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P2P bitcoin exchange Hodl Hodl to get liquidity boost and explore new solutions with Bitfinex

The team of P2P bitcoin exchange Hodl Hodl, announced today it has entered a strategic partnership with its existing shareholder Bitfinex, the popular crypto exchange company. First of all, users of the Hodl Hodl Lend service will soon see an influx of new users and more liquidity. Expanding Partnership In first establishing a partnership, Bitfinex […]

The post P2P bitcoin exchange Hodl Hodl to get liquidity boost and explore new solutions with Bitfinex appeared first on CryptoNinjas.

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The team of P2P bitcoin exchange Hodl Hodl, announced today it has entered a strategic partnership with its existing shareholder Bitfinex, the popular crypto exchange company. First of all, users of the Hodl Hodl Lend service will soon see an influx of new users and more liquidity.

Expanding Partnership

In first establishing a partnership, Bitfinex showed interest in Hodl Hodl’s API, examining various solutions that could be built on top of Hodl Hodl’s existing services. Now, aside from providing a liquidity boost, the teams are exploring building non-custodial bitcoin lending solutions atop the Lightning Network.

In regards to Lightning, recently, Hodl Hodl and Pandora Core partnered to explore development opportunities for a Lightning-based DEX. Pandora Core is currently working on the RGB concept, a smart contract system able to run on the Lightning Network, designed with privacy and scalability in mind.

Bitfinex has been one of the first to support RGB and, together with Hodl Hodl and Pandora; plans to help further develop the system and increase its adoption. For Hodl Hodl, RGB introduces an opportunity for the development of non-custodial solutions based on the Lightning Network.

“We are very excited to partner with such an experienced and influential industry player. The knowledge and professional experience that we could draw from the Bitfinex team is priceless. We believe that partnering with Bitfinex will contribute to the success of our company; mainly because of the resources that are being opened to us, but there is also much more to be excited about. It is important to affirm that the Hodl Hodl team will remain independent and adhere as always to the fundamental value of creating non-custodial, anonymous, and exclusive products for bitcoin. We are very proud of our entire group of shareholders and the unique value they bring to the development of our company and the entire industry. Together we are building a better product!”
– Max Kei, CEO of Hodl Hodl

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Source: https://www.cryptoninjas.net/2021/06/07/p2p-bitcoin-exchange-hodl-hodl-to-get-liquidity-boost-and-explore-new-solutions-with-bitfinex/

Blockchain

Every quad witching, this Chainlink price trend can be observed

LINK-powered projects have garnered support from several influencers since the last price rally. Trading at $21.39 level, the market capitalization was at $21.9 Billion level based on data from coinma

The post Every quad witching, this Chainlink price trend can be observed appeared first on AMBCrypto.

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LINK-powered projects have garnered support from several influencers since the last price rally. Trading at $21.39 level, the market capitalization was at $21.9 Billion level based on data from coinmarketcap.com. Based on previous instances, following quad witching, options expiration, LINK’s price rallies consistently every instance.

LINK price moves in this exact way every quad witching

LINK/USD Denominated Closing Price Coinmetrics | Source: Twitter

Based on the above chart from Coinmetrics, LINK’s price is not likely to recover until next week. The concentration by large HODLers is increasing, it has crossed 75% based on data from intotheblock. Besides, with the increase in concentration the percentage of HODLers profitable at the current price level. The percentage of profitable HODLers has increased consistently following a recovery from a dip.

This trend first emerged in the March of 2020, and then it went on for over a year, repetitively. This trend is centered around options expiration, though on-chain metrics suggested that the narrative was bullish based on active traders, and trade volume.

However, it’s interesting that despite new partnerships and updates, LINK’s price has dropped with other alts in the current crash. If the price drops further, it may drop below the psychologically important $20 level. The current price is still mid-way to the lowest that LINK’s price has been in the past 8 weeks. Since there is no hype around DeFi right now, LINK’s price was likely to continue dropping.

A drop in the overall TVL of DeFi is likely to lead to further consolidation in LINK. At the same time, ETH’s increasing strength, volatility, and price rally are likely to have a bullish impact on LINK’s price. LINK was undervalued at a time when sidechains are overvalued.

