Day: October 13, 2021

The Company Behind the World’s First Bitcoin ETF Launches Mutual Crypto Fund Units

by CryptoPotato

Purpose Investments – an asset management company with $12B+ in AUM – recently announced that mutual fund units would be available for its cryptocurrency exchange-traded funds (ETFs). These include its Purpose Bitcoin ETF and Purpose Ether ETF, each directly backed by BTC and ETH respectively.

Purpose Investments Mutual Fund Units

As indicated in a press release from GlobeNewswire, there are now six mutual fund units available for both the Purpose Bitcoin and Ether ETFs. These include Class A and Class F units for each ETF, alongside their non-hedged variants and their non-hedged USD variants.

Each new product may be purchased or redeemed at net asset value per unit of the related asset (Bitcoin or Ether). This will be done without any premiums or discounts, as the offering “might otherwise be associated with a listed security.”

Som Self – CEO and Founder of Purpose Investments – said the addition of mutual fund units for his crypto funds was expected:

“We’re happy to provide another easy and secure way for Canadian investors to gain exposure to Bitcoin and Ether in their portfolios. Offering a mutual fund platform that allows investors to get exposure to Bitcoin and Ether is a natural next step for us as we continue to establish our leadership and commitment to cryptocurrency as an emerging asset class.”

Canada’s Crypto Investment Options

The Purpose Bitcoin ETF became the world’s first Bitcoin ETF in February of this year and remains the largest in Canada to date. Ever since, the country’s government has shown remarkable openness to and cooperation with the crypto industry.

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Last month, the nation approved its first BTC and ETH Multi-Crypto ETF, allowing for combined exposure to the top two cryptos. Alongside other crypto ETFs in the country, Canadians inexperienced with crypto can easily invest in the asset class without associated self-custody risks.

Comparatively, Canadian regulators have been more forthcoming and transparent regarding their rules in the digital asset industry. Weeks ago, the Canadian Securities Administrators provided more precise advertising guidelines to crypto trading platforms so as to avoid a lawsuit.

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Bitcoin Futures Surge Could Signal Imminent Approval Of First U.S. Bitcoin ETF

by Forbes

A case of buy-the-rumor, sell-the-news appears to be all the rage in Chicago, home to the Chicago Mercantile Exchange Group (CME Group CME ), the world’s largest regulated futures and options exchange. The rumor in question has been around for weeks and posits that the U.S. Securities and Exchange Commission (SEC) may agree to approve the creation of bitcoin ETFs if the latter use BTC futures contracts as collateral rather than spot bitcoin. 

Which brings us to the sudden rally in money deposited in bitcoin futures ‘open interest’ (OI) contracts since early September. Think of open interest as the money investors tie up to support the bets on market activity. CME data shows 10,918 contracts in BTC futures OI as of October 12, a boost of 4,556 contracts (+72%) over a six week period and now in the black relative to where it started the year – it had been in the red since mid-February. 

As a recent Forbes report indicated, a relatively small number of commercial traders are playing a key role on the demand side reflected in the rising CME bitcoin futures OI. While the identity of these firms is protected by both the CME and by the CFTC reporting protocol, the manner in which they are tagged within CFTC Commitments of Traders report suggests they are corporations and non-US financial institutions with deep industry insight. This is also an indication they are sufficiently sophisticated to venture into the futures market and are flush with capital to do so in large dollar amounts – each BTC futures contract is worth five bitcoins, equivalent to approximately $287,625 at the prevailing bitcoin price. Also in recent weeks, hedge funds have provided liquidity – think of liquidity as the money required to find a seller for every buyer, per CME Group trading rules.

The identity of trading groups involved in the 72% surge from October 5 to October 12 will only be known on Sunday when the CFTC releases the new COT report. But what was known as of Tuesday night is that the weekly increase in BTC futures OI was above 2,000 contracts – a very high level of weekly change.

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This surge in CME crypto futures isn’t likely a blip.  The value of all crypto futures OI broke into record territory on October 5 at $3.3 billion, meaning it’s already higher than in April when bitcoin was trading at its $64,900 all-time record. In other words, there’s very little reason for this much capital being tied up unless these savvy CME futures investors expected a major positive development before the contract expires. One likely explanation is they expect a bitcoin ETF approval soon. CME futures has been known to signal major change, and by the looks of it, it may have already started.

