Day: December 24, 2021

Coin Bureau Buys Two Ethereum Challengers, Unveils 2022 Crypto Strategy and Updated Portfolio

by Dailyhodl

The host of the popular crypto outlet Coin Bureau is detailing his 2022 crypto strategy and says he bought during the market-wide dip this month.

In a new video to his 1.78 million YouTube subscribers, pseudonymous trader Guy says that he went in on Ethereum (ETH) competitors Polygon (MATIC) and Fantom (FTM), king crypto Bitcoin (BTC), altcoin Cosmos Network (ATOM), and ETH itself during the latest crypto market pullback.

“The crypto market basically collapsed [in December], so I did what any rational person would do in such a situation: I bought the dip. I leaned into BTC, ETH, MATIC, FTM, and ATOM.”

Guy says that his round of purchases pushed Cosmos Network up to be 4.5% of his overall portfolio.

“If you’re wondering why that’s simply because ATOM is the interoperability hub for cryptocurrency and some of the largest cryptocurrency blockchains were built using the Cosmos SDK (Software Development Kit).”

ATOM is exchanging hands at $28.21 as of writing, a 25.5% decrease from its seven-day low of $20.95.

Guy then further reveals his portfolio, saying that its comprised 31% of ETH, 21.5% of BTC, 13% of smart contract platform Solana (SOL), 9% of interoperable blockchain Polkadot (DOT), 3% of decentralized network for the Internet of Things devices Helium (HNT), and 3% of gold-backed cryptocurrency PAX Gold (PAXG).

The host then says his trading strategy for 2022 is to start accumulating cryptocurrencies that provide infrastructure for non-fungible tokens (NFTs) other than smart contract platforms such as Ethereum for two key reasons.

“My plan in 2022 is to start picking up crypto projects that provide the infrastructure for NFTs and their related niches beyond smart contract cryptocurrency blockchains like ETH and this is for two reasons.

“First, I truly believe that NFTs will play a critical role in the future of cryptocurrency, especially when it comes to things like decentralized digital IDs…

The second reason as to why I’m planning on picking up NFT coins and tokens has to do with regulations. As I mentioned [before], the FATF (Financial Action Task Force) finalized crypto recommendations [and] it does not recognize NTFs as digital assets which means that all the draconian and dystopian stuff that FATF wants countries to enforce doesn’t apply to NFTs.”

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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 Facing Ultimate Test As New Year Arrives, Says Veteran Trader Tone Vays – Here’s His New Outlook

by Dailyhodl

Veteran cryptocurrency trader Tone Vays says that he’s identified the next crucial testing level for top crypto Bitcoin (BTC).

In a new strategy session, Vays tells his 118,000 YouTube subscribers that he expects BTC to face its “ultimate” test sometime in late December or early January.

“If the price of Bitcoin is sitting in [the $50,000 range] and it comes back down to $48,000 over the course of the next four or five days, that could be a good enough consolidation to then bounce right into [its] death cross…

I do expect the moving averages to cross sometime in very late December to early January, and that’s going to be the ultimate test for Bitcoin’s resistance.”

Though no official timeframes are set, an asset’s death cross forms when its short-term moving average dips below its long-term moving average, which is traditionally a bear signal. Vays notes that BTC’s death cross could happen somewhere in the $52,000 to $54,000 range.

Looking at BTC’s four-hour chart, Vays says that Bitcoin is forming a double top pattern, which to him is a sign of bullish momentum.

“The four-hour chart appears to have broken the MRI (momentum reversal indicator) resistance line, but it perfectly hit an MRI top on a four-hour [chart] just like it hit it [hours ago]. Look what happened after – the top has not yet been broken on an intra-candle level…

You know my rule on double tops: double tops are meant to be broken to the upside. The fact that we made it all the way up and matched [the second] top is a bullish sign.”

The MRI is a time-based chart indicator that attempts to anticipate a reversal of an asset’s price movements.

Bitcoin is exchanging hands at $50,704 at time of writing, a 10% increase from its seven-day low of $45,682.



