s price has gained by $400 since 24 September. This expiry in question had no negative impact on the price, despite the fact that on-chain metrics continue to project the present Bitcoin market as a bearish one. 

Open Interest and trading volume on derivatives exchanges have not recovered yet, and the bearish sentiment is evident. Since there is no drop in price on spot exchanges, will there be a complete recovery to the mid-August level?

While this may seem unlikely, it may transpire if Bitcoin’s supply to spot exchanges recovers. At the time of writing, the inflows were at its lowest in a month. In fact, 26 September witnessed a huge drop in inflows, a drop of 59% – the biggest drop in 99 days.

BTC Futures Expiry: Smokescreen as predicted

Source: Chainalysis

The drop in inflows will keep the supply in check, but demand needs to increase on spot exchanges. Bitcoin is being pulled out of exchange wallets, and demand is getting choked further. However, the price is not very responsive as the volatility and volume being traded is low, compared to other assets in the market like DeFi projects and Ethereum. 

Over 5000 BTC was transferred outside exchanges to unknown wallets post the expiry event in three transactions, based on Whale Alert’s updates. While 82% HODLers continue to remain profitable, they have not booked unrealized profits on exchanges. Instead, whales are moving funds outside of exchanges.

Institutional investors’ holdings have dropped by 7-8% in overall value, since their last purchase, and there seems to be a missing piece of the jigsaw here. 

Despite the bearish sentiment, shorts on BitMEX are fueling long contracts and the difference is nearly 2.5x. 

BTC Futures Expiry: Smokescreen as predicted

Source: Skew

While these inconsistencies in bearish sentiment across spot and derivatives exchanges may point to a rally back to mid-August levels, other factors like low trading volume on both spot and derivatives exchanges indicate the opposite. In fact, according to Willy Woo’s Bitcoin Volatility Chart, 60-day volatility is at 5.55, with the same dropping by over 50% since mid-August. 

BTC Futures Expiry: Smokescreen as predicted

Source: Woobull Charts

The network volatility is low, and unless it recovers by upwards of 50% in the next few weeks, attaining mid-August levels on Bitcoin spot and derivatives exchanges seems very unlikely.

Source: https://eng.ambcrypto.com/heres-how-bitcoin-spot-derivatives-will-do-following-the-expiry

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