CHANGES AHEAD

The significance of bitcoin futures supporting BTC ETFs cannot be overstated. Viable bitcoin ETF applications relying on BTC futures include those by ProShares, Invesco Ltd. IVZ , VanEck, Valkyrie Digital Assets and Galaxy Digital. If one of these, or any other, is approved, other big asset managers like Fidelity and Vanguard will want to package their own version of BTC ETFs and BTC mutual funds. Said differently, there would be a race for scale among asset managers to see which of them gets the lion’s share of massive institutional bitcoin inflows. Likewise, investors will be able to easily get bitcoin or crypto exposure from the convenience of their 401k and IRA accounts without having to open a crypto exchange account. This will in turn let stock exchanges like the Cboe, Nasdaq NDAQ , and NYSE rake in BTC ETF trading fees. Banks won’t want to be left behind and they will do what they do best: keep a large inventory of tradable assets—in this case bitcoin or bitcoin futures—to support the trading activities of large clients.

But of course, the denouement of this story involves the SEC and its new chairman Gary Gensler, someone who quashed retail speculative activities in currency markets while at the helm of the CFTC and may soon disappoint bitcoin ETF fans. Time will tell what ultimately happens, but the stakes are high and something genuinely big seems to be cooking..

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Why Bitcoin Could Be Far From $100,000, Says Fidelity Analyst

by NEWSBTC

The bulls are back in control after a brief drop in the price of Bitcoin. The first cryptocurrency by market cap trades north of $57,000 with a 2.5% and 11.1% profit in the daily and weekly charts, respectively.

Bitcoin BTC BTCUSD

The general sentiment in the markets it’s bullish, as operators and traders expect Bitcoin to fulfill its historical performance. BTC’s price usually tends to trend to the upside as the year comes to an end.

Related Reading | Bitcoin Price Prepares To Blast Off Back Into RSI “Bull Zone”

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Bitcoin is trading less than $10,000 away from its all-time high at $64,870 and it could run into uncharted territory if, as the Director of Macro for Fidelity Jurrien Timmer said in an interview with CNBC, short-term holders FOMO into BTC. These investors are those that have only held BTC for the past 3 months.

As seen in the chart below, only 15% of the BTC total supply is currently held by “momentum chasers”. In order for Bitcoin to reach new highs, this metric must stand above 20%.

Bitcoin BTC BTCUSD

In that sense, Timmer believes Bitcoin’s current run to the upside lack “excessiveness” which could suggest some stability and sustainability for the current price action. Unlike previous rallies, this time Bitcoin seems to be moving outside the influence of “speculators”, as Timmer called them.

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However, some traders could find Timmer’s prediction disappointing as he believes the benchmark crypto is far from the major psychological mark of $100,000.

Related Reading | Bitcoin Short-Term Supply Reaches All-Time Low

When the expert checked the Bitcoin/Gold ratio to analyzed BTC’s supply to demand model, he found the following:

So is bitcoin on its way to new highs? I know better than to make bold price projections but I will note that the next (and last) time my supply-and-demand models intersect is at around $100k in 2023 or 2024.

Bitcoin BTC BTCUSD

Bitcoin Far From The Top, Bulls Step On The Accelerator

On the other hand, analyst Allen Au looked at the Bitcoin Pi Cycle Top indicator to determine if the cryptocurrency has entered a bearish phase. This metric has been historically accurate to predict market tops.

As the analyst explained, it uses the 111-day simple moving average and the 250 simple moving average (SMA) of the price of Bitcoin. When these two intertwine, operators begin to suspect BTC has reached its top.

Related Reading | Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders

Unlike Timmer, this model predicts a Bitcoin price beyond the $300,000 mark by the end of 2021. As the analyst clarified, Bitcoin needs to outperform the previous bullish cycle in order for the metric to be accurate:

What I’ve shown is not to invalidate the Pi Cycle Top indicator or agree that there is a lengthening cycle. What the simulations have shown is that the Pi Cycle Top will miss BTC’s cycle peak if it were to occur in Dec. 2021 unless BTC is in a supercycle now.

BTC BTCUSD

In the scenarios presented by Au, without taking into consideration the exact BTC’s price prediction, the cryptocurrency will trend to the upside at least until it reaches its potential peak in 2022.

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Raiinmaker Influencer Marketing App Passes Zokyo Smart Contract Audits

by Cryptobriefing


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Raiinmaker, a social media platform built to connect fans with influencers, has passed a recent set of security audits conducted by cybersecurity firm Zokyo.