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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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Turkey President: Crypto Law Headed to Parliament

by Decrypt

Turkey’s draft crypto bill is ready and will soon be sent to parliament, Turkish President Recep Tayyip Erdoğan said Friday during a press conference in Istanbul.

“We will take a step right away and send [the draft bill] to the parliament,” Erdoğan said. Although Erdoğan didn’t disclose much in the way of details this time, he said in September that the government “has absolutely no intention of embracing cryptocurrencies.”

Erdoğan said at the time the country would “move forward with our own currency that has its own identity.”

Despite the tough words, there’s no expectation of a crypto ban.

Minister of Treasury and Finance Lütfi Elvan ruled one out in May, commenting a month after two Turkish cryptocurrency exchanges, Thodex and Vebitcoin, disappeared overnight. The customers of those exchanges lost access to their funds, with estimates varying from hundreds of millions of dollars to billions.

Mertcan Bayraktar, a lawyer who represents several Thodex victims in court, told Decrypt that he doesn’t expect the Thodex-Vebitcoin scandal to shape the crypto bill. He believes the law will emphasize taxation and the legal status of cryptocurrency exchanges, such as whether they should be treated like banks or exchange bureaus.

The status of cryptocurrency exchanges matters because Turks increasingly use them to sell the Turkish lira for U.S. dollar-pegged stablecoins, according to Bayraktar. The Turkish lira has fallen by 34% against the U.S. dollar this year but has gone up by 41% this week after a precipitous drop earlier this year, according to TradingView. The greenback is widely seen as a store of value in Turkey, where the local currency sometimes trades like a volatile memecoin.

“Although elderly Turks use banks and exchange bureaus to buy the U.S. dollar, crypto exchanges are highly popular for people under the age of 40 [to buy dollar-pegged stablecoins],” Bayraktar said. “They treat crypto exchanges like online and more convenient alternatives to old-school exchange bureaus.”

Cryptocurrency exchanges are open 24/7 and offer better rates than banks or exchange bureaus when it comes to foreign currency trade, he explained.

But the Turkish government wants people to invest in the lira. This week it launched government-backed savings accounts that are indexed to the price of the U.S. dollar. It hopes to encourage people to switch back from the dollar and just… hodl the lira.

“Crypto has added another battle for the Turkish government,” Bayraktar said. “There was always the fiat alternative to the Turkish lira, and now there are fiat-pegged crypto alternatives, in addition to Bitcoin and altcoins.”

Now the government has to convince the people its money is a better value.

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Bitcoin Miners’ Reserves Reach Six-Month High

by CryptoPotato

Ever since the mid-year substantial sell-off, bitcoin miners’ reserves have been gradually rising, and their total holdings have reached a six-month high.

Additionally, on-chain data showed that the reaccumulation levels had reached the September highs, right before BTC started to gain value rapidly.

Miners Back to HODLing

It was back in June this year when most bitcoin miners disposed of significant portions of their holdings in a relatively short period. This had a catastrophic effect on the cryptocurrency’s price, which had already retraced from the April ATH, but only kept plunging and bottomed below $30,000.

Since then, though, miners changed their stance and started to HODL more, as CryptoQuant’s chart below shows. Following a few more months of keeping relatively steady holdings, their positions started to increase in early December. Consequently, miners’ inventory balance has now tapped a new six-month high.

The analytic’s company asserted that they are still “very bullish,” which is supported by the fact that miners now hold more BTC compared to when the asset peaked at $69,000 in November.

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“Aside from some light net distribution from time to time, this accumulation trend never changed.” – said CryptoQuant’s analyst.

Bitcoin Miners' Reserves. Source: CryptoQuant
Bitcoin Miners’ Reserves. Source: CryptoQuant

Another bullish signal provided by the company shows that larger entities have started to withdraw substantial quantities of BTC from centralized exchanges. The current landscape is “very similar” to September when bitcoin spiked by 70% in a matter of weeks.

