Over the weekend hackers stole about $150 million in user funds from a number of hot wallets at KuCoin exchange. Previous instances of hacking usually have a negative impact on crypto prices but as the news broke the price of Bitcoin (BTC) and major altcoins hardly budged.
In a recent interview with the Human Rights Foundation, Square CEO Jack Dorsey said that “security is not something that can ever be perfected” and it is a constant endeavor to stay ahead of the attackers.
Dorsey added that Bitcoin and blockchain are the future where every bit of content will exist forever “on every single node that’s connected to it.”
Crypto market data daily view. Source: Coin360
In other news, recently released data from CryptoCompare show trading volumes on cryptocurrency exchange traded products (ETP) plunged from about $186.5 million per day in mid-August to an average of $48 million in mid-September.
A major chunk of the ETP volume comes from Grayscale’s products and according to the data, trading volumes on these dropped to about $40 million a day in mid-September. This shows that investors have stalled their purchases as they wait for the crypto markets to resume their uptrend.
Let’s analyze the charts of the top 5 cryptocurrencies that could start a trending move this week.
Bitcoin surged from the uptrend line on Sep. 24 and has been consolidating close to the $10,800 resistance since then. This shows that the bears are trying to stall the relief rally at the current levels but the bulls have not allowed the price to drop below $10,500.
BTC/USD daily chart. Source: TradingView
Usually, tight consolidation near a resistance shows that the short-term bulls are not in a hurry to close their position as they expect higher levels. A close (UTC time) above $10,800 could result in a move to $11,178 but it’s expected that bears will defend this level.
The flat moving averages and the relative strength index just below the midpoint suggests a balance between supply and demand.
A breakout of $11,178 may tilt the advantage in favor of the bulls and lead to a move to $12,460. Conversely, if the BTC/USD pair drops below $9,835 the bears will be in command.
BTC/USD 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair has formed a flag pattern following the rally from the uptrend line. A breakout of this setup will increase the possibility of an up-move to the overhead resistance at $11,178.
The RSI is taking support close to 50 and the moving averages have completed a bullish crossover, which suggests a slight advantage for the bulls.
However, the failure of the bulls to push the price above $10,824 is likely to attract profit booking and the bears will then try to sink the pair below $10,558. If they succeed, the uptrend will be in danger of breaking down.
Polkadot (DOT) has formed a large symmetrical triangle pattern, which shows indecision among the bulls and the bears. This uncertainty will resolve after the price breaks above or below the triangle.
DOT/USD daily chart. Source: TradingView
If the bears sink and sustain the DOT/USD pair below the support line of the triangle, it will suggest that the sellers have overpowered buyers. The bulls will try to defend the $3.50 support but a break below it can pull down the price to $2.00.
The 20-day exponential moving average ($4.59) has started to turn down and the RSI has dipped into negative territory, which suggests that the bears are trying to gain the upper hand.
This negative view will be invalidated if the pair turns up from the current levels and breaks out of the resistance line of the triangle. The next target to watch on the upside is $5.50 and above it $6.50.
DOT/USD 4-hour chart. Source: TradingView
The downsloping moving averages and the RSI in negative territory suggest that the short-term advantage is with the bears. The bears will now have to sink the price below the triangle to further solidify their position.
However, if the pair again rebounds sharply from the support line of the triangle, it will suggest that the bulls are aggressively buying on dips to this support. If the buyers can propel the price above the triangle, a quick move to $5.50 may be on the cards.
Contrary to these assumptions, if the price does not make a sharp move from the triangle, it will suggest that neither party has been able to establish their dominance. In such a case, the pair might remain range-bound for a few days.
Crypto.com Coin (CRO) has formed a descending triangle pattern that will complete on a breakdown and close (UTC time) below $0.144743. After a long uptrend, this bearish setup suggests that the altcoin may be on the verge of making a top.
CRO/USD daily chart. Source: TradingView
The 20-day EMA ($0.157) has started to turn down and the RSI has been trading in the negative territory, suggesting an advantage to the bears. If the price sustains below $0.144743, the CRO/USD pair can drop to the target objective of $0.10607.
However, if the pair rebounds off the $0.144743 support, it will show that the bulls are buying on dips to this level. They will then try to push the price above the resistance line of the triangle.
If they succeed, it will invalidate the bearish setup and can result in a rally to $0.183416 and above it to $0.191101.
CRO/USD 4-hour chart. Source: TradingView
The pair is currently trading inside a tight range of $0.151649 and $0.154582, which suggests a balance between supply and demand.
If the price breaks below $0.151649, the advantage will shift in favor of the bears and will increase the possibility of a drop to $0.144743.
This negative view will be invalidated if the pair turns up from the current levels and sustains above $0.154582.
The bulls pushed NEM (XEM) above the resistance line of the falling wedge pattern on Sep. 26 but are struggling to sustain the breakout. The bears are currently trying to pull the price back into the wedge.