Raiinmaker Passes Audits

Social media fan engagement platform Raiinmaker has successfully passed a set of comprehensive smart contract audits by cybersecurity agency Zokyo. Raiinmaker’s Proof of Influence protocol was stress-tested by Zokyo’s blockchain security team, ensuring that the app met appropriate token standards, smart contract logic, and security.

‘We’re delighted to have passed Zokyo’s rigorous security audits, as Hartej and the team are widely considered one of the best,’ said J.D Seraphine, founder and CEO of Raiinmaker. “Ultimately we’re happy to confirm the efficiency of our Proof of Influence protocol and its smart contracts.”


Raiinmaker is a social engagement platform that unites fans and communities with brands and creators under one roof, providing the decentralized infrastructure to launch media drives via popular social media channels such as Twitter, Instagram, and Facebook.

Targeting an influencer marketing industry expected to be worth $15 billion in 2022, Raiinmaker upends traditional advertising methods by connecting clients directly with influencers. Through a combination of match-making, incentivization, and a unique “Proof-of-Influence” protocol, Raiinmaker utilizes the blockchain’s decentralized structure to cut out advertising middle-men.

Zokyo is a digital product and cybersecurity agency that tests the security of early-stage startups and Fortune 500 companies through a series of protocol audits, penetration testing, and other safety checks. The firm has carried out audits on numerous cryptocurrency projects, becoming a trusted entity in the blockchain space.

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The successful security audit is likely to shine a spotlight on the upcoming launch of Raiinmaker’s in-house token, Coiin. In the Raiinmaker app, Coiin is used to launch reward pools which are used to directly finance marketing campaigns. Influencers are paid in Coiin for the tasks they perform and the engagement they draw, while users can also stake Coiin Rewards in a Proof-of-Stake model to earn additional passive income.

Raiinmaker aligns incentives and brand goals to generate word-of-mouth and grow fan affinity. By leveraging the power of decentralized identity, brands and creators can better stimulate conversations and drive engagement by adding likes, comments, and views to content. Raiinmaker leverages blockchain to automate fan engagement processes and provides digital rewards at a fraction of the cost of traditional solutions, empowering fans to discover, grow, and earn rewards through social action.

Zokyo offers smart contract and protocol auditing, penetration testing, and web and mobile design guidance as one of the blockchain space’s most reputable cybersecurity agencies, confirming the safety and functionality of decentralized cryptocurrency projects. Zokyo also offers enterprise-grade features at affordable rates through a blend of onshore and offshore services.

For more information, contact Monroe Rothschild, Head of Marketing at Raiinmaker, at [email protected]


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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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SpaceBudZ Marks First NFT Sale Above $1 Million On Cardano Network

by NEWSBTC

NFTs have been live on the Cardano network for a while. Before smart contracts capability had debuted on the network, users were able to mint and sell NFTs without needing a smart contract address. This has been one of the pulls towards the network and users have taken full advantage of this capability to trade their NFTs on the blockchain.

However, compared to leading NFTs blockchain Ethereum, Cardano NFT sales have been minute. Where the Ethereum network has seen NFTs sold for as high as $69.3 million in the case of Beeple, Cardano had yet to see its first million-dollar sale. This is mostly due to the network rolling out NFT capability later than Ethereum and having less interest from buyers.

Related Reading | Cardano Investors In Japan Come Under Fire For $6 Million In Underreported Taxes

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SpaceBudz Sells First Million-Dollar NFT

The NFT market on Cardano has boomed ever since smart contracts capability was introduced on the blockchain. Although these smart contracts are not required for minting NFTs, they brought more users to the network, which, in turn, brought more interest into NFTs minted on the platform. Various artists have released and sold their NFTs on the blockchain, and now, SpaceBudz has successfully recorded the first Cardano NFT sale above $1 million.

Cardano price chart from TradingView.com

Cardano price chart from TradingView.com


ADA price trading at $2.11 | Source: ADAUSD on TradingView.com

SpaceBudz is an NFT platform that is built on the Cardano blockchain. The SpaceBudz consists of 10,000 unique NFTs which users can personally own after they purchase it. The project broadcasts its sale on Twitter via a bot that reports every listing and sale of a SpaceBudz NFT.

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On Tuesday, the SpaceBudzBot account reported that SpaceBud #9936 had been sold for 510,000 ADA. Going by ADA’s current price of $2.11 at the time of this writing, the NFT sold for $1,076,100. A record sale on the Cardano network.

