Binance Coin and Four Crypto Assets Could Continue Soaring Higher, Says Trader Scott Melker

Crypto strategist and trader Scott Melker says that he’s expecting Binance Coin (BNB) and four red-hot crypto assets to continue their ascent after flashing bullish signals.

In a new strategy session, Melker tells his followers that he’s keeping an eye on BNB as he believes Binance’s utility token could surge over 80% from its current price of $542.18.


“[We] get this other bull pennant in black, gray flagpole. Extrapolate the target: $1,000.”

The trader is also watching the development of blockchain scaling solution Polygon (MATIC), which he says will likely continue its uptrend backed by the coin’s strong fundamentals.

“Volume’s increasing again and it’s continuing up. It’s absurd. But this is for fundamental reasons. They’ve got a ton of TVL (total value locked). People are using it. It’s solving problems. It’s a layer 2 solution. But I mean this is crazy.” 

Another decentralized finance (DeFi) project that’s on Melker’s radar is crowdfunding platform Polkastarter. According to the trader, he sees Polkastarter igniting a huge rally after breaking out against Bitcoin (POLS/BTC).

“[Polkastarter] looks amazing. Break, perfect retest, volume increasing after no volume. That should head up. That should head up for sure.”

Automated market maker SushiSwap (SUSHI) is on Melker’s list as well. The crypto analyst maps out the key buy levels for SUSHI as it targets a new all-time high of $23.40.

“Over here SUSHI. Nice breakout… Now you want to be above $18.346, I would say. Otherwise, buy down here ($15.170) if it comes down again.” 

The last coin is decentralized oracle network Chainlink. Melker says Chainlink looks bullish against Bitcoin (LINK/BTC) as it gears up to rally to 0.001, then 0.0012, and 0.0016 from its current value of 0.00085.

“It looks great. It came down here (0.00037), retested, and looks like it’s heading up… I think LINK looks fine. It looks kind of ready to go. It looks pretty good.”

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Avalanche (AVAX) the Latest Blockchain to Issue Tether (USDT)

High-performance, scalable smart contract platform Avalanche is the latest to host USDT.

USDT Launches on Avalanche

Stablecoin issuer Tether (USDT) is primed to launch its famous dollar-pegged digital currency on Avalanche (AVAX). This makes Avalanche the ninth blockchain to launch USDT.

Per a report by The Block, USDT is expected to launch on Avalanche in mid-June. Tether CTO told the publication that post-launch the stablecoin would work on a total of 9 different blockchains, namely Algorand, Avalanche, Bitcoin Cash’s Simple Ledger Protocol, Ethereum, EOS, Liquid Network, Omni, Tron, and Solana.

Notably, Ethereum’s sky-high transaction fees has made USDT on other cheaper chains more attractive from a usability point of view. As reported by BTCManager earlier this year, the total amount of USDT being routed via Tron blockchain had flipped the amount routed through the Ethereum blockchain.

At the time of writing, USDT’s supply on Tron stands at #31 billion compared to its supply on Ethereum at $27 billion.

Ardoino continued to add that should Ethereum gas fees not come down soon, the trend of USDT being launched on different blockchains would definitely continue. He said:

“Avalanche is surging in popularity. It has support for Ethereum Virtual Machine (EVM), allowing decentralized finance (DeFi) projects to migrate easily to it to enjoy lower fees, while making USDT deployment easy since we already have a battle-tested EVM compatible setup.”

Further, Ardoino continued that there are no other blockchains in the pipeline on which USDT could be issued anytime soon, at least for the time being.

Avalanche Adoption Continues to Grow

For the uninitiated, Avalanche is a smart contract platform that makes it easier for developers to develop decentralized apps (dApps) and leverage smart contracts for a wide array of utilities.

Ava Labs and its development team claim that Avalanche is the first smart contract network to deliver a standard transaction ending in less than a second. In September 2020, AVAX launched its platform’s mainnet. The native token of the platform, AVAX, performs different tasks within Avalanche and works as a payment mechanism, and rewards the users.

At press time, AVAX trades at $35.72 with a market cap of more than $4.5 billion, data from CoinGecko shows.