Bitcoin on Centralized Exchanges. Source: CryptoQuant
Bitcoin on Centralized Exchanges. Source: CryptoQuant

The Great 2021 Miners’ Migration

Aside from their BTC holdings, miners went through a rollercoaster of a year in 2021. It all started quite positively as bitcoin’s price was appreciating in the first few months. However, the situation changed vigorously once China reiterated its ban on anything crypto and went after miners.

The world’s most populated nation, responsible for over 60% of the BTC hash rate at that point, pushed them all away. Consequently, they shut down their machines while looking for a new place to settle. This was approximately when the big June sell-off took place.

As miners were finding new homes, mainly in the Western hemisphere, the hash rate started to recover after the massive mid-year dump.

Recent reports suggest that China is now responsible for near-zero percent of the hash rate, while the US has taken the lead, followed by the Russian Federation and Kazakhstan.

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Here Are the Bottom Prices for Bitcoin, Ethereum and Solana, According to InvestAnswers

by Dailyhodl

A widely followed crypto analyst is revealing what he thinks the floor is for top cryptos Bitcoin (BTC), Ethereum (ETH) and Solana (SOL).

In a new video, the host of InvestAnswers talks to his 381,000 YouTube subscribers about what the next correction or bear phase could look like for the crypto market.

The analyst says that Bitcoin has a good shot of reaching the six-figure mark by early next year and that a 50% correction is the most likely outcome to follow unless a macroeconomic event takes it down further.

“I do believe retracements will be more of the order of 50%. So if we get Bitcoin to $100,000, which I believe is still very very possible early next year, we will retrace back to $50,000, maybe $42,000 in the worst-case scenario. Like heaven forbid if China invades Taiwan or something which is looking very probable, or Russia invades Ukraine, these are things that could happen. That could bring about – I don’t know if I’d call them ‘black swan’ events because everybody can see it coming – but if that happens, things could take a big hit.”

The analyst reiterates his bottom target for Bitcoin and also names prices for smart contract platforms Ethereum and Solana.

“I do believe $42,000 could be a good bottom for Bitcoin, and we saw it being tested a few times over the last couple of months. Ethereum could easily go back to the low $3,000s, or $2,400. Solana [could go to] $120, $150, just where we were recently. I think they’re the true bottoms.

Remember if the world does collapse, that’s the danger of investing, that’s when you want to hold fiat that goes down by 15% because other things will trend worse than that. “

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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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Top Analyst Reveals Bitcoin Bulls’ Real Test, Updates Outlook on Ethereum (ETH) and Chainlink (LINK)

by Dailyhodl

Cryptocurrency analyst and trader Justin Bennett is pointing out the key levels that Bitcoin and Ethereum need to overcome before they can surge higher.

Starting off with Bitcoin, Bennett says in a newsletter that the flagship cryptocurrency could rise to $60,000 if it breaks above two resistance levels in quick succession.

“The real test for buyers is the $50,000 region, which is the descending trend line from the all-time high.

Above $50,000 is an even bigger test for bulls around $53,000 to $54,000.

If BTC can get above that $53,000 to $54,000 area on a daily closing basis, we could see a move back to $60,000 and potentially higher.”

The cryptocurrency analyst and trader also says that Bitcoin could fall to a recent low if it stays in the current range.

“We don’t have a confirmed breakout just yet. And as long as Bitcoin is below $50,000 and $54,000, I’m going to continue to eye the $42,000 region just in case.”

Bitcoin is trading at $51,105 at the time of writing.

Next up is leading smart contract platform Ethereum (ETH). According to Bennett, Ethereum is currently threatening to breach a diagonal resistance.

“ETH is testing the descending trend line from the December 1st high. That level comes in right around $4,050.

A close above that could extend prices toward $4,200. However, I’d like to see ETHUSDT get back above $4,500 to confirm the first higher high since November.

Until that time, there’s a chance we get another rotation into the $3,500 to $3,700 support area.”

Bennett also takes a look at Chainlink (LINK), a platform that provides real-world data to blockchain networks. According to Bennett, Chainlink could surge if it breaks a critical resistance area.