XEM/USD daily chart. Source: TradingView
If the XEM/USD pair rebounds off the 20-day EMA ($0.115), it will be a positive sign as it will suggest that the bulls are buying on dips. If the bulls can push the price above $0.127, the XEM/USD pair can move up to $0.14 and then to $0.1690655.
The upsloping 50-day simple moving average ($0.105) and the RSI in the positive territory suggests that the bulls are at a slight advantage.
This bullish view will be invalidated if the bears sink the price below the moving averages and may indicate that the current breakout is a bear trap.
XEM/USD 4-hour chart. Source: TradingView
The bears have not been able to sink and sustain the pair back inside the wedge, which shows that the bulls purchased the recent dip to the breakout level. If they can now push the price above $0.1260149 the up-move may begin.
It is unlikely to be an easy path for the bulls because the bears will try to stall the rally at $0.13 and then again at $0.145.
Contrary to this assumption, if the bears can sink the price below the moving averages, the pair can drop to $0.10.
Tezos (XTZ) dropped below the $2.2080 support on Sep. 20 and followed it up with a further fall to $1.9117 on Sep. 21. Both moving averages are sloping down and the RSI is in the negative zone, which suggests that the bears have the upper hand.
XTZ/USD daily chart. Source: TradingView
Currently, the bears are attempting to stall the pullback at the downtrend line. If they succeed, the XTZ/USD pair can drop to $1.9117 and if this support also cracks the decline may extend to $1.50.
However, if the bulls can push the price above the downtrend line and the 20-day EMA ($2.37), it will suggest that the most recent breakdown was a bear trap. The first target on the upside is $2.7434 and above this level the up-move can reach the 50-day SMA ($3.04).
Traders can keep a watch on the RSI because a break above the 40 level will be the first sign that the downtrend may be weakening.
XTZ/USD 4-hour chart. Source: TradingView
The bulls are attempting to form a double bottom pattern close to the $1.915 level while the bears are trying to resume the downtrend. If the bears can sink the price below $2.09, a drop to $1.9117 is likely and the downtrend could resume.
Contrary to this assumption, if the bulls can push the price above the downtrend line and the overhead resistance at $2.2788, a short term reversal could be on the cards.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
$1 Bitcoin investment beats gold and stocks despite 2020 gains
In a knock to gold bugs, data shows that despite gold’s run this year, Bitcoin still trumps every macro asset when it comes to investment profits.
Bitcoin “quietly eating the financial world”
Fresh off its second best quarterly close on record, Bitcoin is up almost 50% in 2020, while gold has managed just half of that — 25.6%.
The S&P 500, an index with which Bitcoin has shown considerable correlation, is just 5.5% higher than at the start of January. Despite its increasing strength, the U.S. dollar has netted savers just 2.2% year-to-date returns, while oil is the big loser, with WTI crude down by almost 35%.
Bitcoin versus gold historical chart. Source: Skew
For popular statistician Willy Woo, zooming out to examine Bitcoin’s returns versus gold since the cryptocurrency’s inception in 2009 compounds the case for holding BTC.
Gold’s having its best year since 2010. This how it’s doing against BTC.
$1 invested on 6 Oct 2009 (when BTC was first priced) would be worth $13.9m today.
Bitcoin’s software is quietly eating the financial world. pic.twitter.com/eE6xQ5NYFG
— Willy Woo (@woonomic) October 6, 2020
The numbers would appear to speak for themselves. $1 of Bitcoin purchased even one year ago would have netted its owner $0.31 profit, while gold would have got $0.27.
Prior to the end of 2017, when BTC/USD began consolidating after reaching $20,000 all-time highs, the differences are much more palpable. $1 invested five years ago is now worth $44.43, while $1 of gold is worth $1.67, according to Woo’s figures.
United States’ national debt hits $27 trillion
As Cointelegraph reported, Woo has stated that he believes Bitcoin will soon decouple from gold and other traditional markets to carve out a price trajectory of its own.
The cryptocurrency has weathered criticism from gold bugs as much as ever during 2020’s market volatility, with serial gold bug Peter Schiff among its most vocal naysayers. Schiff has toned down his skepticism in recent weeks, focusing on the U.S. dollar and the state of the country’s economic debt.
U.S. total debt has now passed $27 trillion for the first time in history, according to the U.S. National Debt Clock.
“The National Debt just past $27 trillion, up about $7 trillion since Trump took office. If [Donald Trump] serves just one term he will likely add more to the national debt in 4 years than Obama did in 8,” Schiff wrote on Oct. 6.
“What’s worse is that [Joe Biden’s] 1st term may add more than both combined.”
DBS and Standard Chartered to launch blockchain platform to curb trade finance fraud
The Singapore-based multinational banking entity DBS and Standard Chartered have completed the proof-of-oncept of their blockchain trade finance platform called the Trade Finance Registry.
The two entities developed the PoC in collaboration with 12 other banks on top of the blockchain platform of Singapore-headquartered company dltledgers.
dltledgers told Cointelegraph that the banks involved in the project now intend to launch the platform for commercial use by central banks around the globe.