Traders who held LINK for less than 12 months may consider hedging their position to protect from the drop and consider accumulating as well, while LINK consolidates. It is a bullish narrative for LINK in the long-term since the recovery is expected to be strong, keeping with the trend. LINK is likely to follow, while ETH leads the second altcoin rally in 2021.


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Source: https://ambcrypto.com/every-quad-witching-this-chainlink-price-trend-can-be-observed

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Blockchain

Michael Burry Predicts Bitcoin Will Follow This Pattern, Has BTC Bottomed Out?

Bitcoin has displayed high volatility during the weekend. The first cryptocurrency by market cap has lost two critical support points and, at the time of writing, trades at $34,312 with a 5.3% loss in the daily chart. Legendary former hedge fund manager Michael Burry has returned to social media. Via his Twitter account, he has […]

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Bitcoin has displayed high volatility during the weekend. The first cryptocurrency by market cap has lost two critical support points and, at the time of writing, trades at $34,312 with a 5.3% loss in the daily chart.

Bitcoin BTC BTCUSD
BTC on a downtrend in the daily chart. Source: BTCUSD Tradingview

Legendary former hedge fund manager Michael Burry has returned to social media. Via his Twitter account, he has made some predictions about the markets. Many are pessimistic and could be bad news for investors with long positions.

Burry is famous for predicting the collapse of the mortgage bond market. His fund Scion Asset Management made a big profit by shorting this market in the mid to late 2000s.

In his latest tweet, Burry compared Bitcoin with NFL player Troy Polamalu. Jokingly, Burry asked his followers what the cryptocurrency has in common with Polamalu and shared the chart below.

Bitcoin BTC BTCUSD
Source: Michael Burry

Here, the former hedge manager predicts BTC’s price will follow a Head and Shoulders pattern. This chart formation usually presents itself as a baseline with three peaks. This pattern suggests a flip from a bullish to a bearish trend.

Many replied to Burry for this prediction, some consider it accurate, and others tried to rebut it. A trader said: “It seems we’re going down to -5000$ on the negative scale. Reasonable”.

Burry has been highly critical of the crypto market’s alleged high number of investors with leverage positions. He is now betting against Bitcoin and other cryptocurrencies, as well as against profitable companies in the traditional market.

When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries(…). If you don’t know how much leverage is in crypto, you don’t know anything about crypto

Bitcoin Outlook In The Short Time, Rebound Incoming?

The bulls stand at the last line of support, Bitcoin must hold above $33,500 or it risks a further retracement towards the $20,000 area. Analyst Ali Martinez has recorded several sales signals for BTC in the past 24 hours.

The first one was recorded by the TD Sequential, an indicator used to measure when a price might have exhausted an up or downtrend, in the 24-hour chart yesterday. At that time, the price dropped below $37,000 and range in the $35,000 area for several hours until Bitcoin went lower to its current levels. Martinez added:

Based on the TD, there is a chance BTC could hold above this $33.5K since this indicator is flashing a buy signal on the BTC 12hr chart.

Bitcoin BTC BTCUSD
Source: Ali Martinez

The area around $31,700 to $33,500, according to Martinez, is a major resistance zone with 1.3 million addresses that bought 643,000 BTC at those levels. The TD Sequential indicator flashed a buy signal in the 12-hour chart, Martinez said. If support holds, BTC could rebound to the $37,000 area.

(…) the most significant support zone underneath #Bitcoin sits between $31.7K and $33.5K (…). Losing this area as support could push BTC to the next critical demand barrier at $23.4K.

BTC BTCUSD
Source: IntoTheBlock via Ali Martinez

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Source: https://bitcoinist.com/michael-burry-predicts-bitcoin-will-follow-this-pattern-has-btc-bottomed-out/?utm_source=rss&utm_medium=rss&utm_campaign=michael-burry-predicts-bitcoin-will-follow-this-pattern-has-btc-bottomed-out

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Blockchain

Stock to Flow Analysis: Worst Case Scenario Could See $135K BTC by December

Worst case price prediction for bitcoin using the stock to flow analysis could see bitcoin hitting $135,000 by December 2021 according to PlanB

The post Stock to Flow Analysis: Worst Case Scenario Could See $135K BTC by December appeared first on BeInCrypto.