“LINK is also testing a resistance level today. In this case, it’s the $20.40 area that buyers need to clear on a daily closing basis to expose $23. Above $23 is $26.50.”

The crypto analyst and trader says Chainlink could alternatively dip drastically if the entire crypto market turns bearish.

“On the other hand, if we were to see the crypto market take another hit in the coming days, I’d keep a close eye on the $17 support region for Chainlink.

With all of that said, I did think there was a good chance we’d see LINK test the multi-year channel support between $14 and $15.”

Chainlink is trading at $21.22 at the time of writing.

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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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Here’s how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep Nailwal

by Cointelegraph

Polygon (MATIC), a layer-two network designed for scaling and application infrastructure development on Ethereum (ETH), has been making rounds among blockchain enthusiasts as of late. From its $1 billion investment into zero-knowledge technology to co-launching a $200 million Web 3.0 social media initiative and up to integrating with Opera’s web browser to make its decentralized apps accessible to 80 million Android mobile users, the network’s momentum is going strong. 

But partnerships and business aside, the technological capacities of the network, especially when compared to Ethereum, are also attracting the attention of many blockchain developers. In an exclusive interview with Cointelegraph, Polygon co-founder Sandeep Nailwal talked about the extent of the network’s adoption.

Cointelegraph: What are the current gas prices and transaction speeds for Polygon? And how does that compare to Ethereum?

Sandeep Nailwal (SN): From the Polygon Scan Explorer, you can see that the average block time is around 2.3 seconds. As for Ethereum, that is 15 seconds. And then the gas fees, you can see 0.001 MATIC tokens; this is a point fraction of a penny.

CT: Have there been any notable nonfungible token (NFT) drops on the Polygon network recently?

SN: None of them have become like CryptoPunks or anything, but I think Polygon’s biggest kind of support is from the gaming companies […] They all added to NFT. If you go to market, talk to any random 10 different gaming teams, they will tell you six to seven are building on Polygon.

But the notable drops on NFT, the biggest, have been Dolce and Gabbana, the brand. They made a $7 million sale recently. There are other big luxury premium watch brands, and these guys are coming in. Apart from that […] Elon Musk minted an NFT. Jack Dorsey minted NFT of his first-ever tweet, and […] Mark Cuban — all those were on Polygon networks only.

CT: What are some popular decentralized apps built on the Polygon blockchain? And what does their total value locked (TVL) look like?

SN: Polygon is now used by all the decentralized finance applications in Ethereum. The only one remaining was Uniswap. And the community signaled a week back that they are also launching on Polygon now. So as for the popular dApps, I would say Uniswap, Aave, Decentraland, etc. I think the TVL across the bridges is around $5 billion or $6 billion.

CT: What is your objective for investing in zero-knowledge technology?

SN: We had committed $1 billion for zero-knowledge technology, which we believe is the holy grail of blockchain scaling. And privacy is the second element; that’s one thing where everybody gets confused. So you use ZK to verify computations back on Ethereum without sending back the entire data. Instead, you simply provide proof that everything was correctly computed on layer two and put a […] succinct proof back to Ethereum.

CT: In your opinion, would further Ethereum upgrades empower the network’s capacity to match that of layer-two solutions?

SN: Even if 2.0 comes in here, that will not provide enough scalability. Next year, the proof-of-stake [POS] upgrade will keep everything the same; like Ethereum has 13 transactions per second [TPS] right now, maybe it will go to 20 TPS [after POS], but not more than that. So that does not add anything to scalability. And let’s say in three to five years, even if the sharding comes, we’ll have a projection of 64 shards. And with each acting at 20 transactions per second, but that’s still 1,280 transactions per second overall, right? That’s still not enough for the entire world.

Related: Uniswap v3 contracts deployment on Polygon approved with 99.3% consensus

CT: What does Polygon’s adoption currently look like?

SN: There are 3,000 plus active development teams on it. This was posted by Alchemy some time back. It should actually be up to 5,000. The daily active users on Polygon have become 50% more than Ethereum, and with gaming NFTs, we are seeing so much happening on Polygon.