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Furniture Company Ethan Allen Trades as ETH, Investors Are Confusing It for Ethereum

In brief

  • Furniture retailer Ethan Allen’s stock ticker is ETH, the same term used for the Ethereum cryptocurrency.
  • Ethereum has surged so far in 2021, and Ethan Allen’s stock might be getting some residual benefits due to accidental purchases of the wrong ETH.

Although the wider cryptocurrency market is down over the last few days, Ethereum (ETH) has been a strong investment for much of 2021, with its price rising more than five times in value from the start of the year to hit an all-time high of $4,357 last week, according to data from CoinGecko.

ETH has also proven to be a solid investment on the New York Stock Exchange (NYSE) this year—but, apparently to the surprise of some investors, that’s not the same thing. In fact, that ETH has nothing to do with Ethereum or cryptocurrency at all. It’s the ticker for Ethan Allen Interiors, an 89-year-old American furniture retailer.

Ethan Allen’s stock price is up almost 50% since the start of 2021, now hovering at about $30 a share—a price that the company hasn’t seen since late 2017. While the company recently reported a strong quarter as the economy improves and people get back to work, there is some indication that certain investors are hearing “Buy ETH” and mistakenly buying stock in a furniture retailer rather than cryptocurrency.

“We’ve definitely seen a massive increase on a percentage basis in mistaken activity on the Ethan Allen stream,” Rishi Khanna, CEO of investment social media platform Stocktwits, told The Wall Street Journal. According to the report, Ethan Allen’s stock has seen 56% higher turnover over the last month than its five-year average, which suggests that a lot more people are getting into (and out of) investments.

Naturally, the internet is having fun with the mix-up. Ethan Allen’s stock price rise has been pretty gradual over the course of 2021 so far, so there’s no indication of GameStop-like concerted pumping. However, user comments like, “In the year 2030, all transactions will be settled digitally with Ethan Allen interiors stock,” suggest that some are finding humor within the potential mix-ups.

Aside from the general market downturn over the last few days, Ethereum has been on a steady bull run in recent months, even surging of late while Bitcoin stalled. Ethereum continually set new all-time highs in April and early May, and even with a seven-day decline of 16%, the price of the second-largest cryptocurrency by market cap is up more than 35% in the last 30 days.

Ethereum’s recent surge has come via a number of potential factors, including rising demand for decentralized finance (DeFi) and crypto collectibles tokenized as non-fungible tokens (NFTs). There is also optimism about Ethereum exchange-traded funds (ETFs), with Canada launching its first such investment vehicles in April. VanEck recently filed with the United States Securities and Exchange Commission (SEC) to try and launch the first one in the US.

Additionally, the process of converting Ethereum to a less-energy-intensive proof-of-stake model via Ethereum 2.0 continues. Meanwhile, this summer’s London hard fork upgrade could improve the network by overhauling its fee structure and expanding block capacity to help ease congestion. The new structure will also “burn” transaction fees rather than pay them to miners, trimming the supply and potentially benefiting the long-term price of ETH.


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


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How Today’s Bitcoin Slump Compares to 2017 Bull Run Drawdown

In brief

  • Bitcoin is undergoing a “historically significant correction,” Glassnode argues today.
  • This is in part because of inexperienced investors panic-selling, the firm says.
  • But long-term investors aren’t bothered—and see it as an opportunity.

Bitcoin’s latest price slump has got investors sweating. Do they have reason to worry? Not if you’re a long-time HODLer looking at the bigger picture, argues blockchain analysis company Glassnode in a report today. 

The weekend dip—with Bitcoin trading down 26.1% over the course of the week—is the deepest correction the current Bitcoin bull run has experienced, says Glassnode. 

Corrections, though, are common in the world of investments, and Bitcoin is no different. Whenever a market runs too hot, you can expect it to cool down until an equilibrium between buyers and sellers is met again.

But with Bitcoin now trading at 28% below the $63.6k all-time high set on April 13, could we be entering another bear market? Not necessarily, according to Glassnode data, which notes that Bitcoin has experienced comparable pullbacks in the not-so-distant past.