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Worst case price prediction for bitcoin using the stock to flow analysis could see bitcoin hitting $135,000 by December 2021 according to PlanB

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Popular crypto analyst PlanB has outlined the potentially bearish situation for bitcoin over the course of 2021. The analysis makes use of the stock to flow (S2F) model to determine the potential price of bitcoin. 

In a recent tweet, PlanB states “Bitcoin is below $34K, triggered by Elon Musk’s energy FUD and China’s mining crack down.” The analyst further reiterates his sentiment using the S2F model, saying “There is also a more fundamental reason that we see weakness in June, and possibly July. My worst case scenario for 2021 (price/on-chain based): Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K”

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Best case scenario sees $450K BTC

While PlanB reiterates that the current price model is the worst case scenario, the analyst still believes that BTC could break its previous all-time high by October. Also stating that BTC could hit $135,000 before the end of the year. 

PlanB commented further on his tweet, offering a best case scenario price prediction, “my base case and best case scenarios! a hint: best case Dec $450K.” 

PlanB expects in the worst case that BTC should hit $135,000 by December, with a potential to hit $450,000 in a best case scenario. 

The stock to flow model is based on bitcoins valuation model, which was inspired by Nick Szabo’s concept of unforgeable scarcity. The model measures scarcity, and the price of bitcoin over time. 

Other price predictions

Recently Perianne Boring told CNBC that bitcoin could reach $288,000 according to the same model, saying ““Stock to flow says bitcoin should be priced at $100,000 to $288,000 this year. We have 12 years of data on Stock to flow on bitcoin. If you measure with the U.S. dollar, stock to flow is 94% correlated.”

Nexo co-founder Antoni Trenchev recently spoke to Bloomberg and gave his price predictions, saying that BTC would hit $100,000. Trenchev also stated that he expects other countries to follow El Salvador in making BTC legal tender in the future.

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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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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Source: https://beincrypto.com/stock-to-flow-analysis-worst-case-scenario-could-see-135k-btc-by-december/

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Dogecoin vs the odds: What could happen next?

With the global cryptocurrency market depending on Bitcoin’s movement since 19 May, altcoins have predominantly oscillated between their major support and resistance marks due to the king coin’s fluct

The post Dogecoin vs the odds: What could happen next? appeared first on AMBCrypto.

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With the global cryptocurrency market depending on Bitcoin’s movement since 19 May, altcoins have predominantly oscillated between their major support and resistance marks due to the king coin’s fluctuations. The same was true for Dogecoin, which saw movement between $0.447-resistance and $0.280 support since the crypto sell-off.

However, Bitcoin’s recent pullback towards $35,000 had a damaging effect on its lesser counterparts. DOGE moved back towards its defensive line but eyed a breakout moving forward.

Dogecoin 4-hour chart

Source: DOGE/USD, TradingView

Dogecoin’s chart highlighted a down-channel once another breakout attempt above $0.447 was rejected. At press time, the channel approached a crucial support mark at $0.280- a region that triggered a 57% jump during early June. If history were to repeat itself, another rally awaited DOGE over the coming sessions. This would also align with a breakout from DOGE’s bullish pattern. However, DOGE’s path to glory was not that straightforward.

Reasoning 

There were several indications of weakness in the DOGE market. The 20-SMA (red) and 50-SMA (yellow) flipped bearish and the candlesticks remained below their long-term moving average line as well. Relative Strength Index was close to the oversold region, while MACD line was still bearish. Even Squeeze Momentum Indicator noted an increase in selling momentum.

Now keep in mind that DOGE’s previous price swing was under similar conditions, but Elon Musk’s tweet on his favorite cryptocurrency may have had a helping hand in the rally. Will a timely tweet save DOGE once again?

Only time will tell. If not, the digital asset may have to resort to retail traders’ confidence moving forward. An upwards move would see the cryptocurrency rise by 15% and move toward its 28 April swing high of $0.344 and 200-SMA. However, a breakdown cannot be discounted as well considering the stance of DOGE’s indicators. A breakdown would likely see prices head back towards its 19 May swing low of $0249.

Conclusion

Dogecoin’s defensive line of $0.280 triggered a rally previously and the same was expected moving forward. However, buyers did face an uphill task to lift prices in a bear market. If $0.280 does not alleviate selling pressure, a breakdown would call $0.249-support into action.


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