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TA: Bitcoin Struggles Near $56K, Here’s Why 100 SMA Is The Key

Bitcoin price spiked above the $56,000 resistance against the US Dollar, but it failed to continue higher. BTC is could correct lower, but the 100 hourly SMA is likely to provide support. Bitcoin extended its rise above the $55,500 and $56,000 resistance levels. The price is now trading well above $54,000 and the 100 hourly […]

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Bitcoin price spiked above the $56,000 resistance against the US Dollar, but it failed to continue higher. BTC is could correct lower, but the 100 hourly SMA is likely to provide support.

  • Bitcoin extended its rise above the $55,500 and $56,000 resistance levels.
  • The price is now trading well above $54,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $54,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could dip towards the $53,000 support before it extends its rise.

Bitcoin Price Remains Supported

Bitcoin remained stable above the $53,000 support zone and it extended its upward move. BTC broke the $55,000 resistance level and it settled well above the 100 hourly simple moving average.

The price even spiked above the $56,000 resistance level. However, the bulls failed to push the price above the $56,500 level. A high is formed near $56,490 and the price is now correcting lower. It broke the $56,000 and $55,800 levels.

Bitcoin almost tested the 23.6% Fib retracement level of the recent upward wave from the $47,010 swing low to $56,490 high. There is also a key bullish trend line forming with support near $54,500 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

If the pair breaks the trend line support, it could extend its decline towards the $53,000 support. The 100 hourly simple moving average is near the $53,000 zone to act as a strong support.

Any more losses might call for a test of the $51,500 support. The 50% Fib retracement level of the recent upward wave from the $47,010 swing low to $56,490 high is also near the $51,750 zone.

Fresh Increase in BTC?

If bitcoin remains stable above the 100 hourly SMA and the $53,000 support, it could start a fresh increase. An initial resistance on the upside is near the $55,500 level.

The next major resistance is near the $56,000 level. A successful close above the $56,000 resistance zone could set the pace for a move towards the $58,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.

Major Support Levels – $54,500, followed by $53,000.

Major Resistance Levels – $55,000, $55,500 and $56,000.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-struggles-near-56k/

Blockchain

SHIB Token Surges by 1946.11% within a Week

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Today, despite the fact that most mainstream cryptocurrencies have fallen back, the SHIB token has proven to be the exception, rising by 123.63% in the past 24 hours. Within a week, SHIB token has surged by an impressive 1946.11%.

SHIB is the native token of the SHIBA INU network and is the first ERC-20 token to be listed and incentivized on ShibaSwap decentralized exchange.

Binance crypto exchange elaborated on SHIB token and said:

“SHIBA INU (SHIB) is an experiment in decentralized community building and another meme coin similar to Dogecoin.”

SHIB was officially launched in August 2020, when the decentralized finance market was making huge strides and growing exponentially. The founder of SHIB token Ryoshi issued a total of 1,000 trillion SHIB. 50% of the tokens were locked into Uniswap to provide liquidity, while the remaining 50% was allocated to Ethereum co-founder Vitalik Buterin.

SHIBA INU was launched on OKEx, Huobi Global, and Binance on May 8, 9, and 10 respectively. The cryptocurrency rapidly became popular within the crypto sector.

SHIB is also whimsically known as the ‘Doge Killer’ as SHIB, due to its relatively low price, is attracting Dogecoin investors.

The popularity of Shiba Inu Coins gained massive traction due to the following reasons:

Firstly, SHIB token’s initial starting price is relatively low. Therefore, investors can spend a small amount of funds and still gain hundreds of thousands of SHIB. For new-entry investors, the entry barrier is relatively low.

Secondly, due to the extremely high FOMO (Fear of Missing Out) sentiment in the bull market, SHIB token quickly gained a lot of traction. Investors, fearing that they were missing out on an incredibly opportunity, jumped on the chance to invest in SHIB, as they did not want to miss out on any chance of getting rich.

The third reason why SHIB surged by so much in so little time is due to billionaire Elon Musk’s endorsement of Dogecoin. Elon Musk tweeted on May 7 that he was looking for a Shiba pup, sending SHIB higher.

Shiba Inu (SHIB) has now entered the top 20 rankings of CoinMarketCap and is currently ranked No.17. It may well be a trader’s response to the hype surrounding Dogecoin (DOGE).

At the time of writing, SHIB is trading at $0.00003225.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/shib-token-surges-1946.11-within-week

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Blockchain

Ethereum Price & Gas Fees Soar High, Will The Bull Run Continue?

eth fees

The post Ethereum Price & Gas Fees Soar High, Will The Bull Run Continue? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

ETH Gas Fees Touching Skies The Ethereum gas fee often rises high when the ETH price rises high breaking the upper barriers. The ecosystem attempted with a couple of upgrades to address the high gas fee issue, yet they failed to do so. Currently, due to high trading volumes on the ethereum based platforms, the …

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ETH Gas Fees Touching Skies

The Ethereum gas fee often rises high when the ETH price rises high breaking the upper barriers. The ecosystem attempted with a couple of upgrades to address the high gas fee issue, yet they failed to do so.