“This is the deepest correction of the current bull market, however is consistent with five major pullbacks during the 2017 bull,” researchers for the analytics firm argued in its The Week On-chain newsletter. 

The current correction, according to the firm, is chiefly down to new investors panic-selling their coins due to billionaire investor Elon Musk’s controversial weekend comments. 

Musk, who in February bought $1.5 billion-worth of Bitcoin on behalf of his car company, Tesla, said last week that his firm would stop accepting Bitcoin, causing the price to drop. And on Sunday, he made cryptic comments that he might cash-out the Bitcoin investment, though he later clarified that Tesla doesn’t plan to sell the Bitcoin on its balance sheet.

“Unfortunately, this has led to widespread confusion in markets, although for many Bitcoin HODLers, this is just another day in the office,” Glassnode noted in its report. 

“On-chain we can observe a notable bifurcation of reactions, with newer market entrants panic selling and realising losses, whilst long-term HODLers appear relatively un-phased by the news,” the report added. 

Glassnode’s data found that the number of Bitcoin addresses holding a non-zero balance dipped 2.8% in the past week from the all-time high of 38.7 million—which is evidence of panic-selling. 

Though this sell-off is in line with what happened in 2017. “If we observe the cyclical pattern of total supply held by short term holders, we can also see that a pattern of panic selling is playing out, similar to that observed at the 2017 macro peak,” the report stated.

Glassnode said in the report that the Bitcoin market usually finds a “macro peak” when new holders own a large proportion of the total supply. Now, that peak needs to come down, hence the correction. 

One analyst also told Decrypt that though the pullback is a harsh one, it makes sense. 

“I would say it’s a bit unexpected, this is the deepest pullback we’ve seen ever since the Bitcoin halving,” Jeremy Ong, who works in business operations at the crypto research firm, Delphi Digital, said, referring to the cryptocurrency’s once-in-four-years event that reduces mining rewards in order to keep inflation in check.

“But the bull market structure remains intact—historically, in bull markets, Bitcoin goes through 30-35% drawdowns,” he said, adding that “weak and newer investors tend to panic sell.” 

The report also notes that while new investors are selling, those with skin already in the game see this as a perfect opportunity to buy more Bitcoin at a cheaper rate. 

Glassnode concludes that while “what follows will be a test for the whole Bitcoin market’s conviction,” big investors are “largely unshaken.” 


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The Fiat Mindset: Why Most Economists Don’t Get Bitcoin

Josef Tětek is a SatoshiLabs and Trezor Brand Ambassador.

It’s a tulip mania, a Ponzi scheme, a bubble about to burst. You’ve heard it all before. And not just from your nocoiner friends: This narrative has been pushed for years by many famous economists with a Nobel on their shelf. Why do renowned economists fail to see the value in bitcoin? It’s not a failure of understanding; it’s a difference of worldview.

The influence of mainstream economics cannot be underestimated. As John Maynard Keynes said, “Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.” This fits current economic policy perfectly. So, let’s see how the madmen and scribblers view the current economy — and, therefore, society itself.

So What Is Mainstream Economics, Anyway?

Mainstream economics is mostly a mixture of two dominant schools of economic thought.

Keynesianism in its various forms (i.e., post-Keynesianism, new Keynesianism) is heavily focused on the economic aggregates: GDP, unemployment rate, consumer spending, inflation measured through consumer price index (CPI) and such. Market forces are viewed as chronically inadequate due to various alleged market failures. Society is in constant need of public goods supplied by the government. Public spending is a panacea in the eyes of Keynesian economists and should be done even at the cost of heavy budget deficits, if need be. Interestingly, Keynes himself prescribed public deficits only in the downturns; but the U.S. budget has been in a deficit in 46 out of the past 50 years, even in the times of strong economic growth.

Monetarism also focuses on the economic aggregates, but its prescriptions are, well, monetarist in nature: Instead of fiscal measures, the economy should be aided by the central bank’s actions. Inflating the money supply, manipulating short-term interest rates, stepping in as a lender of last resort, buying up mortgages, bonds or even equities — all these measures steer the economy from the inevitable crash, deflation and unemployment, in the eyes of the monetarist.