While the platform will first be used by the Monetary Authority of Singapore, the entities involved in the project also plan to propose it to central banks from the United States, United Kingdon, Thailand, United Arab Emirates, India, Hongkong, Qatar and Indonesia.
Backed by Enterprise Singapore — a government enterprise under the Ministry of Trade and Industry — and the Association of Banks in Singapore, the trade finance platform is expected to help banks fight fraud in lending and commodity trade.
According to dltledgers founder Samir Neji, the platform uses the company’s blockchain-based TradeDoc Validation Registry to help banks detect fraud in real-time.
DBS and Standard Chartered said in a statement that the pilot test helped reduce the chances of duplicate financing from different bank lenders for the same trade inventory. This, they added, will lead to greater trust and confidence among banks and traders.
This is only the latest effort by DBS in using blockchain to digitize trade finance. Only four months ago, the bank joined the blockchain network Contour, built over R3’s Corda, in order to modernize processes for the settlement of letters of credit.
Port of Rotterdam testing blockchain and AI for renewables trading
The Port of Rotterdam’s blockchain subsidiary, Blocklab, has been trialing a decentralized electricity trading system to help lower costs and optimize the use of renewables on its microgrid.
The system, called Distro, has been jointly developed by Blocklab and S&P Global Platts, and has been operational as a trial for two months.
Distro uses blockchain technology, smart contracts, and artificial intelligence to support the decentralized and high frequency trading of renewable energy by commercial consumers looking to optimize and manage their energy use. It matches demand with the intermittent power generated from different sources, specifically solar and battery storage.
Each market participant is allocated an AI energy trading agent that learns their behavior, choices, and needs and provides them with energy at the optimal price. Buyers and sellers can access localized and dynamic prices for energy and the system is designed to deter excessive power consumption when generation is low by offering lower prices when the supply is abundant. Blocklab says this builds upon “proven practices in commodities and financial market[s],” optimized through AI to automatically balance supply and demand.
The trial involved 20 million blockchain-validated, cleared and settled transactions, which cumulatively lowered the cost for commercial users by 11% and improving local renewables producers’ revenues by 14%.
Significantly, use of the system increased the consumption of on-site solar generation by 92%, which Blocklab argues can help to combat energy waste. Most ambitious is the claim that Distro could ostensibly help enterprises to deliver a “carbon reduction saving of up to 30 million tonnes.”
The Port of Rotterdam’s director of new business development and portfolio, Nico van Dooren, said:
Balancing local electricity needs with local generation holds the key to unlocking significant grid infrastructure savings. We are excited about the prospects of scaling this solution and the meaningful contribution it can make towards helping The Port of Rotterdam become carbon neutral by 2050.
Smart contracts are used in the high frequency trading system in order to enforce market rules, validate transactions, and manage digital identities. The immutable and transparent properties of blockchain, combined with provisions for privacy and cryptographic verification, will hold up to industry audit requirements, write Blocklab and S&P Global Platts.
A banking environment for virtual accounts used for transfers in the marketplace was provided for by ABN AMRO’s Banking-as-a-Service sandbox.
As Cointelegraph has previously reported, the Port of Rotterdam is no stranger to blockchain technology. This summer, the port launched a pilot to tokenize traditional shipping PINs, and has also been one of the major international ports to become involved with the blockchain logistics platform TradeLens.
Binance unlikely to enter Japan in 2020 after negotiations fail
Japan-based digital asset trading platform Tao Tao ended negotiations with Binance, setting back the timeline for the crypto exchange to launch trading services for users in the Asian nation.
According to an Oct. 5 update from Tao Tao, the platform stated it had “decided to end negotiations” with Binance after nine months. Binance had been discussing a collaboration with the digital asset trading platform as well Z Holdings’ daughter company Z Corporation — formerly Yahoo Japan — since Jan. 17 as part of its goal to enter the Japanese market. The digital asset trading platform is currently licensed by the country’s Financial Services Agency (FSA), while Binance is not.
Tao Tao did not provide specific details regarding how the negotiation had ended, but a spokesperson told Cointelegraph Japan that the platform “could not agree on a strategy” with Binance.
The exchange announced in January it would be restricting access to residents of Japan at an unspecified date, purportedly in response to an increasing number of regulations in the country. Binance was previously headquartered in Japan after leaving China in 2017, but stayed less than a year before relocating its offices to Malta.
The move followed Japanese regulators at the FSA issuing a warning to the exchange in 2018 for operating without a license. In addition, modifications to crypto regulations through Japan’s Payment Services Act and Financial Instruments and Exchange Act were scheduled to come into effect starting in Q2 2020.
Amid these regulatory changes, crypto derivatives exchange BitMEX closed its services to Japanese residents in May. However, Kraken announced in September that it would be returning to the country after two years, following regulators granting a permit to its Japanese subsidiary Payward Asia to operate as a crypto asset exchange service provider.
Cointelegraph reached out to Binance, but did not receive a response at press time.
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