Cardano Celebrates Ada Lovelace

Cardano’s native token ADA is named after one of the earliest programmers on record. Ada Lovelace is one of the women who pioneered software programming after the first computers were used in the 1940s. Members of the community refer to themselves as Lovelaces, an ode to the mathematician.

IOHK joined the scientific community in celebrating Ada Lovelace Day, which commemorates the contributions and achievements of women in STEM fields.

Related Reading | FTX CEO Sam Bankman-Fried Reveals Reason Behind Billions Of Dollars Tether Purchase

Cardano Foundation has been making marked contributions to innovation and growth in the science and technology sector, and founder Charles Hoskinson is set to tour the continent of Africa as the foundation invests in startups building on the blockchain in the region. The Africa tour is scheduled to start in South Africa but a departure time has not been announced yet.

Featured image from The Cryptonomist, chart from TradingView.com

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Venture Capital Giant Andreessen Horowitz Plans Trip to Washington To Discuss Crypto Regulation With White House

by Dailyhodl

A Silicon Valley-based venture capitalist is planning to meet with White House officials to discuss cryptocurrency regulations.

Investment firm Andreessen Horowitz, also known as a16z, is sending representatives to Washington to promote its vision on how digital assets should be regulated in the United States, according to a CNBC report.

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Global head of policy for a16z Tomicah Tillemann says that due to the decentralized nature of cryptos, it could make sense to create new governmental agencies to regulate them beyond the scope of the U.S. Securities and Exchange Commission (SEC).

“In the short-term, there are agencies like the Consumer Financial Protection Bureau that are well suited to addressing some of the fraud and consumer protection concerns that have been voiced by policymakers in the space.

In the longer term, there probably is a very good case for creating regulatory architecture that is fit for purpose in the 21st century.”

According to Tillemann, the US is falling behind on regulating its digital infrastructure, a concern which he hopes the firm can bring to the attention of lawmakers.

“There are likely few areas that will be more consequential in determining the long-term success of a country in the 21st century than the quality of its digital infrastructure.

And in the United States right now, we’re not only losing this race, but it’s unclear that many of our policymakers even recognize that there’s a competition underway.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bears in Disbelief As Bitcoin Sees Clear Skies Ahead: Crypto Analyst Benjamin Cowen

by Dailyhodl

Popular crypto trader Benjamin Cowen thinks Bitcoin looks “incredibly bullish.”

In a new video, the analyst tells his 566,000 YouTube followers that BTC has accomplished the three things it needs to keep moving upwards.

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First, Bitcoin rallied above the 20-week simple moving average (SMA). Second, Bitcoin’s chart saw a “golden cross,” which occurs when a short-term moving average crosses above a long-term moving average. The technical pattern is often viewed as an indicator that a breakout may be on the horizon.

And third, Cowen says that BTC also hit a higher low.

“Once we got above the 20-week, once we had a golden cross, the only other thing left to do for Bitcoin? Hold the damn line.

If you hold the line, what happens? Clear skies ahead.”

BTC is trading at $56,574.13 at time of writing, according to CoinGecko. The largest crypto asset by market cap is up nearly 10% on the week and more than 38% in the past 14 days.

Cowen notes that Bitcoin could have pullbacks in the short-term future, but he also argues that shouldn’t scare investors. The trader says $58,000 is the first area of resistance to watch, noting that anywhere between $58,000-$65,000 could see resistance.

Cowen concludes,

“The bears are in disbelief.”

[embedded content]

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin bulls target prices above $58K ahead of Friday’s $820M options expiry

by Cointelegraph

Everyone is talking about a six-figure Bitcoin (BTC) price now that the digital asset has broken out of its multi-month downtrend and confirmed that a bullish trend is in play. 

If Bitcoin happens to enter a parabolic move toward $110,000, that would finally match PlanB’s Stock-to-Flow model prediction. According to the pseudonymous analyst, the scarcity and valuation of gold and other precious metals and “Elon Musk’s energy FUD and China’s mining crackdown” are a few of the factors responsible for the past five months of 50% or higher inaccuracy in the model.

Bulls’ hopes mostly cling to an exchange-traded fund being approved by the United States Securities and Exchange Commission. Currently, there are multiple requests pending review between Oct. 18 and Nov. 1, but the regulator could postpone its final decision.