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Currently, due to high trading volumes on the ethereum based platforms, the gas fees also soared high. At the time of writing, the gas fees are ranging in between 242 gwei to 288 gwei with an estimated cost of nearly $200 per transaction.

eth gas fees

The pricking transaction fees still remain the matter of concern for the traders who trade on the Ethereum based decentralized exchange. However, many are speculated to have been shifted to the other alternative platforms like BSC, Solana, Polkadot, etc, if feared that these might outpower ETH one day.

Ethereum Price May Sink In 2022

ETH as of now has showcased a slow yet steady price rally reducing steep pumps and dumps. Some believe that the asset is highly undervalued as  compared to Bitcoin yet some believe that it is ‘dangerously overvalued’.

As pointed out by one of the analysts Mr.Whale, Ethereum is overvalued and predicted a bearish flip for the price. The price is expected to plunge heavily around $200 levels in 2022. 

It is the known fact that Ethereum gas fees rise with a surge in ETH prices. Moreover if  the issue is not addressed then, the price may slide to some extent. Conversely, the ETH balances on the CEX’s are declining at a higher rate manifesting a bullish trend approaching fast. However, if the Ethereum price continues to soar, then the gas fees will also record new highs. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinpedia.org/ethereum/ethereum-gas-fees-surging-high/

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Blockchain

Ark Invest’s Cathie Wood Joins Board of Crypto Firm Amun Holdings

The CEO of Ark Invest has joined the board for crypto technology platform Amun Holdings.

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In brief

  • Cathie Wood, CEO of Ark Invest, has joined the board of Amun Holdings.
  • Wood has also bought millions of dollars worth of Coinbase shares in recent weeks.

Cathie Wood, CEO of investment management firm Ark Invest, has joined the board of crypto company Amun Holdings, per a report published by Bloomberg yesterday. 

Wood joined the Amun board after personally investing in 21Shares AG operators, which specializes in exchange-traded products (ETPs). 

“21Shares is forging a new path for crypto ETPs by leading with research and a keen understanding of this developing asset class,” Wood said, adding, “I am thrilled to support its efforts.” 

What is Amun Holdings? 

Amun Holdings is a crypto firm and ETP provider based in Zurich, Switzerland. 

The firm currently has approximately $2 billion in assets under management; a sharp increase from its March 2020 figure of $27 million, according to CEO Hany Rashwan. 

The firm is also profitable, with annual revenue of up to $50 million being generated from a mix of institutional and retail investors. 

“We built the company to make crypto as accessible as stocks and have seen tremendous demand for our products,” Rashwan said. 

21Shares Short Bitcoin ETP is one of Amun’s offerings. It allows investors to bet against Bitcoin. In turn, the 21Sahres Crypto Basket Index tracks the top five cryptocurrencies by market value. 

Amun and 21Shares products are listed on exchanges in Switzerland, Austria, and Germany. Amun plans to list its first non-European product in the coming months. According to Bloomberg‘s report, this expansion might see as many as 30 products established in eight countries. 

This isn’t Wood’s first involvement with the crypto industry. According to The Block, Woods has bought a total of $356 million worth of Coinbase shares, first purchasing $246 million on April 15, and then buying another tranche of shares worth $110 million the following day.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/70494/ark-invests-cathie-wood-joins-board-of-crypto-firm-amun

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UBS Group Reportedly Planning to Launch Crypto Services to its Wealthy Customers

The Swiss multinational investment bank, UBS Group AG, is reportedly in the works of launching several cryptocurrency services.

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The trend of giant banks developing crypto services is expanded beyond the US with Switzerland’s UBS Group AG. The institution plans to enable its wealthy customers exposure to digital asset investments later in the year.

  • By citing people familiar with the matter, Bloomberg reported that UBS Group AG is in the “early stages of planning to offer wealthy customers digital currency investments.”
  • The bank, based in Zurich, Switzerland, with over $1 trillion in Assets Under Management, is looking into several alternatives for its crypto-related services.
  • Nevertheless, the organization has warned about the infamous volatility of the digital asset sector and will enable its clients to allocate only a “very small portion” of their total wealth.
  • One of the discussed options suggested that institutional customers will be able to receive crypto exposure through third-party vehicles.
  • Interestingly, Bloomberg’s report arrives just a few months after the financial service company working under the UBS Group AG hat – UBS Global Wealth Management – warned that the entire cryptocurrency sector could plummet to zero.
  • Before UBS Group AG, numerous US-based banks initiated steps into enabling their clients to receive exposure to bitcoin and other digital assets.
  • BNY Mellon, the oldest American bank, led the charge this year after releasing BTC custodial services. Shortly after, Morgan Stanley followed by filing to receive BTC exposure for up to 25% for 12 of its funds.
  • Even the previous bashers, Goldman Sachs and JPMorgan, showed a pro-crypto approach. Goldman filed for a Bitcoin ETF, and its clients can now trade BTC derivatives, while JPM will reportedly launch an actively managed fund following the performance of the primary cryptocurrency.
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ubs-group-reportedly-planning-to-launch-crypto-services-to-its-wealthy-customers/

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