Today’s economic pundits, advisors and government officials usually hold these two views of the economy combined. Thus, the economic policy should be liberal with the taxpayers’ money and with their purchasing power as well. It’s important to point out that monetarism started to play a role in mainstream economics in the 1970s, after the U.S. dollar was decoupled from gold and the whole world found itself under a pure fiat money standard, without any link to gold whatsoever. In a sense, monetarism came to Keynesianism’s rescue: With ever-rising debt levels, an argument for ever-lower interest rates needed to be found. Chronic deficits drive the need to inflate the debt away through easy money policy. And easy money policy is, in turn, a strong incentive to go into more debt — for the government and the economy as a whole.

While an economic policy based on mainstream economics seemed to work over the past decades, it is doomed in the long run. Snowballing debt, fueled by easy money policy, simply isn’t sustainable and something has to give: Either the debt will be defaulted upon, or the purchasing power of fiat money will evaporate. As Dylan LeClair succinctly puts it: “There is mathematically no way out of the current economic environment.”

The Fiat Mindset

Instead of money created by the click of a mouse, we have money that must be mined — created through resource-intensive computations. … In other words, cryptocurrency enthusiasts are effectively celebrating the use of cutting-edge technology to set the monetary system back 300 years. Why would you want to do that? What problem does it solve? — Paul Krugman

Now, let’s tackle the initial question: Why do mainstream economists hate on bitcoin?

The above quote from the renowned Nobelist helps us answer the question. It’s noteworthy that what a sound money advocate views as the main advantage of bitcoin, the mainstream economist understands as its downside. For Paul Krugman (an epitome of mainstream economics today), bitcoin is a monetary setback, because you can’t create sats at the click of a button.

That’s a fiat mindset: The worldview that the state and its experts should be able to create and inject money at will, because they supposedly know better. We can call this by its true name: monetary socialism. The state defines what money is via legal tender laws and sets the monetary policy (i.e., rate of money creation), the state decides whom the new money will reach first, the state sets the interest rates, the state nudges people away from savings and toward debt. Though the state pays lip service to the market via tools like “open market operations.” there really isn’t much room for true market forces in the era of fiat money.

One of the basic functions of money is (or should be) its role as a store of value. But there isn’t a place for that when establishment economists get to work. Since money can be created from thin air, there really isn’t a point to holding it over long term. Investments, you say? But why, we have credit with ever-lower interest rates for that! What about the safety net? Welfare programs! That’s why you’ll never see a mainstream economist conceding that bitcoin has the store of value quality going for it: It’s like asking a colorblind person to enjoy the rainbow. They just don’t have the capability to see it.

And it makes sense from the viewpoint of mainstream economics: The only way out of the Keynesian debt hole besides outright default is via inflation. The idea that money should act as a store of value is preposterous if you have the mainstream worldview. Money should serve as the medium of exchange. It’s enough if it doesn’t hyperinflate in the short term, but losing most of its value in the long run is desirable.

The Austrian Alternative

All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts. — Ludwig von Mises

The key problem with the mainstream approach is its focus on the aggregate and little consideration is given for the individual actions and relative forces that play out in the economy. While it’s true the government or the central bank can stimulate the economy into a growth trajectory, the structure of the economy can end up being unstable as a result. Just consider the 2008 financial crisis: The U.S. economy has been seemingly growing strong for years, but this growth was later found to be pretty toxic and the whole financial system almost collapsed as a result. And the solution was more of the same, per the mainstream prescription: more deficit spending, lower interest rates, and unprecedented monetary policies such as quantitative easing.

The Austrian school of economics focuses precisely on what the mainstream ignores: relative price changes, capital heterogeneity, incentives in the private vs. public sector, the shifts in time preference via monetary policies. If you’re struggling to understand what that means, it can be simplified to one key idea: individual human action. Everything that happens in the economy stems from the fact that individuals act. The individual is motivated by subjective preferences and the incentives that people face. Economic policy can be viewed as an attempt to manipulate the incentive structure: Lower interest rates and people will be incentivized to go into debt and prefer consumption over investment.