Oct. 15’s $830 million options expiry was largely impacted by the 20% price rally initiated on Oct. 4, which most likely eliminated 92% of the put (sell) options.

Bitcoin price on Coinbase in USD. Source: TradingView

The aftermath of China’s mining crackdown was an important event that might have fueled investor sentiment, and research shows the U.S. accounting for 35.4% of the Bitcoin hash rate.

Furthermore, as Cointelegraph reported, the U.S. states of Texas and Ohio are also expected to receive additional large-scale Bitcoin mining centers, which will effectively boost the U.S. crypto market share even higher.

The Oct. 8 expiry was profitable for bulls

Following last week’s $370 million estimated net profit from the BTC options expiry, bulls had more firepower, and this is evident in this Friday’s $820 million expiry. This advantage explains why the call (buy) options open interest is 43% larger than the neutral-to-bearish put options.

Bitcoin options aggregate open interest for Oct. 15. Source: Bybt

As the above data shows, bears placed $335 million in bets for Friday’s expiry, but it appears that they were caught by surprise, as 92% of the put (sell) options are likely to become worthless.

In other words, if Bitcoin remains above $56,000 on Oct. 15, only $36 million worth of neutral-to-bearish put options will be activated on Friday’s 8:00 am UTC expiry.

Bulls have a reason to push BTC price above $58,000

Below are the four likeliest scenarios for Oct. 15’s expiry. The imbalance favoring either side represents the theoretical profit. In other words, depending on the expiry price, the quantity of call (buy) and put (sell) contracts becoming active varies:

  • Between $52,000 and $54,000: 3,140 calls vs. 2,110 puts. The net result is $55 million favoring the call (bull) instruments.

  • Between $54,000 and $56,000: 3,700 calls vs. 1,240 puts. The net result is $130 million favoring the call (bull) instruments.

  • Between $56,000 and $58,000: 4,850 calls vs. 680 puts. The net result is $235 million favoring the call (bull) instruments.

  • Above $58,000: 6,230 calls vs. 190 puts. The net result is complete dominance, with bulls profiting $350 million.

This raw estimate considers call options being exclusively used in bullish bets and put options in neutral-to-bearish trades. However, investors might have used a more complex strategy that typically involves different expiry dates.

Bears need a 7% price correction to reduce their loss

In every scenario, bulls have absolute control of this Friday’s expiry, and there are a handful of reasons for them to keep the price above $56,000. On the other hand, bears need a 7% negative move below $54,000 to avoid a loss of $235 million or higher.

Nevertheless, traders must consider that during bull runs, the amount of effort a seller needs to pressure the price is immense and usually ineffective. Analytics point to a considerable advantage from call (buy) options, fueling even more bullish bets next week.

The views and opinions expressed here are solely those of the

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Forkast, AAX Present “Bitcoin & Beyond” on November 10

by Cryptobriefing

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A one-day virtual cryptocurrency conference, “Bitcoin & Beyond,” will take place on November 10 and include more than 20 prominent figures in the space.

Annual “Bitcoin & Beyond” Summit Set for November

Forkast.News, Asia’s premier news platform on digital currency, blockchain and emerging technologies, and AAX, the next generation crypto exchange powered by LSEG Technology, will co-host the annual “Bitcoin & Beyond” global summit on Wednesday, November 10.

The one-day virtual event will discuss and dissect the most complex and pertinent issues facing the industry today. What does Bitcoin’s adoption by countries look like and what are the wider economic and political implications? What does innovation on the Bitcoin network look like? How does space exploration intersect with the rise of digital assets? How can digital assets reinvigorate the global economy?

According to research firm Chainanalysis, global adoption of cryptocurrency has skyrocketed. In the second quarter of 2021, the adoption rate shot up 881% quarter-over-quarter and the uptrend is expected to pick up more steam as more governments, institutional investors, and retail investors participate in the industry.

Bitcoin & Beyond started from an online video series as a “conversation between peers.” With AAX and Forkast joining together, this conversation can now be elevated to a new level of scale and impact as a global virtual summit. This is the first of many more to come in the years to follow.


The event features over 20 industry’s most prominent investors, researchers and thought leaders. The line-up includes:

  • Sam Bankman-Fried, Founder & CEO of FTX

  • Don Tapscott, Co-founder & Executive Chairman of Blockchain Research Institute

  • Raoul Pal, Founder of Real Vision

  • Sheila Warren, World Economic Forum

  • Alex Tapscott, Co-founder of Blockchain Research Institute

  • Ash Bennington, Senior Editor & Crypto Editor of Real Vision

  • Wayne Huang, CEO and Co-founder of XREX Inc.

  • Michael Casey, Chief Content Officer of CoinDesk

“It is clear cryptocurrency as a tool for exchanging value is not the future, it is an unstoppable wave that is happening right now in all corners of the world. But the industry is inundated with distractions that can be misleading, intimidating, and even off-putting,” said Angie Lau, co-founder and editor-in-chief of Forkast.News, who will be one of the moderators at the conference.

“The goal of Forkast, aligned with Bitcoin & Beyond, is to cut through the noise and present the facts so crypto players can make informed decisions,” she added.

AAX Head of Research & Strategy, Ben Caselin, said:

“Bitcoin is a technology and asset as much as it is a discursive phenomenon. As such, beyond delivering institutional-grade trading technology and a full suite of services for users to engage Bitcoin and the broader crypto markets, AAX sees a responsibility in driving productive discourse and promoting adoption,”

Caselin continued:

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“This is not about fueling the hype or pushing any of the thousands of crypto coins to the public, nor should people expect just another round of panels. Bitcoin & Beyond is set to be a full-on, interactive live experience that should inspire anyone who wants to see an acceleration of the transition to a world built on sound money principles.”

About AAX

Favored by more than a million users in over 100 countries, AAX is the world’s first cryptocurrency exchange powered by LSEG Technology, and the first to make the switch to the Satoshi Standard (SATS) to drive the adoption of Bitcoin.

Connecting traders, innovators, NFT-artists, high-net-worth investors as well as the unbanked, AAX’s mission is to help ground digital assets in the real world and bring the benefits of sound money to everyone.

About Forkast

Founded in 2018, Forkast.News is a digital media platform covering all things blockchain and emerging technology at the intersection of business, economy, and finance — from Asia, to the world. Forkast.News reaches a global aggregate audience of 30M+ across distribution partners such as Dow Jones Factiva, LexisNexis, Moody’s, CoinDesk, and more.

For more information, contact [email protected]


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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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What’s Next For Binance Coin After Its Nearly 20% Rally?

by Forbes

Binance coin experienced some notable gains lately, rising close t0 20% in under 24 hours after Binance announced the creation of a $1 billion fund designed to encourage more widespread adoption of cryptocurrencies and distributed ledger technologies.

The digital currency rallied to as much as $467.89 this morning, at which point it had climbed 19.2% in less than 24 hours, Messari data shows.

After rising to that level, the digital asset pulled back, falling to almost $430 and then recovering, additional Messari figures reveal.

Since that time, binance coin has been trading between $430 and $470.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

As for where the digital currency might go next, several experts weighed in, providing technical analysis.

Kiana Danial, CEO of Invest Diva, evaluated the price history of binance coin using the Ichimoku Cloud, a technical indicator that makes use of several averages in an effort to provide a better sense of an asset’s momentum and overall trend.

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“BNB/USD has recently confirmed a break above the daily Ichimoku cloud, indicating the bulls are gaining power,” she stated.

“However, the digital currency is facing a strong resistance at the 61% Fibonacci retracement level of $528,” added Danial.

“The future Ichimoku cloud is flat. With that, unless there is a sudden, stronger than before bullish trigger in the crypto market as a whole, we could see the BNB gains capped at $528 in the medium term.”

Jake Wujastyk, chief market analyst of TrendSpider, also spoke to resistance the digital currency could encounter if it moves higher, specifically singling out the “previous highs from August 25th right around $520.”

Nick Spanos, cofounder of Zap Protocol, also weighed in.

“BNB’s next two important resistance levels are at $475 and $525. If they are convincingly breached, Binance Coin could experience a significantly bigger and prolonged breakout, even without another catalyst (such as the recently announced $1bn growth fund) providing it with fresh impetus,” he stated.

Spanos also spoke to the moving average convergence divergence, or MACD, a technical indicator that can be used to evaluate an asset’s momentum.

“The MACD indicator in BNB’s daily chart currently indicates bullish price momentum, as the MACD is above the signal line,” he noted.

“On the flip side, if BNB’s price falls over the coming hours and days, the bulls should be able to stop the downtrend at the $425 support level,” said Spanos.

“If this support level is breached, investors will then look to the $400 mark for support.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.

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