Contrary to mainstream economics, the Austrian school isn’t technocratic in nature. The adherents of Austrian economics understand that the economy is fundamentally unmanageable. But the absence of conscious management doesn’t mean chaos ensues. As Hayek explains in one of the greatest economic articles of all time, individual actions are coordinated via the price mechanism. Economy is a complex system in constant flux and the relevant data points about supply, demand, resource scarcity and individual preferences (and never-ending changes of these factors) are dispersed among millions of minds. To communicate each data point in its full form is impossible — instead, the smallest viable information is communicated through price. Price is all the information that manufacturers, merchants, investors and consumers need to know to adjust their actions to better reflect reality.

But when money itself is subject to central planning, the price mechanism is polluted by a lot of noise. For the price mechanism to broadcast pure economic signals and the economy to work properly, money should be separated from the state.

It’s important to underscore what money is. Money, in the most fundamental sense, is a societal institution — a set of rules and habits that ease the cooperation among people. As Nick Szabo points out in Shelling Out, the institution of money emerges everywhere we look over the course of history, because it simply makes sense when the society reaches a sufficient division of labor. Money emerged from the need to store the value of one’s labor for later use and exchange the value with others. Both the store of value and means of exchange roles are crucial for money to fulfill its role in society. And it’s no coincidence that bitcoin emerged and took off at the peak of a worldwide financial crisis, when the store of value function in today’s money was sacrificed to keep the system together.


Everybody has a bias. The author of these lines is biased toward non-state solutions of society’s problems, and this bias is only partially based on value-free economic arguments. Political philosophy as well as self-interest is natural for humans and we shouldn’t be afraid to admit that. Fiat mindset is a bias held by those facing lifelong incentives to uphold the status quo.

The idea of stripping human discretion from monetary policy is completely opposite to the way money operates today. That’s a major problem for mainstream economics, which focuses on money as a short-term enabler, one which can’t be saved, only spent, inevitably in favor of those who print it.

That’s why mainstream economists will fight bitcoin until the bitter end of hyperbitcoinization. Bitcoin as an emergent money phenomenon is a slap in their face. It has the potential to completely shatter the illusion of technocratic management. When the state loses the ability to manage money, the formula that has worked in the past decades falls apart: no monetary inflation, no Cantillon effect, no chronic public deficits, no bailouts. The house of cards falls down. But don’t blame bitcoin for that; the fiat system would crumble even if bitcoin never emerged, because central planning always fails. Bitcoin can act as a lifeboat before the fiat collapse and as an instrument of recovery afterward.

This is a guest post by Josef Tětek. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.


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Polkadot announces Kusama is ‘finally ready to host parachains’

Kusama, sister chain to Polkadot’s platform, is ready for the rollout of parachains on the network.

Polkadot and Kusama creator Gavin Wood today said in a blog post that Polkadot was entering the fourth and final phase of its mainnet launch, which involves deploying parachains to the Kusama network. According to Wood, the development arm behind Polkadot, Parity Technologies, had released an upgrade — Polkadot version 0.9 — for Kusama, which “is now finally ready to host parachains.”

Wood said the launch of the parachains would proceed following a full external audit on the new version of Polkadot and Kusama executing “at least one successful auction involving crowdloans and hosting at least one functional parachain” in the wild. He did not provide a specific timeline, but added he expected the audit to be completed “in the near future,” with the Kusama website announcing the first of five auctions one week in advance.

“After Kusama’s first auctions complete successfully, one would expect Polkadot’s auctions to happen soon after,” said Wood.

The rollout of the Polkadot protocol has been ongoing since August, when the project launched its Rococo testnet to evaluate its planned sharding implementation based on parachains. Some expected the rollout of parachains to occur in the first quarter of 2021, but there were reportedly issues with the Rococo testnet’s stability — for example, one of its parachains was apparently stuck for more than a day.

At the time of publication, the price of Polkadot’s DOT token is $39.51, having fallen more than 2.2% in the last 24 hours.